We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What happens when I trade my car in?
moohound
Posts: 1,209 Forumite
On my DMP I have a car listed as an asset, it is worth about £3500. When my husband changes his car in about a year (he is a sales rep and does a lot of miles and having an oldish car is frowned upon by the company) the plan was ( before my debt catastrophe) to trade my older car in for one for him, and I have his old one.
Will this mean I have disposed of an asset and will the creditors want the money it was worth, as both our cars will now be technically my husband's?
I do need a car as I work 24hr on call at a hospital.
Will this mean I have disposed of an asset and will the creditors want the money it was worth, as both our cars will now be technically my husband's?
I do need a car as I work 24hr on call at a hospital.
ISA £1675 
MiniMoohound savings £3685.86 :T Plus £3800 CTF 
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
MiniMoohound savings £3685.86 :T Plus £3800 CTF 'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 20
0
Comments
-
bumping so the more knowledgable can see this..Sealed pot challenger # 10
1v100 £15/3000 -
I did my own DMP so I just wouldnt have told them..... If you dont tell them how will they ever know? (I am presuming you are not taking on extra debt for this?)Light Bulb Moment - 11th Nov 2004 - Debt Free Day - 25th Mar 2011 :j0
-
My husabnd would pay for any new car, he gets a generous allowance which covers the cost of a loan.
The company moved away from company cars and either give you the money to buy your own car or pay for a lease car, as this works out cheaper for them.
The idea was to keep the better car and get more years use out of it, as it was bought new.ISA £1675MiniMoohound savings £3685.86 :T Plus £3800 CTF
'MrMoneyMuststache' my new hero, Martin Lewis my long time hero
Poacher turned Gamekeeper
Roadkill rebel No 52 Aug £1.34p Sept 24p Oct 5p Nov 5p Sealed pot Challenge No 403 £176.66(2014) :staradmin NOV NST No 200 -
My opinion is that what they dont know wont hurt them; if you are making the agreed payments. Ive only done my own DMP and didnt provide a list of assets, only income versus outgoings and the amount of debt - maybe an approach that would work for you?
Light Bulb Moment - 11th Nov 2004 - Debt Free Day - 25th Mar 2011 :j0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards