Car Question

saynotofastway

My situation is that I owe £9k to Lloyds TSB for a bank loan of which they have agreed a £1/month token payment, I owe just over £5k to them for credit cared debt of which they sneakily secured on my house by taking me to court but again they only get £1/month token payment and I also owe a finance company (they claim) £7-8k of which they have just issued county court papers against.

My house is currently in about £10k of negative equity and i'm approximately £1.5k in arrears, they have agreed to accept a token amount on top of my regular payment to make up the debt - which will take years unless my finances change.

I'm currently out of work with a small child living with me and I get mortgage support which pays about 55% of the mortgage payment leaving a big chunk to pay myself which I simply can't afford.

I've no idea how long it will take them to evict me but once they have I will be going bankrupt which I presume is the best option as then any money owed on this property will be included in bankruptcy.

I have no assets at all although I do have a car in my name but in name only. My mother is elderly and has several illnesses and regularly has to go to hospital/doctors and i'm generally speaking her carer - although I don't claim benefit for this I might add.

She bought the car a couple of years ago which was registered in my name as she can't drive and I was wondering what the situation is with this in respect of bankruptcy as although I'm the registered keeper it doesn't mean I own so whats best advise?

JCS1

Do you have a paper trial to prove that your mother paid for the car?

saynotofastway

It was paid for in cash and a part exchange.