Bankruptcy and Car

Mouse1812

Mouse1812 wrote: »

Nothing about that in here indeed all it says

"If the vehicle has no realisable value, the finance company should be informed, by letter that the official receiver does not intend to adopt the agreement. The finance company should also be notified of the location of the vehicle, as in the address of the person who retains control of it"

Yes was in post above. For some reason I'm forbidden access to the case help manual, but technical is fine.

Whole chapter on cars is here

I can't find anything in there which instructs OR to tell finance company "collect your car". While there may be a different matter between bankrupt and finance company my query is understanding why the OR would have such a right to say that.

I can see OR disowns the finance agreement when there is no equity. As the car does not belong to the estate I can not see any legal authority for the OR to have any further say in the matter.

If the debt is a secured debt (?) it does not form part of the estate either. If the finance company do repossess the debt becomes unsecured making matters worse for the estate. So I can't even see why the OR would want to say collect your car.

While the OR may seek an IPA or IPO which in effect places some control over spending, that is the only control I'm aware of. Thereafter does the OR have an actual say on what you spend your agreed allowance on?

sovilla

mattannar wrote: »

Both cars are registered in my name as I had the longest no claims when it came to the car insurance.

This reads as if you are committing fraud. If your partner is the main driver of one car, they should have the insurance in their name.

The insurance company knows that he is the main driver of the other car, it does cost a little more however when compared to me having 9 years no claims and him having none it was the best option.