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What about the car?
Comments
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jessie-jane wrote: »Thanks for the information,would it be possible to transfer the car loan to my name and only OH then go bankrupt, although we are married dont know if this would make any difference or would it be possible to transfer the loan to father ( we then pay him)and then go bankrupt but still get to use the car.
That would be seen as trying to conceal assets and would be frowned upon to say the least.0 -
jessie-jane wrote: »Thanks for the information,would it be possible to transfer the car loan to my name and only OH then go bankrupt, although we are married dont know if this would make any difference or would it be possible to transfer the loan to father ( we then pay him)and then go bankrupt but still get to use the car.
Jessie,
I'm sure the loan comapny would rather the loan was fully paid than have to repossess the car, sell it and then probably get little or nothing from your bankruptcy. If they are approachable I would talk to them but not until you're certain whether you're both going bankrupt or just your O.H, there are a number of implications to be considered and it would make things easier for you both if just one of you went bankrupt.
Would it take long to detail all your loans and credit card debts including whose name they are in and if they're in joint names?
Richard0 -
Hi lee, didnt mean for it to sound like we would done anything tha would be frowned upon just thinking out loud with ideas( some stuipd) that may help our situation0
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Good point - yes on re-reading the posts I see your point [removes foot from mouth]!0
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Richard - S -sorry but not ready to bear our dirty washing in public yet, thanks for your help though.0
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jessie-jane wrote: »Hi lee, didnt mean for it to sound like we would done anything tha would be frowned upon just thinking out loud with ideas( some stuipd) that may help our situation
Hi jessie-jane,
For some technical reason I can't thank you for your post so I'll do it manually instead - Thanks
Please keep thinking aloud - I appreciate what your saying.
You are doing the right thing by exploring all options and implications. I did not mean to imply that this was what you were trying to do but how it may be interpreted and I'm wrong in any case as Richard_S points out it's a liability.0 -
jessie just a point we like to make to all .
have you taken proff advice via the cccs or payplan or your local cab ?Official DFW NERD 189
I may be a woman but dont hold it against me:D
Officially declared Br 6/11/06
Discharged Br 4/5/07 (6 months to the day)
BCSC MEMBER 210 -
This is a mine field...
Right. My old clio ( ot old when I see what I have now) was on a so called HP.. it was called a lien.. now this is a moral agreement, essentially a personal loan that states that its in leiu of the car.. now the law is really vague on this. I got away with mine as the contract didnt state that could reposess the car after default.. simply I had to repay the loan.
Now then I PX'd the car and the new owner bogged off with it, the old lien loan was included in my B.
I then got the letter from the OR after B stating that they have no title in the car . and have since chaged the car twice.
You must read the whole of the T&C's and see what their repo rights are....
Mikey0 -
jessie-jane wrote: »Richard - S -sorry but not ready to bear our dirty washing in public yet, thanks for your help though.
Hi jessie,
No need to apologise and if it's any consolation I think lots of us have been seriously embarrassed about how seemingly foolish we've been to end up where we are today.
The beauty of this site is that it's as anonymous as you want it to be, and the more info you give the more meaningful the responses are that you get.
Best regards
Richard0
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