Hiding From Debt Collectors and Owning a Vehicle

moneymoron1

If you go bankrupt how would that affect the loan to your parents?

Surely only you and your parents know about that therefore wouldn't be considered in bankruptcy?

If that's the case can't you go bankrupt and then pay your parents back gradually? I am not familiar with bankruptcy and imagine this isn't possible but I am curious?

happy_bunny_2

Surely they can only get your details from DVLA if they know your reg number and have a valid reason. I know he latter they are not too fussed about...

SeaSpray

moneymoron1 wrote: »

If you go bankrupt how would that affect the loan to your parents?

Surely only you and your parents know about that therefore wouldn't be considered in bankruptcy?

If that's the case can't you go bankrupt and then pay your parents back gradually? I am not familiar with bankruptcy and imagine this isn't possible but I am curious?

Exactly what I was thinking. How would they ever find out about the loan from the parents? Surely there would be no proof. Unless the loan was for a large amount of money, and maybe they will look into the OP's bank statements and query where the sum of money came from?

SeaSpray

Maybe if you got a car that isn't worth much, they wouldn't come after it.

michael1983l

datlex wrote: »

Why do you need a car for work? Is there not a bus or train station within 10 to 15 mins walk of either your home or place of work. I know it takes longer by bus but it can have other benefits such as being cheaper with a season ticket. If you really do have to have a car- if you can pay the insurance up front it shouldn't appear on your credit report. (mine only appears when I have to pay monthly)

I do not need a car for work as such but I work shifts and public transport is only through the week meaning I have to get very expensive taxi's to work at weekends and on public holidays. I also have kids so it would be nice to have a car for them and to get to work when I can't get public transport. There isn't much cost difference between using public transport and driving to work if I get a banger.

michael1983l

SeaSpray wrote: »

Exactly what I was thinking. How would they ever find out about the loan from the parents? Surely there would be no proof. Unless the loan was for a large amount of money, and maybe they will look into the OP's bank statements and query where the sum of money came from?

The reason being that my disposable income will be used to pay to the creditors, so there would be none left to pay my parents.

heartbreak_star

Offer token payments until such time as you can afford more?

HBS x

Cycrow

how far do you actually live from work ?
perhaps you can get a bike and cycle there

Aeneid85

I am rubbish with money and so watch the programmes featuring Bailiffs to give me some shock treatment as to what can happen. From what I understand from these programmes, hiding is not going to help. You would basically need to live off the grid for them not to find you.

You can call the bailiffs and explain your situation - they may be able to help you with a payment plan - you don't need to give them your address but you can explain your situation. At the end of the day, they have purchased the debt and need to recover their costs. They are the first line of contact and I have seen many programmes where they have helped to draw up a financial agreement to get the debt paid. By hiding, you are effectively incurring more bailiff costs.

If you are in so much debt, I'm sorry but you can't afford a car. Period. You would have to pay for the car, the insurance, MOT, tax, maintenance. All this will put you further into debt. If you can afford all of the costs for a car, then why not use the money to pay back some of the debts? You don't need to pay back huge amounts in one go. This may be incorrect but as I understand it, you can make regular payments of £1 towards your various debts.

Bankruptcy may actually be the lesser of two evils. It would absolve you of your debts, you can start to get your feet on the ground, you would no longer have to hide and you could concentrate on paying back your parents.

To be honest, I think that your best bet is to contact either the National Debt Helpline or your local Citizen's Advice Bureau.

michael1983l

Cycrow wrote: »

how far do you actually live from work ?
perhaps you can get a bike and cycle there

Yes I tried this and did it for some months, the site where I work is next to one of the worst estates in England, there is security here but it didn't stop my bike from being nicked in broad day light on a busy afternoon. I can't afford to keep replacing my bike. Also it is a long cycle it is 10 miles each way bolted on to a 12 hour day or night shift.