Car Question

welshmatt85

Hi all,

Just a quick question...

For my birthday my dad gave me a car, however I have just found out he is paying of a loan in relation to this still. Therefore would I be right in thinking that as the bank still has a financial interest in the vehicle then the OR would not be able to recover this as my asset. Also the car is question is worth £2500 so not massively expensive and is an i10 that costs £30 a yr road tax, and £35 to fill up the tank so is really cheap to run before anyone starts thinking its an Audi TT

Any advice is appreciated, also is there anyone on here who could have a look at my expenditure/statement of affairs and give me advice?

philnicandevan

if your dad can show a paper trail that he purchased the car not you then it should be classed as his asset (just because your a registered keeper isnt always the case you also bought)

pop your I&E up here and someone will have a look

Go here and fill everything in
http://www.stoozing.com/calculator/soa.php

once done select the "format for MSE" option then just cut & paste into a new message box here

alastairq

As phil says..it is ownership that matters, not who the Registered keeper is...in this instance.

I would be wary of suggesting the car has been 'gifted' to you by Dad...as this in itself might make the car your asset?

No need to be concerned about what car it is..nothing 'wrong' with Dad buying and lending you an Audi....or anything else, for that matter.

welshmatt85

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1088
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1088

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 90
Electricity............................. 50
Gas..................................... 50
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 20
Satellite/Cable TV...................... 0
Internet Services....................... 11
Groceries etc. ......................... 250
Clothing................................ 15
Petrol/diesel........................... 180
Road tax................................ 15
Car Insurance........................... 80
Car maintenance (including MOT)......... 10
Car parking............................. 80
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 10
Holiday................................. 15
Emergency fund.......................... 20
Total monthly expenses.................. 1436


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 2500
Other assets............................ 0
Total Assets............................ 2500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,088
Expenses (including HP & secured debts). 1,336
Available for debt repayments........... -248
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -248

Personal Balance Sheet Summary
Total assets (things you own)........... 2,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 2,500



Wow no idea how I've been surviving, guessing its due to family and friends helping out...can someone check these out and ensure that these are reasonable expenses?

Much Thanks

finito

I wouldn't list the car as your asset cause it's your dad's. He just lets you have use of it. I am guessing it's registered in your name as far as the DVLA and being the keeper (not owner) are concerned cause I think that's what the insurance companies want;)

Action_Jackson

If your dad definitely owns the car (i.e. he paid for it, he has the receipt in his name and hasn't formally gifted it to you), then it's not your asset.

If you can legitimately say that your dad owns it (you can be on the V5 as the registered keeper though), then I wouldn't put it down as your asset as the OR might be interested in it (plus it's actually incorrect).

welshmatt85

Ok apart from the car, does everything else seem ok?

tigerfeet2006

How will you maintain this lifestyle after BR?

alastairq

wished I'd been able to claim a tenner a month for my entertainment!


Amazing how small things have changed over the years?

philnicandevan

finito wrote: »

I wouldn't list the car as your asset cause it's your dad's. He just lets you have use of it. I am guessing it's registered in your name as far as the DVLA and being the keeper (not owner) are concerned cause I think that's what the insurance companies want;)

Bankruptcy forms do ask have you owned or have use of a vehicle..so it'll have to be declared its just not an asset the OP has....OR's examiners will search DVLA anyhoo as standard procedure so if you did leave it off they would question why

Action_Jackson

What are you using the car for? Your motoring expenses plus parking add up to £365 which is a fair chunk of your outgoings. Is public transport out of the question? Not saying you shouldn't have a car, but just playing devil's advocate.

TV license is just over £12 I think.

You can claim more for clothing.

Gas and electric seem a little high (I'm paying that for a family of 3).

No water charges?

I don't think 'entertainment' is allowed when you're BR.

If your car is allowed, you can also claim for basic road-side assistance (AA etc.)

Here's a guide to household expenditure (spreadsheet is just a guide, not allowances):
http://www.insolvencydirect.bis.gov.uk/DocumentLibrary/Policy/Excel/Household%20Expenditur.xls

Here's the OR technical guide relating to expenses:
http://www.insolvencydirect.bis.gov.uk/TechnicalManual/Ch25-36/Chapter31/part7/part4/part_4.htm