Advice Please

catandy

after some advice please... and please be gentle cos I know I've been an absolute idiot.


I took out a loan May 2012 for 6000 which I then purchased a car with (all traceable thru my account I held with the bank I was using then. Problem is I put the car in the name of my ex (he wasn't an ex at the time and the insurance etc was so much cheaper in his name).


anyway fast forward 18 months and my situation has changed somewhat, I'm self employed and in and out of work like a yo-yo, ill so unlikely to be kept on at an employed position and in serious debt that I am currently paying off at a measly £1 pm to each creditor. ex is also in possession of the car and refuses to sell it and pay me anything back on it or settle anything else moneywise - half the reason im in this mess is I kept him for the last x amount of years (idiot!)


I've spoken with the debt charities numerous times all of whom originally suggested bankruptcy but I wanted to give it some time to see if I could turn the situation around. anyway nothing looks like its going to change in the short tem so bankruptcy is beginning to look like my only remaining option.


only problem is with the OR look unfavourably on me for 'giving goods of value away' or whatever the wording is. I didn't give it away I put it in his name thinking we were a solid couple, I didn't plan to be left high and dry and penniless and panicking like I am now. if he does jump on this what am I likely to get a BRO and for how long?


sorry for the long post and thankyou in advance.

National_Debtline

Hello there.

This information is just general, I'm not able to give you a definitive answer in relation to what might happen should you petition for bankruptcy, but I hope it gives you an idea about the possible outcome.

The fact that you gave your ex-partner the vehicle *may* be regarded as a 'transaction at undervalue'. If this is deemed to be the case, the Official Receiver or Trustee in bankruptcy may be able to recover the car.

The rules are quite complex, and further specialist advice should be sought before making any final decisions. The fact that the car was given to your ex-partner (they are likely to be regarded as an associate of yours) can cause greater implications.

Here's a link to the Insolvency Service's technical manual. A quick warning, it's quite quite detailed!

http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part4A/Part%203/Part%203.htm

If you have any further specific questions please let me know.

Best wishes,

David @ NDL.

BJV

Sorry I have no really advice except to say you need to go and talk to someone. Also that your Ex is an absolute XXXX!

Hope you are ok x