Buying a car whilst bankrupt

Loopy73

Hi everyone,

I was registered bankrupt May 2014. My mum has offered to buy me a car as 3 buses to work is becoming a pain. It's £3000.

Is it ok for me to go down on the certificate as the legal owner of the car, she will be paying with her debit card.

HappyMJ

Are you discharged yet?

alastairq

Is it ok for me to go down on the certificate as the legal owner of the car, she will be paying with her debit card.

Assuming you are referring to the V5c document...then yes, if you are the main user, it is fine [and probably best from insurance viewpoint] to be the Registered Keeper.

It is plainly stated across the front of the V5c, that the Registered keeper may not necessarily be the owner of the vehicle.

In Terms of Bankrutpcy [assuming you have achieved Automatic Discharge?], with regards to a vehicle [potentially an asset] then the OR will want to see that there is evidence your Mum is the actual owner. The card statements will provide that evidence, if necessary.

It will also be a good idea if you investigate precisely what your Duties & Responsibilities as a Registered keeper will actually be? These are in addition to those duties imposed upon the driver [via the licence].

Actual ownership really isn't the issue.

owlet

alastairq wrote: »

In Terms of Bankrutpcy [assuming you have achieved Automatic Discharge?], with regards to a vehicle [potentially an asset] then the OR will want to see that there is evidence your Mum is the actual owner. The card statements will provide that evidence, if necessary.

If the OP has been discharged, then the OR doesn't come into the picture. The OP is free to own/be given a car or any other assets. It's only before discharge that it's an issue.

Loopy73

Thanks for the replies.

Yes I am discharged. I was going to put it in my mums name but the insurance cost went up.

She's going to pay on her card so the money will come to her account, which sounds like this will be acceptable.

standalone

Am I missing something here?
If you are now discharged then why would you even consider putting the car in anyones name other than your own.

My understanding is once you are discharged you no longer have to account to the OR regarding any car you buy or how you pay for it or in what name it is registered.
If this is not the case I would be grateful if someone would explain to me how it works regarding purchases made after being discharged and what interest the OR would have in any such purchases.

alastairq

The OP's original question actually appears not to have anything to do with BR, but with not knowing what the V5c is for, or does.

In Terms of Bankrutpcy

The above is the important proviso in my post above, which I included for the benefit of any lurkers who may be attracted by the mention of a car, ownership, and Bankrutpcy [which is what this forum is about?].

In the absence of information from the OP at the time, I was not prepared to make the assumption that AD had been achieved.....[it can be delayed].....maybe I wasn't being clear enough?

We'd better not get into the realms of ''after-acquired assets?''

betterdaysahead

Yes Standalone - you are completely correct. As the OP has been discharged, they are no longer bankrupt and can purchase any assets they want. They should not need to be in contact with the OR for any reason.