DRO- Is my car an asset?

Kagu_2

Hello there, I have a simple enough question that I'd be so eternally grateful for an answer to-

I have a logbook loan out on my car, and I am led to believe that this means it's no longer technically mine.
I intend to try and get a Debt Relief Order this coming week and wanted to know if this car will count as an asset despite the logbook loan? I'm fairly sure that it's worth over £1000 so I'm hoping it doesn't count as an asset

HappyMJ

If you're not paying the logbook loan then they'll just repossess the car so not your asset any more.

Are they going to allow you to pay the logbook loan to keep the car?

What payments are required on the logbook loan and how long left to run on that agreement?

fatbelly

If this is a simple question, what does your intermediary say the answer is?

This is the guidance in the Intermediary Guidance Notes v13

Log book loans: Where a Bill of Sale has been properly registered
with the High Court (and generally the log book loan companies do register the bill of sale properly) the lender is a secured creditor. This type of financing is typically a short term loan and title to the property may revert back to the debtor during the moratorium period. Depending on the value of the vehicle and the probable increase in disposable monthly income, the debtor could become ineligible for a DRO and would face revocation. In respect of listing repayments as an allowable expense, you should follow the guidance for vehicles on HP.



Please note that secured creditors (or the secured element of any debt) must be listed on the application and identified as a secured debt by marking the relevant tick-box. If the value of a secured item is less than the total amount of the secured debt, the balance of the debt will be treated as unsecured (and therefore a qualifying debt), and must be scheduled separately as an unsecured debt on the application.

For the payments to be an allowable expense the car must be valued at under £1000

There is nothing to stop a third party from making the payments

Let us know how you get on.

[Deleted User]

canadianequityloans wrote: »

Hi, from where i can get no credit check bad credit loan in Canada?

Reported as badly targeted spam.