Newish car?

Brandnewstart79

Hi all,

My vehicle is starting to come to the end of its life and I have 2 weeks left of being BR. I do a lot of travelling and subsequently it's taken it toll on my vehicle. My father has stopped driving and has offered me his Volvo estate with an estimated value of around £3500.

Where do I stand with this if my vehicle is beyond salvageable? I need a vehicle to use to get back n forth to work as I travel 180 miles a day.

Regards.

NotEvanAPot

If your father continues to own the car (doesn't give it to you as a gift), then OR will have no interest in the vehicle. It will still be his, not yours.

National_Debtline

Hi

NotEvanAPot is right. The value of the vehicle will not matter if you don’t technically own it. If you did own a car worth £3500 while still bankrupt it could be at risk as an asset.

James
@natdebtline

owlet

Can you not just borrow it for two weeks until your BR is up then change owner?

Brandnewstart79

Hi thank you for your replies. I won't acquire the car until my BR is up as I know it will be classed as an asset. Once I'm discharged will it be ok?

Thanks again

philnicandevan

Brandnewstart79 wrote: »

Hi thank you for your replies. I won't acquire the car until my BR is up as I know it will be classed as an asset. Once I'm discharged will it be ok?

Thanks again

if your not under an IPA then once discharged it should be fine...as lonng as we're not talking a rolls or mclaren etc :rotfl:

Brandnewstart79

philnicandevan wrote: »

if your not under an IPA then once discharged it should be fine...as lonng as we're not talking a rolls or mclaren etc :rotfl:

I'm under an IPA but it's been suspended at the moment due to me not having enough disposable income to pay towards it. The car is a Volvo V50 07 plate and it's done 112k.

NotEvanAPot

What is the need for the vehicle to transfer to you? Your father being the registered keeper with DVLA means squat, and avoids any issues of when you acquired it (OR could think you've been waiting for discharge to register it, and come after you for it - very unlikely but not impossible). You can insure the vehicle not as the registered keeper, so let things stand as they do now.