Keeping a finance car after bankruptcy

mitchellleary

Hi,


This even for me, is an interesting development for my bankruptcy for which I'd like some input and/or advice from people in the know.



I declared myself bankrupt and my bankruptcy order finishes in September with all of my debts written off(huge relief after having debt since I was first sold a "student credit card" at university many years ago).



I declared all of my debts and assets etc and was told by my insolvency officer to wait for further communication from him which there has never really been any so he's satisfied with his investigations at this point. However when I first declared bankrupt, I asked him what would happen to my car which was hire purchase and he said simply that if the finance company contacted me and wanted to collect the car to just give it to them. So this never happened.



That brings me up to a few months short of my bankruptcy order coming to an end and I still have possession of the car. I contacted Citizens Advice about it and they said to contact my Insolvency Officer for advice which I did. He simply said the OR had declared their interest in the car and that he has nothing to do with the car now but I should contact the original finance company. I had received a few letters from a recovery company about the car so I decided to call them(as very often creditors won't deal with a debt they've passed on to a recovery company). A long story short, the recovery company, as soon as they heard I had a bankruptcy order, told me that they wouldn't bother me again and would take me off their records which seemed a bit odd to me.

As a result, I called the original finance company and explained I was still in possession of the car and if they wanted to come and pick it up, they could. The woman I spoke to said she could see there was a bankruptcy order so she would make a note I had called and a recovery company would be in contact with me to arrange collection of the car. This hasn't happened even though months have passed and I find it very odd, they don't seem to be in any kind of rush to get the car back.



My question now is; if nobody contacts me to arrange collection of the car(they have all my various contact details), is there a period of time that can lapse before I could claim ownership of the car after me having attempted contact with the company and being as helpful as possible?
I would've thought there would be some sort of ruling on this as the responsibility is with the creditor to recover their debt? Or maybe I'm wrong? If I am wrong, then I could be indefinitely paying road tax and other expenses if the finance company decides not to collect the car.


Any input would be greatly appreciated.


Thanks in advance,

Mitch

AnotherJoe

I would stop poking the tiger and leave it be.

mitchellleary

AnotherJoe wrote: »

I would stop poking the tiger and leave it be.

I wouldn't say I'm poking the tiger and if I am, it is to wake it up and come and get its car!


If I make no further contact with anyone regarding the car(tiger-poking ceased), what do I do with the car?

fatbelly

You are the registered keeper, the finance company is the owner.

If they want their car back, they'll let you know. Until then, it's yours to use.

If you're desperate to offload it, it may be best to ask them where they want it delivered to.

mitchellleary

fatbelly wrote: »

You are the registered keeper, the finance company is the owner.

If they want their car back, they'll let you know. Until then, it's yours to use.

If you're desperate to offload it, it may be best to ask them where they want it delivered to.

Thanks for you reply. Yes, I understand that they are the owner. I was just wondering if there is any point where it would cease being their property and become mine as in real estate (adverse possession).



I understand I can use the car until they want it back. I'm also not desperate to get rid. I'm just not using it and it's sitting on a public car park. I'm about to move house and won't be looking to take it with me so I find it strange that they are happy to just leave it where it is. If there was a moment in time or a lapse of time that would change the ownership situation, then I would consider taking it with me which is why I wanted clarification on that.



Thanks again.

marliepanda

mitchellleary wrote: »

Thanks for you reply. Yes, I understand that they are the owner. I was just wondering if there is any point where it would cease being their property and become mine as in real estate (adverse possession).



I understand I can use the car until they want it back. I'm also not desperate to get rid. I'm just not using it and it's sitting on a public car park. I'm about to move house and won't be looking to take it with me so I find it strange that they are happy to just leave it where it is. If there was a moment in time or a lapse of time that would change the ownership situation, then I would consider taking it with me which is why I wanted clarification on that.



Thanks again.

They have 6 years to pursue you through court for the car or the value of the car. It is not yours. One attempt at contacting a CS agent for the finance company is not enough, you have to be proactive with giving them chances to pick it up.

mitchellleary

marliepanda wrote: »

They have 6 years to pursue you through court for the car or the value of the car. It is not yours. One attempt at contacting a CS agent for the finance company is not enough, you have to be proactive with giving them chances to pick it up.

Hi,



Thanks for the reply. I've not only contacted a CS agent for the finance company once, I've contacted the OR for advice, the Recovery Agency and the Finance Company themselves twice. I would say that's being very proactive considering it's their responsibility to reclaim their debt. As i previously stated, I also know that currently, the car is not mine.
They will be given every chance to pick up the car, that wasn't the purpose of my post, it was more about, how long must one wait for the car to be collected. They have confirmed they know of the exact location of the car so I guess it's up to them to come and get it.


Thanks

alltaken

To get to the crux of the issue, why not ask them directly if the car is now yours and could you have a letter stating ownership? That could be enough to stir up some activity or more final response.

AnotherJoe

mitchellleary wrote: »

I'm just not using it and it's sitting on a public car park. I'm about to move house and won't be looking to take it with me so I find it strange that they are happy to just leave it where it is.

Would have helped to state that in your first message, i thought you were using it !

Otherwise surely you'd have had the wit to contact them and tell them to take it away rather than !!!!!footing about what they would do, (or failing that transfer title to you so you could sell it)

Craig1981

are you sure it is Hire Purchase, and not just a normal personal car loan taken out?
I took out a car loan for a car in 2009 - early 2010 went onto IVA loan included in IVA - the finance company had a marker on the car to say finance was outstanding, but after IVA completed, car is legally mine, and still in the family today

mitchellleary

alltaken wrote: »

To get to the crux of the issue, why not ask them directly if the car is now yours and could you have a letter stating ownership? That could be enough to stir up some activity or more final response.

Hi,


Thanks for the reply. I know 100% that the car isn't mine. As the finance company provided me with a hire purchase agreement, they are the owners. I was just wondering if there was a time limit for them to recover their debt through the asset or money(they can't attempt to recover it through money as the car is included in my bankruptcy and so the car is the only recoverable asset).