An old new car while undischarged?

Crowlikethebird

Hi

My BR was obly last month, I have an old Ford (that has been exempted) that now needs work that I can't afford and I have been told it is beyond economical repair. My parents have really kindly offered to buy a car which I would then use to get to work and the childminders.

My question is whether I let my OR know about this and also any money I get p/x (between £30-£150) the old car. Would I be able to p/x the old one or would I need to sell it and give/declare the money to my OR?

Thanks in advance
Crow

debt_doctor

Hi,


My view is that the OR has no interest in your car as it is classed as exempt. I do not see that they could lay claim to monies from an exempt asset.
Parents could be the owners of the new car, should get a receipt in their name. You could then run the car and pay for fuel etc.


DD

panic_stations

Yes. If your parents name goes on the purchase receipt, but you make yourself the registered keeper as that's easier for insurance/tax. This is perfectly OK, the registered keeper is not necessarily the legal owner of the vehicle.