Car ownership

Mrhuk

Hi,

Me and my wife bought a used car on finance 3½ years ago, I'm soon to be declaring bankruptcy and realised that my name is on the vehicle log book yet my wife pays for insurance, she paid for the card for her sole account until she got a loan to clear the last half off but we paid it from my bank account but she transferred the funds into mine from hers beforehand. I barely use the car as I use a work van a few days per week to travel to work and back and the rest is bus.

Is it likely the OR will see it as her car ?

Thanks

JTV93

Good morning, i have recently been through this (november 2018) but my car was still on finance, and therefore got repossessed and went into the insolvency total.
A few things are depending, ie the cost value of the car, if you can prove it isn't your vehicle, but your wife's, if its a joint bankruptcy or just yourself.
When mine was accepted, the OR called me to talk about assets to arrange an IPA. I mentioned my hire purchase was being repossessed and he wrote a note on my account to allow me to buy a car under £1000 with my works bonus. They are very helpful people if you are honest with them. My process has been so straight forward with minimum stress. You won't get the 100% answer until you speak with OR in my opinion
Good luck

JCS1

Can you prove that your wife paid for the car? And that she is not going bankrupt (there is no such thing as a joint bankruptcy)?

Mrhuk

She's not going bankrupt, only myself and the car is worth £3500

I can prove with the original payments with my wife's bank statements, although I'm not certain she would like to show them, but the OR should be able to see on my bank statement to prove she transferred last payment which was about ⅔ of the whole finance before I paid them directly, the bit that worries me is that the payment came out of my account even though she transferred it over.

JCS1

As long as you have paperwork to prove you should be ok. Wait and see what the OR asks for.

Mrhuk

Ok, thank you

sourcrates

The person named on the log book is not necessarily the legal owner.


All it proves is you are the registered keeper, not the owner, its not a problem that will affect you.