Requesting credit after bankruptcy

luvchocolate

You definitely need the insurance in your name...when getting it check the assumptions often bankruptcy is mentioned..you must declare it if asked. To be added to someone else's policy if you are the main driver is called fronting and is actually illegal 

GrumpyDil

luvchocolate said:

You definitely need the insurance in your name...when getting it check the assumptions often bankruptcy is mentioned..you must declare it if asked. To be added to someone else's policy if you are the main driver is called fronting and is actually illegal 

A slight digression but the comment about fronting is not completely accurate, if you answer the corrections honestly.

I have previously insured a car where I owned the vehicle but the car was mostly used by my wife. So the answers to the questions was that I was the owner and registered keeper but my wife would be the main driver.

It is only fronting if you answer the questions inaccurately. 

luvchocolate

GrumpyDil said:

luvchocolate said:

You definitely need the insurance in your name...when getting it check the assumptions often bankruptcy is mentioned..you must declare it if asked. To be added to someone else's policy if you are the main driver is called fronting and is actually illegal 

A slight digression but the comment about fronting is not completely accurate, if you answer the corrections honestly.

I have previously insured a car where I owned the vehicle but the car was mostly used by my wife. So the answers to the questions was that I was the owner and registered keeper but my wife would be the main driver.

It is only fronting if you answer the questions inaccurately. 

Thank you for clarification. 
I just presumed the OP would be the registered owner and keeper 

sammyjammy

Be very careful before getting someone to be a guarantor, what if you fell on hard times and couldn't pay the loan yourself?  How would you feel if the guarantor had to cough up?  Its a real life scenario and one you should consider very carefully.

angie85

Thanks again for all the feedback.

The guarantor is a relative who has offered this in return for many years of babysitting/helping them through tough family matters. He has said worse case if I can’t make the payments he will continue them (very kind I know). Having a car means I can accept a new job I’ve been offered and earn considerably higher salary so the repayments would be fine.

As I understand then regarding Insurnace, the Insurnace should be in his name as main driver and myself as another named driver?

thanks

MrFrugalFever

angie85 said:

Thanks again for all the feedback.

The guarantor is a relative who has offered this in return for many years of babysitting/helping them through tough family matters. He has said worse case if I can’t make the payments he will continue them (very kind I know). Having a car means I can accept a new job I’ve been offered and earn considerably higher salary so the repayments would be fine.

As I understand then regarding Insurnace, the Insurnace should be in his name as main driver and myself as another named driver?

thanks

Hi, can you save and get by for another 3-6 months? The less you borrow the better.

The likes of CarFinance247 specialise in presenting your case to multiple lenders who deal with people in your situation and often comes up trumps, however, expect a high interest rate. Car finance is largely secured against the car so less of a risk than a personal loan.

what you have suggested with the insurance is fronting and illegal. If YOU are going to be the main and primary user of the car (irrespective of who the purchaser is), your insurance must reflect this - therefore you cannot be a ‘named driver’.

Check your credit reports with each lender and make sure they are 100% accurate before applying for credit.

GeordieGeorge

angie85 said:

Thanks for all the responses 

A relative has offered to be guarantor on the car loan - is that a good option as it would help build up my credit file or is it better if the guarantor takes out the loan solely in their name and adds me to the insurance?

Involving a relative is really not a good idea. Lenders don’t want to lend to you because they know that there is a high probability of you defaulting. You’ve already done it with one set of lenders, so it’s likely to happen again.

When that happens, your relative is left having to pay the loan back, and this will probably be remembered forever.

Buy a car that you can afford without borrowing, then get saving for the next one.

GeordieGeorge

angie85 said:

Thanks again for all the feedback.

The guarantor is a relative who has offered this in return for many years of babysitting/helping them through tough family matters. He has said worse case if I can’t make the payments he will continue them (very kind I know). Having a car means I can accept a new job I’ve been offered and earn considerably higher salary so the repayments would be fine.

As I understand then regarding Insurnace, the Insurnace should be in his name as main driver and myself as another named driver?

thanks

It sounds as though this doesn’t match reality, as you’d be the main driver.

If so, then claiming otherwise is insurance fraud.

I really think that you need to stop trying to game the system here, and involving others in it. If you can’t get credit or insurance in your own name then that’s that.