Advice please

Mummykate

Hi my partner is nearly 4 year into his Iva he has a car on finance however after spending money on repairs 3 week ago it has now failed the mot and is going to cost too much to repair he finishes paying for the car in august so will the Iva take the full £177 he was paying for the finance from august? Also is it ok for me to give him £3500 for a car we have seen or not?does he have to tell them he’s changed cars and that I’ve gave him the money or not? Many thanks 

ManyWays

So you are planning to buy a car for 3500, that will be fine if you just let him drive it, so its still your property, 
But the money he was paying to the HP will normally be used to increase his IVA payments

Mummykate

Yes that’s right I don’t drive would I be best off keeping the car in my name or would it be ok in his and does he need to tell them ? Thankyou for your help 

ManyWays

It's ok for you to be the legal owner of the car but for him to be the registered keeper for insuring it. 

Mummykate

So he can’t be the owner too sorry if I sound stupid i get confused easy

ManyWays

If you gift the car tio him, it probably comes under a "windfall" clause in his IVA. Its usually better for you to retain beneficial ownership, but for him to be the registered keeper so he can insure this.