BR advice

slydrap

Hi all im thinking of going BR due to over whelming debt of 68k due to bad health reasons bloodclots im no resigned to no work for atleast 2 years according to docs and specs all we get as a fam is CTC IB CT CB and HB and all that goes on just keeping us up and running no change for bills.

I was wondering if i go BR i have nothing in my name like the car thats in my GF's name we rent our house privately would the car be taken off us in the event of me going Br my GF isnt as debt is in my name ty in advance.

wba31

slydrap wrote: »

Hi all im thinking of going BR due to over whelming debt of 68k due to bad health reasons bloodclots im no resigned to no work for atleast 2 years according to docs and specs all we get as a fam is CTC IB CT CB and HB and all that goes on just keeping us up and running no change for bills.

I was wondering if i go BR i have nothing in my name like the car thats in my GF's name we rent our house privately would the car be taken off us in the event of me going Br my GF isnt as debt is in my name ty in advance.

might be worth contacting CAB, CCCS or National Debtline for advice. it all needs to be judged on a monthyl budget really

Waspeze

Hi Slydrap,
If the car is owned (and registered) to your OH then it won't be touched, on the BR forms there is a section where you say if you have use of someone elses car so if you use it you can mention it there.

Check your tenancy agreement as some do have a bankruptcy clause

Have you taken advice from one of the free debt charities? (CCCS, CAB or National Debtline)

fermi

You must get professional advice first.

See: Non-profit Debt Counsellors' List

On the car, the person on the V5 is not always the same as the legal owner.

Who purchased the car, and who provided the funds?

slydrap

ty for answer im already in debt managment thingy my inc exp left a total of £38 a month to pay creditors thats set up and running but will take 27 years to pay off im just wondering whether BR is the way to go for me now.

slydrap

i rpvided the funds 3 years ago for the car when i was fit to work but as a none driver my GF bought it in her name.

fermi

slydrap wrote: »

i rpvided the funds 3 years ago for the car when i was fit to work but as a none driver my GF bought it in her name.

The OR could well consider the car to be an asset of yours then, if you provided the funds.

If they do, then it would be up to you to justify why it is needed.

See: Cars and Bankruptcy

slydrap

The car is needed to get my son to school 25miles round trip from our house also needed for me to hospital once a week

philnicandamy

As fermi said its not putting together a case of why you need the car as not why you want to keep...if that makes sense

Any supporting letters/information will help...if you attend hospital weekly be worth speaking to them to see if they can write something for you...although just because of that its not always a guarantee one member here lost his car & was expected to use PTS ambulance services for his weekly hospital appts...he did win appeal though eventually & was able to buy back his car at a nominal fee

dalip

Can I ask please. What sort of amount are we talking, that you provided for your GF to buy the car?. What is it's value now?.D

slydrap

its value now is about 5k when bought was 11k its a vw passat estate was bought used but they hold there money well