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Owning a vehicle worth over £1000 after being declared bankrupt

Munkee136
Munkee136 Posts: 3 Newbie
in Bankruptcy & living with it
Hi everyone. I've had a rough time since being declared bankrupt and a friend has very kindly offered to give me a van of his for me to use to earn some extra money (current job doesn't currently cover my expenses). I assume that I would not be allowed to have this as it is worth over £1000 (probably about £2000)? I wanted to ask on the off chance that the rule only counted for vehicles owned upon declaring bankruptcy and this limit was not imposed on any vehicles acquired after it. I've searched the web and I'm coming up empty handed so here I am haha.

Any help/information would be much appreciated =]
«1

Comments

  • TheGardener
    TheGardener Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you don't own it - your friend does, then you can borrow it. There is no restriction on borrowing the van.
  • Munkee136
    Munkee136 Posts: 3 Newbie
    TheGardener wrote: »
    If you don't own it - your friend does, then you can borrow it. There is no restriction on borrowing the van.
    This was my first thought however if I'm not the registered keeper the insurance is far too much =(
  • TheGardener
    TheGardener Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I'm fairly sure you can be the registered keeper without being the owner.
  • MEM62
    MEM62 Posts: 5,536 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Munkee136 wrote: »
    This was my first thought however if I'm not the registered keeper the insurance is far too much =(

    Being the registered keeper does not make you the owner - as the registration document clearly points out.
  • Munkee136
    Munkee136 Posts: 3 Newbie
    MEM62 wrote: »
    Being the registered keeper does not make you the owner - as the registration document clearly points out.

    I noticed this too last night and tried some quotes with saying I was the registered keeper but not the owner. Unfortunately they also came back expensive =(
  • maxmycardagain
    maxmycardagain Posts: 5,853 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Insurance is never cheap, car type, experience, driving history and even your location can bump it up

    red cars - being statistically most prone for accidents - cost more to insure, as does anything with "GT...GTi.....VRS....Special" on the boot...

    try ringing Admiral and asking for a quote as the registered keeper

    also "single with partner" costs less than "married"....
  • katyp
    katyp Posts: 124 Forumite
    I am curently driving a car worth £5k, which was declared at bankruptcy. I am the registered keeper and pay for everything, but I have the invoice that clearly shows my FIL as the buyer five years go. I became the keeper last year. I am allowed to keep this as my FIL is letting me use 'his' car. He lives 400 miles away.
  • luvchocolate
    luvchocolate Posts: 3,477 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Hi not sure of your age obviously but if young and you put an older relative with a good driving history as a named driver this can bring the price down
  • MEM62
    MEM62 Posts: 5,536 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    maxmycardagain wrote: »
    red cars - being statistically most prone for accidents


    That's because they are the fastest :rotfl:
  • KeepOnKnitting
    KeepOnKnitting Posts: 863 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    maxmycardagain wrote: »
    red cars - being statistically most prone for accidents - cost more to insure
    MEM62 wrote: »
    That's because they are the fastest :rotfl:

    Pretty sure the factory forgot to install the red-car-boost on my red Skoda Favorit back in 1994. :rotfl: Or maybe the faded paint stopped it working?
    Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
    April take lunch to work goal - 3 of 12
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