My bloke has a Golf R32, he bought it on HP but was costing alot so his dad cleared the finance (£23k). My bloke is the registered owner and keeper and no finance left on it.
My bloke owes over 25k - sell the car pay off debts i hear you shouting, basically if he was to sell the car now, he would only get about £17k for it, its slightly damaged at the mo and he would need to get this fixed before he sold it (and got the 17k expected), he can not afford to do so at present, also if he sells the car, he has to give the money back to his dad.
So he is in a bit of a dilemma, either he sells the car and gives the money back to his dad then he has to explain to the offical reciever why he did this and not pay back his debts as this is his biggest asset, they may not listen to our argument that it is in fact owned by his dad, just just given to my bloke.....
Or we get the car transfered to his dads name and his dad be the legal owner....will the offical receiver be able to see that he has changed the car to his dads name? - not that there is anything dodgy in it but they might think there is? They might want to take the car? Could they?
Also....if we change the car to his dads name, should we wait a while before petitioning for bankruptcy? This car issue is the only things thats holding us back really?!
Thanks in advance!