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Debt relief notice

  • 15-10-2023 12:26pm
    #1
    Registered Users, Registered Users 2 Posts: 3


    I have recently been engaging with MABS to get a DRN, as my circumstances have changed drastically and they advised to go ahead with this process. I have no assests of my own, but access to a car that is owned my a member of my family. The car is in my name, as I drive it most of the time and the person who owns the car didnt want the hassle of getting fines, penalty points etc so it was agreed that my name would go on it for this reason. I had forgotten this, as I don't own the car and now even if I changed the name I would be seen as getting my affairs in order. I'm sick over this as my wages have been cut in half over the last few months and I'm really struggling. Id appreciate some advice on this please



Comments

  • Registered Users, Registered Users 2 Posts: 84,761 ✭✭✭✭Atlantic Dawn
    M


    Would there be a paper trail for the payment of the car to support you didn't purchase it with your own funds?



  • Registered Users, Registered Users 2 Posts: 3 hennessl


    Well there would as I havent had the means to get a loan for a very long time and the person who owns the car has the loan. I pay the tax and insurance and put diesel in which is fair as I'm on the road every day. The biggest problem is that because my name is on the log book, it legally looks like mine and I honesty don't know what to do.



  • Registered Users, Registered Users 2 Posts: 26,295 ✭✭✭✭Mrs OBumble


    Ask MABS.



  • Registered Users, Registered Users 2 Posts: 1,720 ✭✭✭Lenar3556


    The registered owner isn’t necessarily the legal owner, but in the situation you are in this will be looked at closely.

    Evidence that another party is making repayments on loan secured against the car in question may be helpful.

    What value is the car?



  • Registered Users, Registered Users 2 Posts: 3 hennessl


    I'm not sure of the value, but its well above the threshold for sure. Theres no issue with evidence of the other person holding or paying the loan.



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  • Registered Users, Registered Users 2 Posts: 4,396 ✭✭✭whomitconcerns


    The problem is if I understand you correctly is that you are the beneficial owner of the car and loan. Effectively they have given you the value of the car. So it's not so straight forward from an assessment pov. Get your paperwork inline and see what happens



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