A promissory note would be sufficient for the Means Test/Plan. However, to assure that this payment will be allowed in full, the note would have to be secured by the car. If not secured, the promissory note would be paid off along with the other unsecured creditors - at a fraction of the total due.
thank you and who would secure the note, the car dealer? is there a legal term for it being secured?
The car dealer is not involved with the promissory note, which is between you and the purchaser. The promissory note would state that if it is not paid, then the car will be turned over to the purchaser. This will only work, by the way, if you are the owner or co-owner of the car - which should be possible even though you are not a co-signor on the loan.
The promissory note would go on form 22C - line 28C and section 47 of form 22C, and also on the Statement of Intention.
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