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| T O P I C R E V I E W |
| mel |
Posted - 29 July 2008 : 09:16:47
i am seriously considering bankruptcy as my only way out of the debt that i am in, but i am worried about a mini cash isa that my mother had transferred from herself into my name a few months ago. The purpose of this was because she wanted to make sure i had enough money to pay for her funeral etc. she has retained the isa book however, but it would look as though the money were mine. i dont want my mother to lose her savings because of my bankruptcy. Please help! thank you, mel
m delaney |
| 1 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 29 July 2008 : 12:15:21
Hi mel and welcome to the forum.
I'm sure it can be evidenced that the funds going into the ISA were from your mother. Therefore, provide it can be evidenced that the monies came from her, via bank statements etc, then you can transfer it back and explain why it was transferred into your name in the first place and then back again. Alternatively, bearing in mind the purpose of the transfer, you could transfer it to a trusted 3rd party.
The thing is not to have it in your name, or bequithed to you, for the duration of your bankruptcy otherwise, in the event of Mum's demise, the ISA becomes yours and thus you must pass it to the OR. Once you are discharged from bankruptcy then you can rejig it all again.
As with many things in BR, it's not so much whose name the asset sit's in but who OWNS it, who PAID for it, as it can almost always be argued that whover paid for it STILL owns it.
Assisting where I can. |
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