| T O P I C R E V I E W |
| lacerva |
Posted - 13 September 2010 : 01:27:40
In 2004 my Dad leant me £6600
I decided to pay him back said monies in preference to my other creditors.
I want my Dad to keep this money I owed him
Will the OR try to recover it
If he does How will he find him being as he has done nothing wrong and I am the one who is Br
I sound a bit muddled but does the OR in reality ever try to pursue such monies
Ada |
| 10 L A T E S T R E P L I E S (Newest First) |
| lacerva |
Posted - 15 September 2010 : 14:30:01
Wish I could answer your question xmasbaby but I have not got a clue myself!!!
Every time I feel I have the answer another question is thrown up
I am going to live in the present for now and deal with every hurdle as they are thrown up
Good luck hope it all works out for you
Ade |
| xmas baby |
Posted - 15 September 2010 : 14:05:15
Hi lacerva,
My sister too took out a loan on my behalf a year or so before I declared bankrupt and at the time, this was agreed in all good faith that I would be able to pay her back aswell as my other debts. This was so until a year down the line when I could no longer fulfil my repayment obligations to the various credit cards/loans and my sister. Once I declared bankruptcy I did inform my OR of the position, but I was also very lucky in that a good friend decided to continuing paying my sister the agreed monthly payments instead of me. They do not expect me to repay this back to them although I will do so at some point in the future, probably when my IPA payments end. Thank god for good friends is all I can say.
Not sure if the OR would have acted differently if my friend had not taken over this debt and I was still having to pay her monthly. I guess she would have been included as one of the creditors and given a small percentage of my monthly IPA payment. Could someone confirm that if my sister had been chased for any payments I had made previous to my bankruptcy, would this have affected the loan she took out with her bank or would she just be expected to continue paying off her loan as normal. It wouldn't have had a negative impact on her credit would it?
Thanks
xmas baby
xmas baby |
| lacerva |
Posted - 15 September 2010 : 11:46:43
Thanks for the info
My assets were probably more than my debts at the time I repaid the money but my home has recently fallen into negative equity
I was still paying of my Bank Loans at that time
Will the OR chase the banks for any payments I made to them?
How does the OR go about recovering this money?
What powers does he have over a non-BR person?
Can he investigate his Bank Accounts? and demand repayment of the repayment I gave to him?
Does the OR do this alot?
Can anyone point me to a court case?
I don't mind if I get an BRU I am more worried about my Dad
I think I will leave the OR alone and see what transpires
Thanx for your help
Ade |
| debtinfo |
Posted - 14 September 2010 : 18:15:15
For the case of recovering preferential payments "Insolvency" can be defined according to the Act as not able to pay as they fall due OR (and crucially it is an OR not an AND) liabilities exceeding assets.
So in this case if the payment was within 2 years and at the time your debts were larger your assets then the OR may consider recovering the money.
Therefore it is something that you very much do need to tell the OR about.
Incidently in terms of whether they persue a BRO which is a very different decision and is subject to different criteria that being both types of insolvency must be proven for them to go ahead and so it is more difficult to get a BRO than it is to show a recovery should be attempted |
| Melanie.n |
Posted - 14 September 2010 : 09:08:24
If as you say you were 'solvent' at the time you repaid your debts (solvent means - that you were able to pay your commitments as and when they became due) you should not have a problem with the repayment towards your Dad as it was done whilst solvent and in good faith, you had no idea that a year down the line you would be facng bankruptcy - therefore nothing to worry about
To be honest i would not even mention to the OR
Melanie
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
|
| Skippy |
Posted - 14 September 2010 : 08:52:51
First of all, don't run away or jump in a lake, it really isn't worth that.
As you were solvent at the time, it may not be as bad as you think. Hopefully one of the professional experts will be able to advise you shortly.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| lacerva |
Posted - 14 September 2010 : 00:47:32
I paid the money to my father over a year ago in 3 installments. I was solvent at the time but my CCs were building up.
God Damn those CC cheques!!!
The OR asked me as to whether I had paid any creditors in the last year
Now this is beginning to worry me
My Dad will go crazy if he gets a letter from the OR He recently moved to London
Think I will run away or jump in a lake I am devasted
Thanx anyway
Ade x |
| Reviva UK |
Posted - 13 September 2010 : 14:25:58
Couple of points
1. The OR will probably request credit card statements & bank statements for the last 12 - 24 months. They seem to have started asking for a longer span recently.
If the transfer is during this period it will be clearly apparent.
2. On the Statement of Affairs there is a section that asks if you have made a preferential payment to a creditor to put yourself in a better position after Br.
You need to be mindful that the court documentis a serious one and the OR will get very grumpy if they find you were untruthful. If however you didn;t realise this until afterwards then they are likely to take a different tack but are probably going to pursue your father for the funds
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
| lacerva |
Posted - 13 September 2010 : 14:07:45
This is a mare as I have not told my father I am Br How will the OR find my father? Through his Bank Account?
OR has not mentioned this yet but I am thinking the CC I used to pay him will advise OR of the payment
Is that what they do?
Any thoughts? |
| Reviva UK |
Posted - 13 September 2010 : 08:37:48
Hi
knowing that you repaid one creditor in preference to another , especially a family member means it is likely that the official receiver will pursue your father for the funds so that it can be shared pro rate between all of the creditors.
secondly you should be aware that it is also a possibility that you may receive a Bankruptcy Restriction Order which means that although you will be discharged in 12 months , some of the restrictions in bankruptcy will follow you for a number of years.
it really depends upon the OR and how they view your actions.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
