| T O P I C R E V I E W |
| Angela.97 |
Posted - 07 June 2012 : 07:43:26
What will happen to my house ? No equity, might be a shortfall |
| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 09 June 2012 : 22:06:05
Thanks Debtinfo.
I must say it always amazes me how much information some people put on FB!
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 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Niobe |
Posted - 09 June 2012 : 19:10:24
Thankfully there is nothing on my FB page that the OR could check on!!
I was just interested to know what the OR could check on and, more importantly, how would they know about my household or personal items from a long time ago regardless of their value.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| debtinfo |
Posted - 09 June 2012 : 19:01:36
It depends on how much the OR wants to dig really, or how much they have reason to, remember that officially the OR can gain access to any information that pertains to your financial situation, your assets and your income. Its not uncommon for members of the public to provide info to the OR, just think of all the information that is out there about yourself, there is the obvious your statements for instance, and maybe less obvious, your facebook, what you list on your insurance etc etc |
| Skippy |
Posted - 09 June 2012 : 17:44:51
I'm not sure to be honest Niobe. I wouldn't have thought so but again hopefully Viki or Debtinfo will pick up on this.
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 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Niobe |
Posted - 09 June 2012 : 13:42:14
Obviously we've not bought anything on credit for a long time now but I was just curious as to how far back they would go.
Another thing - I lost my engagement ring a couple of years ago and claimed on the house insurance. To replace it cost them in excess of £1k. If I were to go bankrupt, would the OR expect me to sell that?
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| Skippy |
Posted - 09 June 2012 : 13:30:15
I had to provide 2 years worth of statements although I don't know what it is now. I wouldn't have thought they would go back further than this unless they had a reason to suspect you're hiding something. Hopefully Debtinfo or Viki will be able to confirm.
Don't forget, the older something is the less it'll be worth. My OH bought our TV 2 years ago for £1k but it's worth next to nothing now as TVs are so cheap.
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 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Niobe |
Posted - 09 June 2012 : 13:18:02
How far back would they go? All of our stuff was bought either via credit card or personal loan and that includes the bed and the cooker and normal household furniture.
Our dining room suite cost in excess of £3k about five years ago and that was on credit.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| Skippy |
Posted - 09 June 2012 : 13:11:54
It comes down to being honest with the OR and if something was bought on credit there is a good chance they will find out about it. However, I must admit I wouldn't have even thought of declaring a range, bed etc as the OR isn't interested in household items and as far as I'm concerned I need a cooker and a bed to have a reasonable standard of living.
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 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| year 2029 |
Posted - 09 June 2012 : 12:40:24
Your post might've been misconstrued by others reading, as you made a statement that you would not sell any items.
I was merely pointing out, that under BR what the rules are.
Glad to hear you aren't for BR. Lets hope it stays that way for you.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Niobe |
Posted - 09 June 2012 : 08:04:28
BR isn't on the horizon as such, I'm over four years into an IVA but as our circumstances are changing at the moment it could be a possibility in the future.
As to possessions - I doubt we would get much for our cooker as it is six years old, the bed is even older so would be unlikely to fetch much.
I was just pointing out that I wouldn't be selling any of my furniture if I did go bankrupt!!
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| year 2029 |
Posted - 08 June 2012 : 22:37:03
Niobe.
You need to re read my posts. I haven't suggested selling assets. I did point out some of the rules that the OR will follow.
As for your statement 'I would not sell any of my household goods', that is slightly naive.
Under BR, your estate is the property of the OR until they release it back to you.
If it is deemed that you have items of unusually significant value, the OR can sell these items.
If you wish for me to provide a link to that ruling, please let me know.
I didn't realise that BR was on the horizon for you ( I wouldn't wish it on anyone, but I'm glad I went through with it ), I thought you were on an IVA.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Niobe |
Posted - 08 June 2012 : 22:24:27
I don't think we are - you are the one who suggested selling assets. I would not sell any of my household goods - and BR is always on the horizon for us.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| year 2029 |
Posted - 08 June 2012 : 22:05:26
Maybe so,
But we're drifting off topic.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Niobe |
Posted - 08 June 2012 : 20:13:45
And some of those millionaires that go bankrupt are still living the high life and stil on the register!!
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
|
| year 2029 |
Posted - 08 June 2012 : 19:16:13
I actually said that they should be declared.
It would be the decision for the OR to make not an individual.
Everything would be dealt with on an individual basis. niobes' example I guess would be dealt with favourably as it has medical implications, HOWEVER, if you had a bed that was worth (for whatever reason) a substantial amount, then it could be sold for a cheaper model.
That is infact how vehicles are dealt with, its just that its not the norm for hugely expensive items within a household.
It should also be remembered that millionaires with expensive houses and belongings do go bankrupt too.
The OR has duties and rules to comply with.
Back on topic if we can?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
