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| T O P I C R E V I E W |
| ProudMary |
Posted - 31 July 2012 : 00:00:50
Hi all,
I am a newbie and long time lurker desperate for some advice.
We are just about to complete forms to declare ourselves bankrupt but I have a question to ask about my engagement ring/our wedding rings.
My engagement ring was purchased for £775, 6 years ago.
4 years ago, I had the diamond removed from the yellow gold setting and set in a platinum setting at a cost of around £500. I have never officially had my ring valued but when leaving the jewellers who re-set my ring, I asked for an estimated verbal value and they told me £4500. I (probably foolishly) used this figure to inform my home insurance of any valuable items I have.
So, on my insurance policy it lists £5200 for 'engagement and wedding rings'
There is no official valuation of my ring and now, on the verge of bankruptcy and penniless, I cannot afford to have a valuation carried out.
Do I need to declare this on the SOA as an asset? My head says yes due to the potential value but my heart and emotions are screaming NO. This is my engagement ring and hold massive sentimental value.
Any advice??
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| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 01 August 2012 : 10:14:28
Thank you for the information Debtinfo and good luck ProudMary x
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
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 - 01 August 2012 : 10:10:30
Lets hope it all goes well for you.
Let us know how you get on, and keep posting!
:-)
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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. |
| ProudMary |
Posted - 01 August 2012 : 09:27:05
Debtinfo, that is really helpful. Thank you.
It's very much 'cross that bridge when it comes' at the moment and praying for an understanding OR. |
| debtinfo |
Posted - 31 July 2012 : 17:45:12
quote:
Originally posted by ProudMary
Is there anywhere that an OR would look to find auction prices for a ring like mine? Obviously, the value given to insurer is to replace new for old. I can't imagine many people pay a lot, if at all, for second hand engagement rings?
Basically itworks like this, lets just assume for a moment that the ring is worth £5,000, Every OR has an agent(or maybe more than one) who they contract on a freelance basis, they usually have specific skills, for instance they may have their own Auctin rooms, storage spaces, be ex bailiffs, hold fire arm or other licences etc. They will also have their own contacts so if the agent cannot value it they probably know someone who can. They will usually value it at its Auction value which will be less than its retail price so lets say the £5,000 ring is worth £3,500 at auction, the OR then allows a sum for if work such as official valuing and selling needs to take place probably about £500 which makes the ring worth about £3,000 to the OR, now because you are allowed rings etc IF they are not of excessive value they would then need to allow a sum to buy a reasonable replacement, i would suggest that a decent normal engagement ring might cost £1000-1500, therefore the value to the estate ie what they might actualy get out the end could be as low as £1500. Therefore when asked if a relative could buy it back, this is the amount that they would be expected to pay rather than the £5,000 |
| Niobe |
Posted - 31 July 2012 : 11:38:42
Good luck - hope it works out for you and let us know how you get on and whether or not you get to keep the ring.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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| ProudMary |
Posted - 31 July 2012 : 11:29:31
Thank you all, you have been so helpful. Fingers crossed it turns out for the best.
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| year 2029 |
Posted - 31 July 2012 : 11:03:58
Personally,
I'd leave it off the SOA. When in interview I'd mention I was worried about my engagement ring.
They'll obviously ask the value, and you can give them fact, and then verbal if you wish.
Hopefully they won't be interested (they're not out to make you're life a misery).
If they ask for more details, you have the details you posted earlier.
Lets hope it doesn't come to anything drastic. Usually we worry far more than the outcome should warrant.
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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. |
| Skippy |
Posted - 31 July 2012 : 10:58:07
I would mention it at the interveiw - the ring is listed separately on your contents insurance policy so it's not difficult for the OR to find out about it. You can then explain that you are unsure about the actual value of the ring and that it might be over insured. It's then down to the OR to decide whether they have any interest.
I sincerely hope you get to keep the ring x
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
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. |
| ProudMary |
Posted - 31 July 2012 : 10:57:24
Sorry to sound stupid, but when you say leave it to the interview, does that mean not mentioning it on SOA at all?
Then in interview with OR, just casually mention it? Would you go into detail...ie: tell them what we paid (I still have an email receipt as proof) but explain the verbal valuation we were given and the reason why it appears as such a high figure on insurance policy?
How much info do I need to give?
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| year 2029 |
Posted - 31 July 2012 : 10:44:38
I'm sure lots of people don't mention it.
If you go off what you paid for it, it doesn't appear high value.
It would also be up to the OR to get it valued.
Whilst I wouldn't condone hiding anything, I don't think I'd be shouting from the roof tops about it either, which is why I'd leave it to interview.
Anybody else any views?
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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. |
| ProudMary |
Posted - 31 July 2012 : 10:36:42
Yes, I my head tells me that I must declare it and be honest with the OR. I am just praying that they see that the sentimental value far outweighs the material cost...but I doubt it. Can't see them letting me keep such a high value item.
Heartbroken.
Thanks for all your help. |
| year 2029 |
Posted - 31 July 2012 : 10:20:43
Hi Mary, just based on the diamond you have quite an expensive ring.
As debtinfo has said as well though, you could declare it at interview.
Ive been honest and transparent in my dealings with my Trustee, and all to date has worked out ok.
My own gut feeling would be to mention it in my interview if its worrying you that much.
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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. |
| ProudMary |
Posted - 31 July 2012 : 09:49:03
Hi both,
here is a bit of background information on my ring...
set in 925 platinum 4 claw setting, the diamond is a 1.14 carat brilliant cut, H colour, SI clarity.
I looked on bluenile.co.uk not a high street retailer so no inflated high street costs) for a guide on price to buy something of this standard new...the diamond cost itself goes from £3613 to £5005, that is without the platinum setting, which is what I believe has really increased in value over the years.
Is there anywhere that an OR would look to find auction prices for a ring like mine? Obviously, the value given to insurer is to replace new for old. I can't imagine many people pay a lot, if at all, for second hand engagement rings? |
| year 2029 |
Posted - 31 July 2012 : 09:31:58
Likewise debtinfo ref the valuation,
Which is why I was erring to material facts of what has been paid.
Hopefully the OP will be a little more reassured by your reply, and maybe they will mention at interview.
It used to be a months wages I believe as a rule of thumb for engagement rings ;-)
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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. |
| debtinfo |
Posted - 31 July 2012 : 09:25:40
Yes just mentioning it at the interview would be fine as well. As long as the OR is given the chance to know about possible assets. As to the value it needs to be more than the average, so for instance I know. lots of people that have rings worth 1-2000 pounds, i would say they could be described as in the guidance as a matter of course, I don't know that many people with a 5000 ring. But as I say I do find that valuation hard to believe |
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