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| T O P I C R E V I E W |
| SPT |
Posted - 29 October 2008 : 22:44:49
Evening all
Just cancelled the DD to the mortgage,secured loan,and IVA. Me and OH are rich! Step 1 done,just realised though around 18 months ago myself and brother were jointly named on our parents house(long story but in a nutshell my mum has dementia)when i confessed to my dad the size of our debt, my name was removed from the deeds as he had vision's of his home being taken(12 months ago)....My dad also gave us 15k to clear some debt which is what we did (At the time we had no intention of going BR)I have never contributed towards my parents home but it was transferred into my brothers and my name as a paper excersize. When me and OH go BR early next year will my parents home be at risk,Even though I have never contributed towards?
Posted a few times on here, but keep my eye on daily.Keep up the good work
Steve |
| 1 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 30 October 2008 : 00:09:56
Hi SPT
you should have no problem, as you made no contribution, regarding the house although I would suggest you think of another reason why your name was removed other than you were in a problem debt situation.
The payments you made to your creditors from the £15K could be an issue and will be if any friends or family were repaid from this sum. These payments are likely to have been preferential, albeit not deliberately so, unless you repaid each of your creditors pro rata.
The problem if any is these payments were made at the same time as your name coming off the deeds to the house which may make the OR suspicious of your planning for your bankruptcy.
That said, if you stand by the reasons for both actions it would be hard for anyone to prove.
www.Bankruptcyhelp.org.uk
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