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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by mighty reds[/i] [br]Hi All I can't seem to get much clarification on whether or not me renting a flat that is owned by my parents would be seen as me having a "benefical interest" in the property. In relation to considering a Debt Management Plan or IVA this "beneficial interest" issue is the only thing stopping my petitioning for my own bankruptcy within the next month or so. My non-prority debts are £33,000 and my surplus is £300-£400. Minimum payments from credit cards will be £700 in next month or so. [b]FACTS[/b] --> My parents own my flat. I do not own it, or part own it and they purchased it outright about 10 years ago. I was the third tenant they had. --> I, along with my siblings am listed in the will as having an interest in my parents "estate" which is this property and another when they die. Is this relevent now? I know it will be if they die during the length of my bankruptcy and income payment agreement. --> There is no tenancy agreement i have found out, but my parents are happy to have one drawn up, not sure if this is relevant now anyway? --> I have been living here for just over 5 years and all bills (C/Tax, utilities, water) are in my name and paid by me. --> I pay monthly rent to my father via standing order and this will be reflected in Bank Statements over past 5 years --> I phoned the Insolvency Service for advice. They "dont think" it will be an issue if I can prove my parents own the flat and I don't own it. The person I spoke to gave me the impression he'd rather be tearing out his own finger nails than answering my question, but thats just my one experience with the Insolvency Enquiry Line. --> National Debtline, same advice as above CONCERN (and it's a HUGE concern) After endless calls to National Debtline and CCCS, and lots of internet reading and calculations, I'm enough convinced bankruptcy is my best course of action with regards a 5-year outcome. [b]But how the heck can I take the risk of this beneficial interest thing[/b]? Apparently I wont know for sure until after I am declared bankrupt and the OR looks at everything? If my folks lose this flat as a result of me declaring bankruptcy it will go down as the biggest mess up in the history of mess up's!!! [:0] I would like to think there is [u]someway[/u] of establishing whether or not I have "beneficial interest", i mean the facts are the facts (as above), surely this kind of thing can't just be down to the discretion of the OR who i get? Really, really appreciate some input [b]PS - Anyone know an OR (I guess you do, but anyone know an OR that would give feedback, I've tried phoning the Courts and I just go round in circles!!!!!)[/b] [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.