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| T O P I C R E V I E W |
| lotsofquestions |
Posted - 12 October 2009 : 12:59:43
We are going to go bankrupt for the second time (ashamed!)We want to keep our house and car. House is in negative equity and trade price of car is £4,700 (needed for work).
My husband receives an annuity in November of £6,000 which gets paid into a bank account. If we open a new bank account (large overdraft on Lloyds existing one that will be included in bankruptcy)and the money gets paid in there and we transfer it to a relative's account will the OR know about this? We were going to wait to Petition until after we have received the money.  |
| 7 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 11 November 2009 : 12:39:52
Hi RHB,
They are, but I am told that they will not be paid the receipt from the sale as they are just one of my creditors!
It is a bit of a lottery and maybe a tad unfair too
regards, Richard
"There are no problems - only solutions..." |
| memphisd56 |
Posted - 11 November 2009 : 10:28:43
Don`t asume that because the value of your car is below £2000...you will definately keep it.
My car was worth £750....and my O.R wanted to know why i needed to keep the car....medical reasons won!!.
people need to know that a car under £2000, isn`t definately safe. |
| RHB |
Posted - 11 November 2009 : 07:18:17
Surely the finance company would be one of your creditors Richard? |
| Housing |
Posted - 10 November 2009 : 20:45:28
Hi
Just to say, my car was taken via the OR and sold by tender - it was valued (Parkers guide) and was sold a few weeks ago. I think it raised about £9,000 - that will go to the OR less the fee from the auctioneer and then to my creditors pot - I assume that is the way it works.
I feel awful as the firm that I owed some balance of my car at the time of the BR (A finance firm - better not mention them) gets nothing.
The auctioneer then said find a car for up to £2,000 and we will make a cheque payable to the dealer - did that last weekend and paid the cheque over yesterday - we collect the car on Saturday - I have to say there is guilt with me being BR and I feel a bit uncomfortable having a car bought for me. However, I am aware that is what the procedure is and I am grateful.
My advice is to be open and honest with the OR from the start - am not preaching - I am simply saying what is acceptable - I d feel ashamed that I am BR some days are worse than others - I am trying to move onto the next chapter of my life and the life of my wife and all of my family who are direct;y affected by what has happened.
I do wish lotsofquestions and your family well and hope that it goes well and that your future gets better every day, Regards, Richard
"There are no problems - only solutions..." |
| lotsofquestions |
Posted - 10 November 2009 : 18:19:32
Thanks for the reply. Things have moved on and we sold our car for the asking price (glasses guide). We opened a co-op cashminder account and paid the cheque for the car in there. We bought a new car for £2,295 and hope we can keep this as I need it to travel throughout Somerset for my job. House is in negative equity and we have 3 valuations to prove this. We will receive the £6000 annuity and will obviously declare this. We also drew lots of cash on credit cards in the last 2 months. My son is getting married and we contributed to things for this (although nothing specific that we have receipts for)and the remainder just generally went. We have been in denial and have carried on spending like we did when my husband had a good job with very good pay. However, for the last 3 years he has been on nearly a minimum wage. It is quite apparent that large amounts have been drawn on credit cards and we do not wish to hide this - just wish we never did it. Until 12 October we were going to do an IVA so thought it would be paid back over the 5 year period which is one of the reasons we drew on the credit cards in the first place. We are not trying to hide anything but realise too late that this should never have happened. We have nothing to show for it. We did not knowingly withdraw the money to hide it and do not really know where it all went. Basically had our heads in the sand. We needed the sale proceeds from the car to pay for the 2 Bankruptcy Petitions. We have also paid £500 for advice from a company who specialise in bankruptcy. Whatever is left including the annuity the OR can have. Our concern now is that they may think we withdrew the large sums of cash and stashed it away whereas we did not. Despite our apparent lack of control with credit, we are however honest people and abide by the law. We do realise that we can never be trusted to have any form of credit ever again. We will never own our house as we have an interest only mortgage so do not know where we will live in the future. My husband is 57 and I am 52. We are totally ashamed and I feel sick at the prospect of what may happen to us. |
| Reviva UK |
Posted - 12 October 2009 : 14:05:33
Hi
The Official Receiver will carefully review all of the transactions on your account and credit cards - especially over the last 12 months.
It will be obvious that you are hiding money and a BRO is likely.
You also need to remember that the court forms - statement of affairs - is a signed by you and you are then committing purgery if you knowingly lie in the forms. This would not have a good outcome.
Perhaps you can give us some idea of the type of work carried out and what type of car. In exceptional circumstances the OR may allow a car with a value of over £2000 but these are exceptional.
It is more likely that the OR would chose to replace your car with one worth £2000 and retain the value for the benefit of the creditors.
Lastly when did you petition for bankruptcy before?
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| Jane.l |
Posted - 12 October 2009 : 13:05:20
Even if you need a car for work, I think the upper limit allowed is one worth no more than £2000 so you will probably lose the car you have now in bankruptcy
yes, the OR will probably find out about the £6000 payment and will want to know what you have done with this, he will check back 2 years and in the case of property, 5 years
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