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beth83
Starting Member
United Kingdom
20 Posts |
 Posted - 11 March 2010 : 10:52:29
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| What is classed as an asset? Everything we read before going bankrupt said that 'normal' household items would be fine and safe to keep and would not be taken off us, we dont have anything fancy, only the basic household items. Our tele broke a few months ago and had no choice but to get it on credit card, it was only a cheap one, the cheapest around at that point, is not plasma or anything special, now we have been told that the tele is an assest and is going to be taken off us. This totally contradicts everything i read before we went bankrupt, e.g. that household items wont be taken, even in your information about assets on this site says a tv is safe. What should we do? Even though we cant remember buying anything apart from a few basics (because current ones broke) on credit last year im worried they are going to take other things away, e.g. kettle, iron, washing machine??? |
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Jane.l
Average Member
511 Posts |
Posted - 11 March 2010 : 11:05:49
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Who has told you that the TV is an asset and will be taken off you?
Normal household items are fine, I bought a 3 piece suite and a toaster, kettle and fridgefreezer from my catalogue just before going bankrupt and nothing was said by the OR.
A few months before that, I had bought an Xbox as a present on a credit card and nothing was said about that either. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 11 March 2010 : 11:09:57
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Hi Beth
Sorry to hear about your predicament.
Who told you the TV would be taken away from you?
In general terms anything you own (i.e not on HP, lease etc) is part of your bankruptcy estate, but there are exempt items such as clothing, furniture, household items etc. You would usually be able to keep all "normal" household items, but anything of excess value could be taken and sold by the OR and replaced by something cheaper.
Based on what you have said I would be surprised if the TV was classed as an item of excess value, and there is no risk that your kettle etc will be taken.
You should query this with the OR - ask them why they consider the TV is not exempt, and what their valuation of it is?
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 11 March 2010 : 11:20:29
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| Hi, its the OR thats told us to pay for the tele or its being taken away and only given us a week to decide, they havent even received the credit card statements yet as we havent sent them, hes only going by what my husband told them on the phone as the OR asked what had been bought in the past year, they would have found out from the statements anyway so was truthful with them on the phone because we were told before the bankruptcy it would be okay to keep. We are really worried because im home all day and now will have no tele which for me and our children is a necessity. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 11 March 2010 : 11:44:21
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The OR's official position generally is that items such as TV's, video's, stereo's etc are not exempt as they do not consider them to be "necessary to satisfy the basic domestic needs of the bankrupt and his/her family".
However, the OR would only usually take such items if he thought he could sell them for a reasonable value - after allowing for the cost of an agent removing and selling them.
I am surprised at the OR's attitude considering your comment regarding the cost of the TV, and would suggest you ask them to reconsider their position as any benefit to the bankruptcy estate after costs would appear to be negligible |
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RHB
Senior Member
1159 Posts |
Posted - 11 March 2010 : 18:20:29
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| How much have they asked you to pay for it? You might find not having a tele isn't as bad as you think thoughh, with suummer coming up. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 11 March 2010 : 18:32:08
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| Is this some type of home cinema plasma screen TV? I can only imagine the OR being interested in a TV if it cost a couple of thousand and could be sold for around £1k now. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 11 March 2010 : 18:45:59
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I agree gettingoutofdebt, I've never heard of anyone losing their TV before.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.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.
32 IPA payments made, 4 to go - the end is in sight! |
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 15 March 2010 : 20:18:47
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If it was a plasma tv or something fancy like that (like all our friends have got) i could understand them wanting it, it was only 300 quid when we got it, its only a 'normal' tv, one of the cheapest we could find at the time, they would be lucky to get 80 quid for it second hand. The only other tv in the house is a really small one in our bedroom so we would have to use that in the lounge which will look really stupid but better than nothing.
Im at home all day every day as im disabled so a tv is really important to me to keep me sane! Im just dreading what else the OR is going to want to take too now. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 15 March 2010 : 21:25:58
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Hi Beth
There has to be some sort of misunderstanding here, I have never ever heard or had anyone lose a tele in bankruptcy. I think especially as no credit statements have been seen to which you bought it, and if it was that how can you pay one creditor and not another, I would bet the OR thinks they have been bought under a HP agreement |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 15 March 2010 : 21:34:53
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Hi Beth,
Like all the other posts, I am surprised about a low value TV being considered to be an asset.
If it was a top of the range TV that costs several thousands, then maybe yes and you could buy a "modest" model to use.
I would ask the OR to clarify.
Certainly for sure the other items you mention such as kettle, iron and washing machine should be secure
Good luck, Richard
quote:
Originally posted by beth83
If it was a plasma tv or something fancy like that (like all our friends have got) i could understand them wanting it, it was only 300 quid when we got it, its only a 'normal' tv, one of the cheapest we could find at the time, they would be lucky to get 80 quid for it second hand. The only other tv in the house is a really small one in our bedroom so we would have to use that in the lounge which will look really stupid but better than nothing.
Im at home all day every day as im disabled so a tv is really important to me to keep me sane! Im just dreading what else the OR is going to want to take too now.
"There are no problems - only solutions" |
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beth83
Starting Member
United Kingdom
20 Posts |
Posted - 16 March 2010 : 18:43:49
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| Thanks for all your help everyone, the OR has now decided we dont have to pay for the tv and they wont take it away as they know we cant afford it, but they would have though. It shows that you never really know what each OR will actually do. Thanks. |
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debtinfo
forum expert
2826 Posts |
Posted - 16 March 2010 : 19:43:02
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| maybe a new one that has been a bit more thorough than they should have been, as probably been to see there boss who has advised that they dont take tv's |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 17 March 2010 : 01:11:51
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i have never heard of a "normal " TV being at risk regardless of how new it was, their resale value is minimal and not worthwhile to the OR
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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What is classed as an asset?
