I have been advised by the CCCS to declare myself Bankrupt due to loans I cannot repay to Banks. My question is, I have a personal debt to a close friend for £3000. I would like to settle this personal debt to him by making a legitimate sale of my car for £3000 as that is genuinly what it is worth. If I make a genuine sale to him, with all relevant paperwork to show this - to settle this debt. He wants to know if the court will later seize this from him when I go down the Bankruptcy route? Please advise? Kind Regards, Jasper
This question is a common question, unfortuantly the answer is never the one the poster wishes to hear.
On your petition you must declare any car that you have sold in the past 12 months. The OR can check with DVLC
although you as an individual may wish to clear your debts with friends and people around you, you cannot show preferential treatment to any of your creditors.
The OR could reverse the sale.
Jasper rather than making a decision that could effect you and your freind, speak to one of the experts and take guidance.
explain to the expert the whole circumstances of all of your bankruptcy they may be able to provide options for timings and process etc. I recomend speaking to Paul and his team at Reviva
I would like to settle a personal debt
Posted - 16 June 2010 : 13:07:59
