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introuble
Junior Member
United Kingdom
226 Posts |
 Posted - 10 June 2008 : 13:21:37
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Hi All,
I have also included details of payments I have made to settle finance. I just don't like the wording "In the last 2 years have you made any payment to a creditor, other than in the ordinary course of business, with a view to improving the position of that creditor in case you became subject to insolvency/bankruptcy proceedings?" The assets were sold to reduce my liabilities so I settled fiance off. It was basically to reduce my outgoings. Basically by answering the question am I sayign I did do this or by not answering the question am I deemed to be hiding something?
Darren |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 June 2008 : 13:22:55
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Hi Darren,
The correct answer to this question is "no". Was the debt an HP agreement?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 10 June 2008 : 13:28:10
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Hi Julian,
Don't know if you remember me but we spoke back in April and I had just suffered a knee injury? It ended up being a dislocated knee not cruciate.
Basically it was HP and standard Business Loan. The business loan funded the items that were being sold hence why I settled that loan. The other items were linked to specific HP agreements. However 2 items were sold that had been purchased on a credit card but unfortunately I did not pay this to the CC and instead used the bulk money to settle the HP agreements?
Darren |
Edited by - introuble on 10 June 2008 13:28:34 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 June 2008 : 13:34:58
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Hi Darren,
Ah yes, now I remember. I hope you are well.
With an HP agreement, the debt is secured against the asset. When you sold the asset, you HAD to redeem the borrowing so this wouldn't be classifies as a prefferential payment. The credit cards shouldn't be a problem.
If you answer "yes" to that question, the OR would try to recover the payments made and disburse them to all of your creditors on a pro-rata basis. I shouldn't worry!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 10 June 2008 : 14:01:32
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Hi Julian,
Yeah not too bad although the knee is not really allowing me to work to my full capacity.
Ta for the answers.
darren |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 10 June 2008 : 14:06:57
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Hi Darren,
Always a pleasure!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Disposal
