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hammy0107
Junior Member
399 Posts |
 Posted - 21 June 2008 : 11:58:40
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As some of you will know i have recently sold my shares in a buisness prior to going BR. I received £11450 but with the cost of a valuation on my home and the BR fee i was left with £10800. I had my car serviced and needed tyres and brakes, this brought available cash to £10350. I had to use £100 to live on as we were really broke, leaving £10250. I have submitted my SOA and stated i have £10250 available to pay into my estate. Today we are due to buy our son new bedroom furniture, he will be 3 in October and still in a cot. My wifes parents had promised us £300 towards the cost of the new furniture and carpet and this morning have told us they can't help us after all. We have already paid for the carpet and a deposit on the furniture and are now short by £300. If i now use £300 of the money that should be for the OR and only have £9950 after saying i will have £10250 am i going to be in trouble??? £9950 is still a fair amount to pay into my estate but my worry is that this amount is £1500 less than i received for my shares and is £300 less than what my SOA states i have available.
Sorry this is so long winded but i am really worried about this and the furniture is due to be delivered in a few hours. If i don't use this money then i will lose a deposit of £100 and my son really does need the furniture (right now he doesn't have a bed as we have already broken up his cot).
Reassurance desperately needed please.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 21 June 2008 : 13:45:41
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Hi Hammy,
Given what the expenditure is going to be used for, and the relatively small amount, I'm sure the OR won't have an issue. However, try to make this the last time you dip into those funds!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 22 June 2008 : 12:36:58
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I agree with Julian - especially his advice to not dip into those funds any more. The more you dissipate that asset, the more risk there is of being criticised for realising it prior to the bankruptcy.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 22 June 2008 : 13:17:06
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Thnaks Melanie, it's nice when we agree :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Spending cash meant for the OR? Help!!!
