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ProudMary
Starting Member
7 Posts |
 Posted - 31 July 2012 : 00:00:50
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Hi all,
I am a newbie and long time lurker desperate for some advice.
We are just about to complete forms to declare ourselves bankrupt but I have a question to ask about my engagement ring/our wedding rings.
My engagement ring was purchased for £775, 6 years ago.
4 years ago, I had the diamond removed from the yellow gold setting and set in a platinum setting at a cost of around £500. I have never officially had my ring valued but when leaving the jewellers who re-set my ring, I asked for an estimated verbal value and they told me £4500. I (probably foolishly) used this figure to inform my home insurance of any valuable items I have.
So, on my insurance policy it lists £5200 for 'engagement and wedding rings'
There is no official valuation of my ring and now, on the verge of bankruptcy and penniless, I cannot afford to have a valuation carried out.
Do I need to declare this on the SOA as an asset? My head says yes due to the potential value but my heart and emotions are screaming NO. This is my engagement ring and hold massive sentimental value.
Any advice??
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 00:34:46
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Hi ProudMary and welcome.
A couple of questions, are you both going bankrupt?
I know you mention wedding rings, but are you actually married?
On the face of it, it does sound like you have an over inflated value on your contents insurance.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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ProudMary
Starting Member
7 Posts |
Posted - 31 July 2012 : 00:59:17
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Hi year2029,
yes we are married and we are both going bankrupt.
With regards to the over inflated amount on my insurance - am I committing an offence, even if this was a verbal quote from a jeweller? Oh god, I feel sick, even more to worry about. |
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 08:32:17
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Debtinfo,
Maybe you can shed some light on this, seeing as there are no guide notes to what is assessed as any other value?
The OP is clearly distressed and worried about this, so I'm sure you're guidance would be appreciated.
Just to add, wedding rings aren't normally included, but the wording for engagement rings,
"The ring should, of course, have sufficient value to warrant the costs of sale and official receivers should not take engagement rings as a matter of course."
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
Edited by - year 2029 on 31 July 2012 08:48:11 |
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debtinfo
forum expert
2826 Posts |
Posted - 31 July 2012 : 09:07:55
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| Generally where an asset is generally exempt such as a ring but is being looked at because of its excessive value then you would probably be looking at a value of at least 1000 pounds maybe a little more because of the sentimental value. The key thing here is that if there is any doubt that it may be an asset then it must be put down. As the head of the insolvency service frequently points out it is for the OR to decide what is or is not an asset not the bankrupt and they must be given the facts to make that decision. There is clearly the possibility that it may be an asset in this case, although I am still dubious about the valuation, the best thing to do would be to declare it without a value and let the OR decide what questions they want to ask. It would also help if the op can give us some details about the ring do we can do a quick online search |
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debtinfo
forum expert
2826 Posts |
Posted - 31 July 2012 : 09:25:40
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| Yes just mentioning it at the interview would be fine as well. As long as the OR is given the chance to know about possible assets. As to the value it needs to be more than the average, so for instance I know. lots of people that have rings worth 1-2000 pounds, i would say they could be described as in the guidance as a matter of course, I don't know that many people with a 5000 ring. But as I say I do find that valuation hard to believe |
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 09:31:58
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Likewise debtinfo ref the valuation,
Which is why I was erring to material facts of what has been paid.
Hopefully the OP will be a little more reassured by your reply, and maybe they will mention at interview.
It used to be a months wages I believe as a rule of thumb for engagement rings ;-)
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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ProudMary
Starting Member
7 Posts |
Posted - 31 July 2012 : 09:49:03
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Hi both,
here is a bit of background information on my ring...
set in 925 platinum 4 claw setting, the diamond is a 1.14 carat brilliant cut, H colour, SI clarity.
I looked on bluenile.co.uk not a high street retailer so no inflated high street costs) for a guide on price to buy something of this standard new...the diamond cost itself goes from £3613 to £5005, that is without the platinum setting, which is what I believe has really increased in value over the years.
Is there anywhere that an OR would look to find auction prices for a ring like mine? Obviously, the value given to insurer is to replace new for old. I can't imagine many people pay a lot, if at all, for second hand engagement rings? |
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 10:20:43
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Hi Mary, just based on the diamond you have quite an expensive ring.
As debtinfo has said as well though, you could declare it at interview.
Ive been honest and transparent in my dealings with my Trustee, and all to date has worked out ok.
My own gut feeling would be to mention it in my interview if its worrying you that much.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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ProudMary
Starting Member
7 Posts |
Posted - 31 July 2012 : 10:36:42
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Yes, I my head tells me that I must declare it and be honest with the OR. I am just praying that they see that the sentimental value far outweighs the material cost...but I doubt it. Can't see them letting me keep such a high value item.
Heartbroken.
Thanks for all your help. |
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 10:44:38
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I'm sure lots of people don't mention it.
If you go off what you paid for it, it doesn't appear high value.
It would also be up to the OR to get it valued.
Whilst I wouldn't condone hiding anything, I don't think I'd be shouting from the roof tops about it either, which is why I'd leave it to interview.
Anybody else any views?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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ProudMary
Starting Member
7 Posts |
Posted - 31 July 2012 : 10:57:24
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Sorry to sound stupid, but when you say leave it to the interview, does that mean not mentioning it on SOA at all?
Then in interview with OR, just casually mention it? Would you go into detail...ie: tell them what we paid (I still have an email receipt as proof) but explain the verbal valuation we were given and the reason why it appears as such a high figure on insurance policy?
How much info do I need to give?
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 31 July 2012 : 10:58:07
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I would mention it at the interveiw - the ring is listed separately on your contents insurance policy so it's not difficult for the OR to find out about it. You can then explain that you are unsure about the actual value of the ring and that it might be over insured. It's then down to the OR to decide whether they have any interest.
I sincerely hope you get to keep the ring x
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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year 2029
Average Member
590 Posts |
Posted - 31 July 2012 : 11:03:58
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Personally,
I'd leave it off the SOA. When in interview I'd mention I was worried about my engagement ring.
They'll obviously ask the value, and you can give them fact, and then verbal if you wish.
Hopefully they won't be interested (they're not out to make you're life a misery).
If they ask for more details, you have the details you posted earlier.
Lets hope it doesn't come to anything drastic. Usually we worry far more than the outcome should warrant.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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ProudMary
Starting Member
7 Posts |
Posted - 31 July 2012 : 11:29:31
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Thank you all, you have been so helpful. Fingers crossed it turns out for the best.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 31 July 2012 : 11:38:42
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Good luck - hope it works out for you and let us know how you get on and whether or not you get to keep the ring.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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engagement & wedding rings and bankruptcy - help
