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indy2005
Junior Member
458 Posts |
 Posted - 10 July 2008 : 22:18:36
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Hi,
I asked about this a while ago, but I won a works lottery last August for 10K. I gave this to my wife as I was a problem gambler and it got spent on a new bathroom, furniture for the house, a new electricity meter, paying off credit cards of my wifes for a holiday in portugal, a bloody good xmas, and last but not least a holiday to EuroDisney in Feb this year.
I havent mentioned this in any SOA, or to the examiner. I am sure they will question the many 1K transfers to my wife in some of the statements (you can only transfer 1K at a time on line). Can they ask for it back? Will I get in trouble for not mentioning it? In my mind I havent "disposed of an asset", and I havent hidden an asset as we spent it (its not under the mattress). I havent "preferred one creditor" as I owed my wife no money. I was just a silly boy wanting to enjoy a bit of good luck after a few tough years.
We can prove the money has gone but this would involve my wife providing statements showing payments to Bath Store etc.
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 July 2008 : 22:35:16
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I cannot see that this will cause you any problem whatsoever, and if the examiner does ask about any of your banking transactions, you will be able to answer honestly.
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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indy2005
Junior Member
458 Posts |
Posted - 10 July 2008 : 22:41:25
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quote:
Originally posted by melanie_giles
I cannot see that this will cause you any problem whatsoever, and if the examiner does ask about any of your banking transactions, you will be able to answer honestly.
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
Thats a relief. Its not something I have raised or mentioned it, and wont unless asked. Thanks Melanie. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 11 July 2008 : 10:37:54
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Hi Indy,
Given the timeframes involved, £10k going in the space of a year shouldn't cause any issue at all. If you had taken it all out as a lump sum the day before BR, the OR would have an issue with that! Don't worry, I'm sure you'll be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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indy2005
Junior Member
458 Posts |
Posted - 11 July 2008 : 19:34:03
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quote:
Originally posted by JulianDonnelly
Hi Indy,
Given the timeframes involved, £10k going in the space of a year shouldn't cause any issue at all. If you had taken it all out as a lump sum the day before BR, the OR would have an issue with that! Don't worry, I'm sure you'll be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Thanks. My only worry to this is I stated in my SOA I hadnt lost any money to gambling in 2 years. But now I have to explain a lottery win. I assumed the SOA meant any of the debts being due to gambling in the last 2 years, but they were incurred over 2 years ago.
Have I lied? The lottery is almost a work benefit you can opt in to and have it deducted from your salary. My payslips show £8 a month going to the lottery. In theory I didnt lost money to gambling...10K return from about £80 (10 months) is a good return...do I need to worry about this apparent contradiction in my SOA?
...oh and just remembered now that when they look at my Barclays account they are going to see the odd £10 here and there on National Lottery on-line. Not much, but I would buy £10 and have 2 tickets a week. Not every month just when I remembered. None of these contributed to any debts in the BR. Am I in trouble
Feeling like a criminal again.... |
Edited by - indy2005 on 11 July 2008 19:41:59 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 21:40:23
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I would not equate a lottery win to gambling, more chancing - and like you say you did not lose you won!
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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indy2005
Junior Member
458 Posts |
Posted - 12 July 2008 : 10:06:46
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quote:
Originally posted by melanie_giles
I would not equate a lottery win to gambling, more chancing - and like you say you did not lose you won!
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
Could I ask one more question on this. The declaration of trust we have had drawn up states that 2 years ago I withdrew 65K when in fact I was only entitled to 57K due to different deposits laid down on the house purchase.
So effectively I withdrew some of my wifes equity from the house also to cover my debts. Could they look at the lottery win being transferred to my wife as being some sort of preferential payment to cover the additional funds I drew out of the house?
Regards
i |
Edited by - indy2005 on 13 July 2008 22:01:36 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 13 July 2008 : 22:12:20
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That's possible - and if the transaction is with an associated party (ie a relative) the OR does not need to prove that there was any intent on your part to prefer - just that you did.
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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indy2005
Junior Member
458 Posts |
Posted - 14 July 2008 : 00:06:39
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quote:
Originally posted by melanie_giles
That's possible - and if the transaction is with an associated party (ie a relative) the OR does not need to prove that there was any intent on your part to prefer - just that you did.
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
Thanks, this just gets worse. I never owed my wife any money from the equity withdrawal, and I only gave her the lottery money because I was an ex-gambler and didnt want 10K in my account. So now, if the declaration is overturned, they will want half what is technically my wifes equity and 10K off my wife we have spent. Plus 3 years IPA payment and 1 years income tax. I will be homeless and will have paid back more than I owe. I could live with it if they say...OK under equity of exoneration we agree you have no interest in the house, but we want the 10K back, but if both go against me....
This thread started going one way, and then swung the other. How likely is this to go against me...any thoughts welcome (or perhaps not!). I thought a preferential payment involved a debt. My wife helped me out and gifted me what I needed to get out of trouble at the time. |
Edited by - indy2005 on 14 July 2008 00:52:10 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 14 July 2008 : 10:37:04
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Indy
If you are worried about this matter, and you clearly are as you are posting a lot of questions about it, I really would recommend that you take proper legal advice from a lawyer who specialises in personal insolvency - but probably not until you know whether the OR is actually going to pursue this line of enquiry.
The other experts and I are only able to generally advise you on this site, as we do not have detailed knowledge of your case or sight of the paperwork to substantiate your claims. I would wait and see what the outcome of the meeting with the OR is, and then decide what you need to do.
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 - 14 July 2008 : 11:11:09
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Hi Indy,
Just to add, remember there is always the helpline!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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indy2005
Junior Member
458 Posts |
Posted - 14 July 2008 : 12:07:45
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quote:
Originally posted by melanie_giles
Indy
If you are worried about this matter, and you clearly are as you are posting a lot of questions about it, I really would recommend that you take proper legal advice from a lawyer who specialises in personal insolvency - but probably not until you know whether the OR is actually going to pursue this line of enquiry.
The other experts and I are only able to generally advise you on this site, as we do not have detailed knowledge of your case or sight of the paperwork to substantiate your claims. I would wait and see what the outcome of the meeting with the OR is, and then decide what you need to do.
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
Hi Melanie,
How soon will I know. Will it go to a trustee (I am getting one after the creditors meeting apparently) and the trustee investigates, or will all lines of enquiry/action be known by the OR who passes this on to a trustee to pursue?
Thanks
i |
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melanie_giles
Senior Member
1191 Posts |
Posted - 14 July 2008 : 12:26:56
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If the OR is going to seek the appointment of a private sector IP to act as your Trustee, this is usually done after the meeting held with you personally. There is no set timescale, but I would expect this to happen within the month. The appointment of a Trustee may well be dictated by your creditors - who have the right to choose a person of their choosing to act.
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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indy2005
Junior Member
458 Posts |
Posted - 14 July 2008 : 12:47:46
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quote:
Originally posted by melanie_giles
If the OR is going to seek the appointment of a private sector IP to act as your Trustee, this is usually done after the meeting held with you personally. There is no set timescale, but I would expect this to happen within the month. The appointment of a Trustee may well be dictated by your creditors - who have the right to choose a person of their choosing to act.
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
Thanks, I was wondering if it was the trustee who pursues these matters, or if the OR decides what is to be pursued and the trustee who actions the ORs wishes. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 12:59:28
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Hi Indy,
The case will be handed over to the Trustee who will then take control over your assets. The bad news is that Trustees usually pursue assets with far more vigour than the OR (and of course add their fees in as well).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Lottery Revisited...
