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darren746
Junior Member
United Kingdom
175 Posts |
 Posted - 29 August 2008 : 18:43:22
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another question, i owe my father £20,000 can prove wwas paid to me. if i gave the car worth £6500 to my father towards the debtwould it still be seized or accepted that its towards paying back the debt to him?
and also i have noequityinmy home owing 235k on a house worth 190k, would it be reposessed? i dont understand the rule on this, thanks darren |
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debtfreejo
Junior Member
213 Posts |
Posted - 29 August 2008 : 18:50:04
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Hi darren,
Hang on in there. I cant help you but i do know that someone who can will be along soon to give you the advice you need.
Take care
Jo |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 01:55:44
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Hi Darren
I'm afraid your not permitted to pass the car over to your dad as that would be a transaction under value. (You can't transfer the car if it's worth £6500 unless your dad pays £6500 for it and the funds are there and visible in your bank account).
The OR would likely want a vehicle of that value.
The OR can't repossess a property, only the mortgage lender can do that if you are 3 or more months in arrears.
The OR can force a sale if the bankrupt has reasonable equity in the property. As you haven't any equity and providing the mortgage repayments continue to be met the property, as such, is safe.
However, your beneficial interest in the property (legal title) automatically vests with the OR when you become bankrupt. In a negative equity situation it is of no real value, therefore the OR will offer your beneficial interest to your spouse / partner or a 3rd party of your choice, for £1 + legal fees of around £211.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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i owe my father £20,000
