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goingunder
New Member
United Kingdom
88 Posts |
 Posted - 19 September 2008 : 18:07:10
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Will it be ok to transfer a sum of money to my parents account before going BR? I will be sacked from work because of the BR, and will need the money to set up working self-employed once the bankcruptcy has gone through. Will also need it to start up for rent and bills etc as i would i assume i will lose my home too.
Thanks for your help! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 18:56:22
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Hi going under
this will be looked at seriously by the official receiver and they would probably ask for the money back from your parents.
Timing is everything!!!!
If you set up your self employed status first then the OR is likely to allow you to continue trading. starting up AFTER br is more difficult.
Setting up a new rent will be easier before rather than afterwards.
"I assume I will loose my home too".
Not necessarily. This depends upon the equity available to the OR. They are interested in realisable assets not bricks and mortar.
What sort of employment are you in?
Perhaps you can share house value & mortgage redemptions.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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goingunder
New Member
United Kingdom
88 Posts |
Posted - 19 September 2008 : 18:59:53
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im a mortgage broker. My income has dropped significantly this year so i have had to run up debts to pay my bills etc. Best solution now seems to be redundancy. There is no equity in my home, and i have been trying to sell it to no avail.
I thought that if i set up a business and then went bankcrupt i would need to set up again in a new company name etc? |
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goingunder
New Member
United Kingdom
88 Posts |
Posted - 19 September 2008 : 19:01:08
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| sorry bankcruptcy, not redundancy!! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 19:17:48
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Hi
there are certainly challenges being Br and a mortgage broker. however many many brokers are leaving the business because the availability of martgages now and for the forseeable future is dire!
I would recommend you set up the business prior to br as you are allowed to continue to trade in your trading name after br. This cannot be a ltd company and you would need to run your business account as your name because it is impossible to have a company account whiel br ( pls correct me if I am wrong).
by starting first this would also justify the retention of the house and car ( 2k or less) .
What sort of business are you thinking about?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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goingunder
New Member
United Kingdom
88 Posts |
Posted - 19 September 2008 : 19:23:35
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I will be setting up as an Independent Mortgage Adviser. I currently am employed by a company where the future is very uncertain.
I will try and get this set up before i apply for bankcruptcy then i can justify my spending before bankcruptcy. I will need to purchase a laptop, equipment, licence, leads etc which can all be costly. I am sure i will lose my car as it is on HP and is a Mercedes, but my brother has kindly said i can use his car for work. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 19:42:17
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Hi
you may also want to check to see how the land lies re br and mortgage broking.
I believe it depends upon which network you are with, how the principle views the situation etc etc etc.
it is usual with some networks that they do a credit score annually.
I recently helped a mortgage broker to do a 1 payment IVA, just after his credit score so Br didn't appear and 12 months on it would show a completed IVA.
A lot really depends upon your situation, debts, assets etc etc.
You may also like to check the agreement on the mercedes incase it is a fixed sum loan agreement rather than HP
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 19 September 2008 : 20:30:53
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Sorry to hijack this thread , but please could Paul advise the difference between a fixed sum loan agreement and HP .
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 20:59:01
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Hi
a "Fixed Sum Loan Agreement" looks and sounds like an HP agreement but it is infact a personal loan used to purchase a specific item. Typically a car, caravan or boat.
With an HP agreement the you are not the legal owner of the goods until you have discharged ALL of the debt. In addition the doucument will talk about :-
a- What happens if you default before paying 1/3rd of the total due. This means that they can reposess WITHOUT takig any leagal action.
b. What happens if you have repayed 50% of the total due. Here the finance company cannot just appear and take back the goods ( even though sometimes they try to pressure people to voluntarily hand back the goods). In law the finance company cannot reposess the goods until they have been to court and have a court order to reposess.
c - you may also find in the VERY VERY small print that if you have paid 50% or more you are legally entitled to simply hand back the car ( etc without penalty or further cost).
FIXED SUM LOAN AGREEMENTS
these often refer to the goods and may have the registration number / chassis number etc but are actually personal loans and the finance company has absolutely no claim on the purchased goods.
They may lead you to believe this is the case. Sometimes companies actually still register an interest with HPI showing that the vehicle is on finance when it is a fixed sum loan agreement and in law the vehicle is unencumbered.
black horse have been known to follow this procedure.
hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
Edited by - Reviva UK on 19 September 2008 21:05:29 |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 19 September 2008 : 21:19:12
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Thanks Paul for your information . From what you have said i think the wifes scooter is on HP as opposed to fixed sum agreement . I have just looked at the small print and apart from it saying its a conditional sale agreement it also says ' we agree to sell you , and you agree to buy from us , the goods described overleaf ......'
Thanks again Paul
And once again sorry to 'goingunder' for hijacking the thread |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 21:59:02
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Hi digman - that sounds more like a fixed sum loan agreement.
If you want to double check you can either check out the registration number on HPI,
Look for the term HP on the document
or if you like I m happy to have a read through for you if it helps. You would need to fax a copy to me. fax details on the webpage.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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goingunder
New Member
United Kingdom
88 Posts |
Posted - 19 September 2008 : 22:45:12
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Hi mine is definately a HP, it is one where you pay a lump sum at the end.
Ive checked with the network i want to go with and they advised me that I am ok to be authorised with them as a bankcrupt as long i am 'fit and proper'. In other words, my bankcrupty is nothing to do with mortgage fraud or bad advice.
I would like to get the stress of bankcruptcy over with before setting up my new company though if it is at all possible. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 September 2008 : 23:12:47
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Perhaps you could a month before going br.
Otherwise you will need to seek permission from the OR to start trading a new company while Br and they will certainly want to know where you will be getting the money from to do this
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
Edited by - Reviva UK on 19 September 2008 23:32:07 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 September 2008 : 13:11:53
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Great advice as usual Paul!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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Transfer of money
