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nowayout
Starting Member
22 Posts |
 Posted - 04 October 2008 : 08:02:09
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Hi all, just joined and in need of some advice please - only 1 week to go till BR!
We are a family of 5, only me working and we have an old caravan which is our only method of having a family holiday and has been for a few years now. It is around 18 years old and worth about £400, do I need to put it down as an asset?
I would hate to lose it as we rely on it so much :-( |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 04 October 2008 : 08:09:27
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Hi nowayout & welcome ,
im no expert & dont profess to be , but would suggest you would have to put it down as an asset cos if you dont and it comes to light after BR with the OR it could cause you more trouble .
As i have been told the OR does supposedly allow an amount each month on your expenditure for a 'modest uk break' so you could argue that you would not need that expenditure as you already have access to a ' break ' that would not cost you anything .
No doubt if im wrong an expert will correct what im saying , but i didnt want to just read your post and move on without acknowledging it .
Good luck for next week ,
Andy |
Edited by - digman on 04 October 2008 08:11:59 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 04 October 2008 : 09:14:23
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Morning nowayout and welcome to our forum!
With regard to your caravan yes you should put it down and then you can ask the OR about it at time of interview. I doubt as its value is so low that the OR would ask you tell sell it, if they wanted anything they may ask for someone to buy the BI which would be miniscule so to be honest just put it in and mention as i said when you have your interview with them.
I would not worry to much and keep on posting.
Take Care
Jo x
Mother Hen
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Mother Hen's New Debt Free Life with Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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nowayout
Starting Member
22 Posts |
Posted - 04 October 2008 : 10:43:43
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Thanks for your replies.
It makes sense to delcare it I suppose, I just hope that we get a generous OR!
What is BI though? |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 04 October 2008 : 10:46:47
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Hi again ,
BI is the beneficial interest in the asset . ie the equity
Andy |
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nowayout
Starting Member
22 Posts |
Posted - 07 October 2008 : 23:18:15
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Thanks for your help.
As we are both going BR at the same time, who lists the caravan as an asset? Obviously we can't both sell the same item. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 08 October 2008 : 00:13:55
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Hi
you would either put it on one person's form if they owned 100% of the caravan or if you own it equally then put it down twice.
just a note about value. winter is fast approaching an caravaning is not really likely until spring which means that it will cost someone £ to store. It may have a value to you of £400 but what would it get at auction? probably less.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Assets
