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dwyer1
Starting Member
United Kingdom
3 Posts |
 Posted - 09 January 2009 : 15:08:51
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Decided yesterday with Accountants advice to go bankrupt within 7 days to give me time to get my "dominos" in a line! I need advice that I can not get from an Accountant!! Namely; what is the best way to;
move asset (Car) out of harms way! I can change log book into my brothers name but how do I explain to the Court that the car was handed over foc? Or does the Court have zero way of checking if I owned a car, so I simply say that I did not own a car but I now have the facility to "borrow" a car when needed?
Money; I could really benefit from a start up nest egg! I have credit avail- but HOW do I remove money without it being traced-all suggestions most welcome!
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 15:13:15
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Hi Dwyer and welcome
Well your questions for me have set alarm bells ringing. At this late stage you CANNOT tfr your car to you brother the transaction would be overturned and seen as fraudulant by the OR and will warrant a BRO. They check through the DVLA to see if you have or had any vehicles reg to you.
The money again a no no unless its clearly for basic living, you cannot put into a nest egg sorry. You would have to inform the OR of any withdrawels as they check all accounts once you have been declared BR again to do otherwise would warrant a BRO
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 15:15:25
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BRO
Is a Bankruptcy Restriction Order which means your still discharged after 12 months but subject to the terms of the bankruptcy restrictions for how ever long the BRO is in place. The OR to get a BRO would have to ask a judge to agree.
The lesser is a BRU same sort of thing but is agreed by you and the OR and both of these can be for a max 15 years.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Edited by - Needafriend on 09 January 2009 15:16:03 |
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dwyer1
Starting Member
United Kingdom
3 Posts |
Posted - 09 January 2009 : 17:27:24
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Thanks for feedback. However I am getting confused. I met with an accountancy firm yesterday & they advised me that on the car-simply to place it in somebody elses name & then "borrow" back the car for usage. It appears from what you have said that is information is totally inaccurate as you have just mentioned that they will check DVLA records! Is ther another way?
You also mentioned BRO, BRU's; I was told yesterday that provided there are no mitigating circumstances (such as snaffled away £5k etc) then normal procedure would be 1yr Bankruptcy process which is often completed within 6mths. When you mention BRU stretching outside of this (upto 15yrs) -"slightly" worrying-pls comment. What would invoke a BRO, BRU?
I was told yesterday that the "OR" would asses my scenario at an early stage & determine the "disposable income." eg; £100/mth. I thought that £100 would be for the 6mths max. I am now being advised that its more likely half of that figure (£50 but across 36mths!) Also, I though that a "change of circumstances" was only affective during that 6mths. I am now being advised that any "change of circumstances" AT any point across the 36mths would change my Payment Plan obligations. So promotion in Yr 2 would up my Payment Plan-considerabally! pls comment.
Diff angle; to date I am not in "arrears" on anything whatsoever & I could if needed keep going for several more weeks. Thus begs the question; should I move into rented accommodation & then go bankrupt or go bankrupt before moving?
Thanks in advance Craig
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 17:53:45
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Craig i will try and help you with this.
Thanks for feedback. However I am getting confused. I met with an accountancy firm yesterday & they advised me that on the car-simply to place it in somebody elses name & then "borrow" back the car for usage. It appears from what you have said that is information is totally inaccurate as you have just mentioned that they will check DVLA records! Is ther another way?
No not with the car as the OR will check the records and it is so close would have to have been done a minimum of a year ago.
You also mentioned BRO, BRU's; I was told yesterday that provided there are no mitigating circumstances (such as snaffled away £5k etc) then normal procedure would be 1yr Bankruptcy process which is often completed within 6mths. When you mention BRU stretching outside of this (upto 15yrs) -"slightly" worrying-pls comment. What would invoke a BRO, BRU?
If your lucky you may be discharged earlier than a year but if you end up hiding something or not cooperating with the OR then this can be extended by the BRO or BRU up to 15 years, you would be discharged you just would be under the regulations inposed on BR such as no credit over £500 without informing them of your status and certain jobs you cant take.
I was told yesterday that the "OR" would asses my scenario at an early stage & determine the "disposable income." eg; £100/mth. I thought that £100 would be for the 6mths max. I am now being advised that its more likely half of that figure (£50 but across 36mths!) Also, I though that a "change of circumstances" was only affective during that 6mths. I am now being advised that any "change of circumstances" AT any point across the 36mths would change my Payment Plan obligations. So promotion in Yr 2 would up my Payment Plan-considerabally! pls comment.
If you are given an IPA it lasts for 3 years max, in those 3 years you are under obligation and law to inform the OR of any changes within 21 days. The IPA starts on the day its signed for by the OR and not on the day of Bankruptcy.
Diff angle; to date I am not in "arrears" on anything whatsoever & I could if needed keep going for several more weeks. Thus begs the question; should I move into rented accommodation & then go bankrupt or go bankrupt before moving?
Some people say its better to get into rented before the bankruptcy and seeing as you have a good credit file i would wait and find the rented first then go for the bankruptcy you may find it easier.
I do hope this clarifies things better for you.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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dwyer1
Starting Member
United Kingdom
3 Posts |
Posted - 09 January 2009 : 18:10:37
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| What is an "IPA?" So it looks like the Payment plan is set day 1 but does indeed require me to payback a certain amount per mth for all 36mths? Example; £100 disposable, would a reasonable mthly pay Plan be £50/mth for 36mths? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 January 2009 : 18:15:22
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Hi Craig,
It would appear that you've has some "interesting" advice so far. Given the nature of your case, might I sugegst you speak to one of my colleagues on the helpline who can advise you further.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 January 2009 : 18:16:21
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An IPA is an 'Income Payment Agreement' - basically the OR works out how much disposable income you have left over after all your essantial outgoings e.g. rent / bills / food etc.
I think I am right in saying though that if your disposable income is less than £100 per month i.e. £99 a month or less than you would not get an IPA.
Hope this helps and good luck. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 18:16:58
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Hi an IPA is the Payment plan as you call it the OR call it an Income Payment Agreement and they agree it at the time of interview and once you have the paperwork agreeing the amount they will give you a date that it will start and finish.
It will then go on for 3 years. This can only be set up if you have £100 or more disposable income per month.
You dont make the plan the OR do that from working out your income and expenditure then if there is any left over they will take between 50% and 70% to pay from the Disposable money to go towards the creditors.
This is not like an DMP where you can choose a payment it is done by the OR
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 18:18:46
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Julian
Have i given the wrong advice?
Sorry if i have just thought it was right and how i understand it.
Like you said though maybe Craig it would be worth giving the helpline a call as you have a few issues that i for one cant deal with.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 January 2009 : 18:25:57
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Hey Jo
I think maybe Julian was referring to the advice he'd received from the Accountant - not you! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 18:38:55
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Ah right,
I was thinking then that i had given the wrong advice, silly me, blonde moment.
Thank you :-)
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 January 2009 : 18:42:34
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No worries!
Things can quite easily be 'misunderstood' on here - I should know - I've done it myself enough times!!!
I thought your advice was spot on! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 January 2009 : 18:44:02
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Thank you!
I do try my best but as you know i am just a bankrupt myself so my knowledge is limited, i want to help but dont want to give wrong or misleading advice.
Take care and have a great weekend :-)
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 09 January 2009 : 20:19:19
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I also read it that julian was meaning the Accountants advice, which i initially thought was wrong, but didnt feel that im experienced enough.
I only mention my thoughts as my hubby went to see his accountant and talked 'worst case scenarios' and was not given the same adive.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 January 2009 : 22:21:22
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dwyer1
the advice from your accountant is simply wrong - Julian is far too polite!
If you follow their advice you will definately have a face to face interview and a 5 - 6 year BRU, as well as loosing the car and have the OR go through everything with a fine tooth combe.
Getting everthing in order is quite different from being dodgy.
I would suggest you call the helpline to get a proper timescale and plan.
Life is far to important to use domino's - I prefer to get duck's in a row.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
Edited by - Reviva UK on 10 January 2009 11:57:27 |
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Accountants advice to go bankrupt
