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JDAN
Starting Member
11 Posts |
 Posted - 22 March 2009 : 07:42:08
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| Thanking you in advance for all your help, I have another enquiry. Back in middle of 2005, I remortgaged my house, giving the capital to my partner as she had a savings account to keep it in and i did not(i'm not very organised with money and banks as you've probably guessed). The money was spent on various things, like doing the house up with some left over for a rainy day. In early 2006 I got to the point where i couldn't pay my unsecured loans because i was self employed and work was thin on the ground so i had to shut shop to avoid business debts. With the money we had, i made offers to the creditors based on what we felt we could afford but they refused settlement, so from that point onwards, along with tax credit awards we have used the money to pay basic living expenses and bills because having to start again and retrain for another job has meant a low income. It has also funded our relocation to care for a terminally ill relative. Anyway my question is will the remortgage money be classed as an asset i have given away as my partner put it in her account? I asked the CAB about this when i was filling in the online forms and they said it wouldn't and not to worry, but as i've slowly begun to realise, advice can be wrong. |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 March 2009 : 09:41:45
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Hi
the forms ask "in the last 5 years have you given away, transferred or sold for less than it's true value any property or possessions you owned."
As the funds were transferred to your partner's account then technically you have transferred under value. The funds have since been used for home improvements and general living expenses which is prefectly acceptable.
Your dilemma is whether or not you disclose that some of this money still remains in your partner's account and you will be asked to account for where ALL of the funds went.
Whilst your partner's account cannot be checked in any way clearly the content of the question in respect of the remaining monies dictates you should indeed disclose.
Therefore you are right to suspect that the CAB advice is wrong.
John White
England Jackman & Spacey |
Edited by - John on 22 March 2009 09:42:40 |
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Thanking you in advance for all your help
