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Nick2009
Starting Member
9 Posts |
 Posted - 15 April 2009 : 23:01:16
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Balance Transfers with a 3rd Party. Transaction Under Value?
Thanks to John my mind was put at ease about beneficial interest.
I now have another query.
I haven't been earning enough to meet my monthly repayments to my creditors for a long while. In order to keep up with the payments I've been robbing Peter to pay Paul, so to speak. i.e. transferring balances between credit cards to free up cash.
Unfortunately this became impossible just using my own cards, so because my Mum has two MBNA cards with some crazy 36% APR rates and were offering 0% transfer deals we decided to help each other out.
She would transfer a balance from one of her cards to one of mine, and then using a promotional credit card cheque the balance would be put back on her card and I paid the cheque into my bank account to use to pay my monthly repayments.
Does anyone know if the Official Receiver is likely to take issue with all this transferring back and forth?
Also it's possible she's come out of it about £2000 up, is the Official Receiver going to demand that be repaid, and if so how long would she get to repay it, and will it make a difference that she's disabled and getting benefits? Can the Official Receiver seize her assets (house and car)?
As I live in my Mum's house, could I say the £2000 was to cover unpaid board that I owed her?
Thank you in advance for any thoughts,
Nick.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 15 April 2009 : 23:26:05
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Hi
I believe the OR will look at the whole picture and try to understand your situation.
He may well ask you Mother to provide evidence to back up the story.
If there is evidence that your mother is acutally £2k better off then the OR would probably ask her to repay the funds
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Nick2009
Starting Member
9 Posts |
Posted - 16 April 2009 : 01:05:11
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Thanks for the reply Paul.
Sorry for the double post by the way 
I posted this on the 'ask the experts' page on Saturday, but it didn't appear on the forum, so I posted the same question as a new thread directly. Now the original question's appeared too
Nick. |
Edited by - Nick2009 on 16 April 2009 01:08:56 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
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Balance Transfers with a 3rd Party.
