| Author |
 Topic  |
|
|
mighty reds
New Member
United Kingdom
72 Posts |
 Posted - 28 April 2009 : 10:07:48
|
Hi All
I can't seem to get much clarification on whether or not me renting a flat that is owned by my parents would be seen as me having a "benefical interest" in the property. In relation to considering a Debt Management Plan or IVA this "beneficial interest" issue is the only thing stopping my petitioning for my own bankruptcy within the next month or so. My non-prority debts are £33,000 and my surplus is £300-£400. Minimum payments from credit cards will be £700 in next month or so.
FACTS
--> My parents own my flat. I do not own it, or part own it and they purchased it outright about 10 years ago. I was the third tenant they had.
--> I, along with my siblings am listed in the will as having an interest in my parents "estate" which is this property and another when they die. Is this relevent now? I know it will be if they die during the length of my bankruptcy and income payment agreement.
--> There is no tenancy agreement i have found out, but my parents are happy to have one drawn up, not sure if this is relevant now anyway?
--> I have been living here for just over 5 years and all bills (C/Tax, utilities, water) are in my name and paid by me.
--> I pay monthly rent to my father via standing order and this will be reflected in Bank Statements over past 5 years
--> I phoned the Insolvency Service for advice. They "dont think" it will be an issue if I can prove my parents own the flat and I don't own it. The person I spoke to gave me the impression he'd rather be tearing out his own finger nails than answering my question, but thats just my one experience with the Insolvency Enquiry Line.
--> National Debtline, same advice as above
CONCERN (and it's a HUGE concern)
After endless calls to National Debtline and CCCS, and lots of internet reading and calculations, I'm enough convinced bankruptcy is my best course of action with regards a 5-year outcome. But how the heck can I take the risk of this beneficial interest thing? Apparently I wont know for sure until after I am declared bankrupt and the OR looks at everything? If my folks lose this flat as a result of me declaring bankruptcy it will go down as the biggest mess up in the history of mess up's!!! 
I would like to think there is someway of establishing whether or not I have "beneficial interest", i mean the facts are the facts (as above), surely this kind of thing can't just be down to the discretion of the OR who i get?
Really, really appreciate some input
PS - Anyone know an OR (I guess you do, but anyone know an OR that would give feedback, I've tried phoning the Courts and I just go round in circles!!!!!)
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 April 2009 : 10:42:48
|
Hi
I am confident thaty you do not have an interest in the property and would argue that agressively with the Official Receiver if they even started down that road.
Suspect you could do with an off line chat with one of the experts on the forum - either John or myself so you can put your mind at rest.
an AST would certainly help.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
 |
|
|
mighty reds
New Member
United Kingdom
72 Posts |
Posted - 28 April 2009 : 11:03:06
|
Thanks how do i go about the "off line" chat option, would be very interested, should I call the number on your link? Can I speak to you personally?
Many thanks
|
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 April 2009 : 12:30:52
|
Hi
I am in and out today so if you would like to speak personally then if you can fill in the contact details on the Reviva UK web page then I can call you back
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
|
mighty reds
New Member
United Kingdom
72 Posts |
Posted - 28 April 2009 : 14:17:43
|
| Thank you |
|
|
|
John
New Member
United Kingdom
73 Posts |
Posted - 28 April 2009 : 19:23:58
|
Hi
Paul is right, you should obtain the peace of mind you seek if you have a chat with him.
If I read your original post "literally" your parents own the flat outright (not mortgaged) and have done so since before your occupation of it.
In which case there is absolutely no way you have an interest in it.
John White
England Jackman & Spacey |
|
|
|
mighty reds
New Member
United Kingdom
72 Posts |
Posted - 28 April 2009 : 20:08:03
|
| You are correct John in your interpretation of my post. I do hope you are right! Will be speaking to Paul this week hopefully, thanks for your input John |
|
|
| |
Topic |
|
Beneficial Interest Question
