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man in debt
Starting Member
United Kingdom
2 Posts |
 Posted - 11 December 2009 : 19:35:38
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| right here goes. got into a little debt then borrowed more to pay off little debt then turning into bigger debt. more recently adding a further £8000 to my debt totaling approx £30,000 most of my creditors bar one are taking token payment of a min £1 per month. There not happy but accept it. My mortgage and second secure loan are my priority and do just get paid. Now with the further debt i have contemplated everything, with advice from lots. One option, sell property and make offers of less than total value ?? or bankruptcy, by way of losing house etc. But i was asked this the other day, and im sure its not totally right orhonest but here goes. What if i sold the property, hiding the little equity if any that came out of it and then went bankrupt ? can i do this and would the £30k be discharged ?? im in this mess because i have been ouot of work for so long, hence the token payments ?? |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 11 December 2009 : 19:45:45
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hello manindebt,
Welcome to this forum.
Just to say think about BR very seriously and this forum can be helpful and there are BR experts that post here. I am not a BR expert so will not attempt to offer any advice in any detail - others will, I am sure.
One thing, you will not be able to hide your equity or windfall from the OR if you chose BR as they have access to all HMRC, Land registry and official details that they will find you out and that could be serious... Do not even think about it.
Equally, if you trey to sell at less than market value or its "real value" you will be in trouble (if you chose the BR route).
I hope others will post today or over the weekend, good luck, Richard
"There are no problems - only solutions..." |
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debtinfo
forum expert
2826 Posts |
Posted - 11 December 2009 : 21:59:55
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| No one on thus forum will give you advice on doing something that is plainly not legal. If you want to ask sensible questions we will be happy to help. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 11 December 2009 : 22:31:05
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The others are right, you will not get any advice on hiding assets on this forum. We will be more than happy to advise you about your options, but not about fraud.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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man in debt
Starting Member
United Kingdom
2 Posts |
Posted - 12 December 2009 : 12:51:43
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| i was not suggesting anything illegal or untoward merely asking advice as to weather this is an actual solution. I would be paying off the secured mortgage and debt on the property but would not have enough to clear the unsecured. Hence the reason for asking wwether BR is an option. It is upon my legal advisor that he has said not to disclose equity or the sale of the property to my creditors and to infact offer a fraction of the debt as it decreases in value as it is sold on. Also how would BR affect me in the future for banking, jobs etc. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 December 2009 : 13:27:16
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Hi man in debt
welcome to the forum
thank you for clarifying your position
BR can be straight forward and easy but if you put the wrong inference on words it can set alarm bells ringing, if you set enough bells going the official receiver will look thoroughly into your case..... you definatly do not want to do that.
Ok I have seen that you have taken legal advice, well done however the legal proffession has many specialities, make certain that your expert has speciality in the debt field, if not email one of the experts to the left and outline your full circumstances, then perhaps you your advisor and expert can all sit together and fully plan your bankruptcy
good luck Richard |
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RHB
Senior Member
1159 Posts |
Posted - 12 December 2009 : 16:27:34
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The thing is, it is easy to find out what a house has sold for & if you go BR you will have to tell them you sold your house. The OR will want to know what has happened to any equity as you will have to show mortgage statements & loan statements.
It is better to avoid going BR if possible, especially if you may be looking at jobs in the financial industry.
Why not offer the equity minus deposit & first months rent to your creditors as a full & final settlement, that way avoiding the need for BR? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 12 December 2009 : 16:44:00
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You only have to look on Rightmove to find out how much a house has sold for - anyone can do that.
The advice that you have been given seems very strange and I think you would be better off taking more advice from an insolvency specialist. You can either contact any of the professional experts who post on here (details in the experts section at the side of the page) or have a look on www.iva.com and contact 2 or 3 Insolvency Practitioners. They will be able to advise you and it won't cost you anything.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
29 IPA payments made, 7 to go - in single figures! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 December 2009 : 19:15:57
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The OR will dig into things, and if he/she thinks that you have tried to hide anything then you could end up with a BRU.
I totally agree with Skippy. Get some professional advice from an IP.
The glimmer gets brighter all the time
Jan
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right here goes. got into a little debt
