Tonight with Trevor Mcdonald

Addicted2Chocolate

Quote: I watched it and the over riding thought for me was the daft bird:

Daft BIrd? I dont think so. She is a very well establish insolvency practitioner, do you know how hard it is to pass the exams to be a IP? they have very high failure rate, becoming a qualified IP is harder than becoming an accountant or solicitor.

Quote: unless i could put the house, car and business in the wifes name........
:

I hope you are joking! If a person transfers assets n the period 5 years before a bankruptcy order it is a Transcation at Undervalue. Such conduct could result in a Bankruptcy Restrictions Order and or Prosecution. Also the Trustee can apply to the court to set aside the transacations and put the assets back to you, so your trustee could then sell them. For more info look up Section 339 of the Insolvency Act 1986 'Transactions At undervalue'

Entrepreneur_en_faillite

hobo28 wrote:

I don't see why a lender should have to check every other bank to see if you're overstretching yourself. If you lend money off your mum, does she ask your dad/brother/sister etc. to make sure you've not borrowed off them too? In a free society, I believe the onus must be on the individual to ensure they don't overstretch themselves.

In the world of mortgages there is a rule by which lenders have to obey, and that is responsible lending.

In my (very humble) opinion, any lender should verify that the person to whom they are lending has the ability, and the intent to repay the loan.

Your mum, dad, sister or brother are not financial institutions who have a duty of care to their customers.