The diary of the bankrupt

MyMoneyTime

Even though we are losing our family home OH seems far more concerned over his lambretta!

We have two cheap and cheerful cars that we do require so will hopefully keep but OH also has a 1970s scooter probably worth around £1-1,500.

Can't see them letting us keep it so wondered what the options were. Our sly accountant (!) said a registration document states that the registered keeper is not necessarily the legal owner so how can they prove you own it. He suggested we say it belongs to his Dad or someone and that OH is the registered keeper because its up to him to maintain and tax it.

I get all nervous about this sort of stuff and if we think its going to be an issue, we would rather sell it ourself and use the money for rental deposit, rent or BR fees.

Anyone had this experience?

MyMoneyTime

Well hello and good evening to you all - I hope you have had a good day.

I would like some advice on my 'scooter' question earlier today - this board moves so quickly you soon get shot off the end!

Well today has been ok - my usual day off so kept busy with the normal household jobs - nothing like cleaning out a guinea pig cage to take your mind off things!
Got OH payslip today and low and behold he was paid in full! fantastic! :j turns out he is paid in arrears so the pay was for February. That means he will get a little more in April as he was sacked on March 10.

The forms soon - I understand you fill them in as at your BR application so if you have every intention of moving out and going into rented accommodation, do you mention that anywhere or do you just put your mortgage payment?

We viewed a property today and it felt just like it did when we viewed houses when we were buying. I was pleased about that because it obviously means I am keen to move - I had a suspicion that I would get upset as the reality hit me. It was a beautiful double fronted stone cottage with 3 bedrooms and it would be a lovely place to stay on holiday but when I think about all of our stuff it just wouldn't fit in. The garden wasn't practical for the kids as it was basically open for anyone to walk into or for them to walk out of!

We are off to see two more on Thursday - much more family home types rather than pretty and peaceful!

OH got his appeal date through today for his hearing for unfair dismissal - only in a couple of weeks. No idea which way that will turn out but he has good backup so fingers crossed.

I phoned the court today (my I have been busy haven't I!) to find out about the timing of BR - apparently we go in unannouched and within 48 hours we will be declared BR. I was impressed with that timing, in fact I put music on and did a little dance to myself :j

I guess that means I won't have to deal with nasty phone calls too much. Should have paid Barclaycard today - I suppose credit cards are pretty quick at chasing payments are they? I thought I would make a note of every time they call and what they say, more to the point what I say so I don't mess up my lies!

QUESTION OF THE DAY - this one is from OH - when the OR sees how much rent we are paying can he suggest we find something cheaper - we are only going for a 3 bed semi which is what we need but OH is concerned they will recommend we find something that costs less. I think he is worrying over nothing - surely they expect you to find a suitable property.

Anyhoo I am really going to try to get to bed before 11 - processing the wages for 50 people tomorrow so I had better shove the BR to one side and concentrate!

Nite x

Tobiwan_Kenobi

Credit cards get chased pretty quickly. A week or so after payment is due (if you haven't gone BR by then), they'll start. I decided to simply screen calls until I was ready - It's an easy option and not too annoying provided you can silence your phone. Once BR it's lovely to be able to tell them the situation.

As far as your OH's scooter is concerned, my advice would be to be honest and open with the OR. The more helpful and decent you are to them the more helpful and decent they will be to you. Why risk them uncovering something down the line?

Nationwide are independent.

I think the OR would ask you to justify your rent level if they believe it is over the odds - After all it's taking the p a little if you go BR and then start spending cash you don't need to spend!

headoutofsand

I reckon your OH should come on here and forget about the scooter. The Or nay take a more immediate interest due to the amount of employed personnel you have. It is of course hard to take all this BR stuff in.

One thing I now know is that the OR is reasonable but only to an extent. Being you are employers and of so many then all the boxes must be ticked and reams of paper work will no doubt be required.
The OH must be and should be accountable and by having his/ her say on this board will make him feel part of the equation.;) As I know very well burying ones head in the sand is not good for mind or body

Tobiwan_Kenobi

I'm guessing MMT is doing a payroll for 50 people for the company she works for rather than her own employees...?

MyMoneyTime

:eek:

OMG - they are not my employees!!! I just happen to be an office manager who processes the wages!!

Thanks Tobiwan for making that comment!

OH is reading all the posts, its just I'm better at typing!

He knows he will lose the scooter, just wondered if anyone had any similar experience, ie can you sell it privately before or do they not take kindly to that, surely you are just raising money?????

Tobiwan_Kenobi

My OR asked why I had spent on my charge card if I knew I was going BR. Fortunately the spending she was referring to was before I knew I was going BR. If the OR thought you were selling assets just before going BR, I think they would take a very dim view indeed.

Honesty is the best policy (most of the time)!

Lensman_2

He may be able to buy the beneficial interest from the OR once he is BR.

Beforehand, he could sell it. But he would have to demonstrate that he got a fair market value for it. He will only get in to trouble for disposing of an asset (e.g selling it for £50 if it is worth £1,000)

MMTsOH

Hello Everyone

Firstly a very big thank you to all who are helping us through this difficult period. My wife has been a brick so far and it is purely down to being able to get answers to questions from here. The support shown has been overwhelming. There has been tears in my eyes when reading some posts here.

As far as the scooter goes, I know that I will have to lose her, but when you take a heap of rusting metal and revive it to former glory, it tends to leave an impression on your soul. On the grand scale of things there is no contest between losing her and the welfare of my family. But as an enthusiast I would like to see my scoot sold to the right type of person. All I was wondering was, if I sold her before the BR would this be frowned on?, could I keep her and take my chances that she would not be ripped away from me?, or could I have an active part in the selling of her when the time comes?.

Once again a very big thank you for your support.

This has taken me about an hour to post this, this is why I have not been on here before.

MMTsOH

Lensman_2

Welcome to the forum Mr MMT!

Despite the time it might take to type, can I suggest you post a new topic up about your scooter? It will get more people viewing it and therefore you will get a better chance of some good suggestions.

On the main page of this board, there is a New Thread button. That will get you started.