Bankruptcy in middle of situation changing

Merry_Gentry

I don't see why giving the car to my parents due to not being able to pay them is preferential, of course I'm related to them but the debt was for the car so it makes sense, and I can prove I've been paying them for the debt. The only other option, of selling it to someone else, would be no difference - I'd still have a debt to pay off.

The fact is it's a debt you are trying to pay off whilst not paying off the other debts - hence being considered preferential treatment of a creditor.

thecornflake

Merry_Gentry wrote: »

I don't see why giving the car to my parents due to not being able to pay them is preferential, of course I'm related to them but the debt was for the car so it makes sense, and I can prove I've been paying them for the debt. The only other option, of selling it to someone else, would be no difference - I'd still have a debt to pay off.

The fact is it's a debt you are trying to pay off whilst not paying off the other debts - hence being considered preferential treatment of a creditor.

I'm not trying to argue here, but as the debt was for the car specifically, and the amount owed is roughly what the car would realistically get in a private sale, if I hadn't had any of the advice given so far I would assume that was perfectly reasonable. I'm probably overestimating at £4k - that's the mamximum price at Parker's with avergae mileage of 40k, it's got 52k on the clock and has a very nasty dent in one door, plu sit's been in a big accident and had two doors replaced. So probably more like 3k (which of course is still too much).

If I hadn't just spent so much on a service on new tyres, and didn't have the guarantee I probably wouldn't be too fussed about getting a cheaper one.

dreamcatcher73

thecornflake wrote: »

I'm not trying to argue here, but as the debt was for the car specifically, and the amount owed is roughly what the car would realistically get in a private sale, if I hadn't had any of the advice given so far I would assume that was perfectly reasonable. I'm probably overestimating at £4k - that's the mamximum price at Parker's with avergae mileage of 40k, it's got 52k on the clock and has a very nasty dent in one door, plu sit's been in a big accident and had two doors replaced. So probably more like 3k (which of course is still too much).

If I hadn't just spent so much on a service on new tyres, and didn't have the guarantee I probably wouldn't be too fussed about getting a cheaper one.

But you have been given advice

Transaction can still be reversed by OR whether you argue you were ignorant of this fact or not

The fact that you have not paid other creditors but have paid your parents £4 grand would not just be swept under the carpet

The choice is yours, but you have been warned...

petrified_2

blimey, bit of harshness/controversy in this thread! not want you want when you're trying to get your head round something so stressful.
Anyway, just to stick my oar in too re the job/income part of your question, i had OR interview last week, and they told me that i had to make any change of circumstance known to OR within 21 days, and in the year that i am an undischarged bankrupt, they can enforce an IPA at any time. So i guess if you did go BR, then get a higher paying job, they could well make you pay an IPA.
Re car, see my just posted thread 'warning about car in br' (saves repeating it in this thread) - mine's only worth £800 and they were talking about taking it off me.
It's harsh losing your job and potentially going BR, but from my experience, the br was such a relief and a chance to wipe the slate clean and start again. I found CCCS brilliant too.
Good luck with it all.

Merry_Gentry

thecornflake wrote: »

if I hadn't had any of the advice given so far I would assume that was perfectly reasonable.

A few people have made that mistake and the transactions have been reversed, hence the advice you are being given. Obviously it's entirely down to you what you choose to do in the end, we're just trying to give you the correct information.

It's totally understandable that you want to pay your parents back, and you could do that using any surplus you have once you have gone bankrupt. However, if you did sell/give the car to your parents, or paid them something prior to going bankrupt, they would be contacted by the OR and asked for the funds back. I would imagine you wouldn't want to put your parents in that position, especially now you know the facts.

sniggings

check out the post where the OR wants a sister of a BR to retarn a £500 carpet!

thecornflake

sniggings wrote: »

check out the post where the OR wants a sister of a BR to retarn a £500 carpet!

I saw that one, it was the one I referred to earlier. Quite worrying really - did they mention it or did the OR somehow find out about it???:eek:

fiveyearplan

Its only advice we are giving on here, it is of course the OP's perrogative to do what they wish and also suffer the consequences if there is any to suffer.