The Bankruptcy Club & Supporters Club

debt23

Hi everyone,

Just got to work and reading the thread, so I thought Id clear up some points ref my earlier question on the house.

When I brought it, it was in my name.

However, when the wife took over the mortgage, she got her own loan from another company and paid for the house that way - deeds and everything went into her name - she is 100% current named owner.

Now, this change was never done to avoid BR issues - she just did not trust me - cant say I blame her.

But, although Im not planning to go BR, im just making sure I know where I stand.

Ive done some other reading, but it can be very confusing. My take on things is that the wife needs to own the property outright for 5 years before the OR cannot touch it - but I have seen other info that says different.

Hope that makes things a bit clearer.

All the best

Debt23

sandralovescats

Brokeandbothered wrote:

Hi,

I'm worried - in everything I have read about BR, there is mention of showing that the reason for the BR is not of your own making. But it is! I took out consolidation loans, used my credit cards, ran up a couple of overdrafts, took out another consolidation loan and on and on it goes. Of course it's my own doing - no-one had a gun to my head! I'm only 16 days away from BR and i'm really panicking. There are so many things in my finances that wouldn't make sense to the OR I'm sure. What about my car - my Dad owns the finance, I own the car. Only I can't prove any of it, I don't even know my Dads address! Who is going to believe that? A year ago he gave me a car and now I don't even know where he lives? And what do I put on the form, that I own the car, or that he does? What about my boyfriends stuff? We moved in together just 2 years ago, I used to lodge, nearly everything we have was his and I can't prove any of it. I have visions of all our stuff being taken aay and it's not even mine. My poor bloke! Panic panic panic

First of all , don't panic!

Do you really think that any bankruptcy is straightforward?

Now, one thing at a time

The car - the car is in your name so it is yours.

Details on your car and finance - from the insolvency service website

"Where there is any doubt as to the ownership of a vehicle, the official receiver should ask for additional evidence regarding the provision of the funds to purchase the vehicle. It is possible that a bankrupt’s car may have been bought by a third party such as a parent so that, although the bankrupt is shown as the registered keeper, that third party is the owner of the vehicle and the official receiver can take no action to realise it."


What this means is that you cannot lose your car !

Your "stuff" as you put it, is nothing to do with the OR. On the form you usually put household items as being worth £200 in total. Unless, of course, you are Camilla Parker-Bowles or similar.

The OR needs to know about expensive computers, laptops, tvs, that sort of thing, Antiques, expensive furniture.

Have you started the forms online? It is easier doing it that way.

sandralovescats

I have waited since 9am this morning for them to come and collect my car - they came at 8pm. For some stupid reason I am very upset about it. It has taken me six weeks to get the finance company to come and get the car on a voluntary surrender.

I have a brand spanking new £17000 car sat in the garage as we speak, courtesy of my DLA and the Motability Scheme. What have I got to be upset about? I have no idea.

Guess it's because it is tangible evidence that everything has gone wrong.

sandralovescats

I have waited since 9am this morning for them to come and collect my car - they came at 8pm. For some stupid reason I am very upset about it.

I have a brand spanking new £17000 car sat in the garage as we speak, courtesy of my DLA and the Motability Scheme. What have I got to be upset about? I have no idea.

Guess it's because it is tangible evidence that everything is going wrong.

sandralovescats

debt23 wrote:

Hi everyone,

Just got to work and reading the thread, so I thought Id clear up some points ref my earlier question on the house.

When I brought it, it was in my name.

However, when the wife took over the mortgage, she got her own loan from another company and paid for the house that way - deeds and everything went into her name - she is 100% current named owner.

Now, this change was never done to avoid BR issues - she just did not trust me - cant say I blame her.

But, although Im not planning to go BR, im just making sure I know where I stand.

Ive done some other reading, but it can be very confusing. My take on things is that the wife needs to own the property outright for 5 years before the OR cannot touch it - but I have seen other info that says different.

Hope that makes things a bit clearer.

All the best

Debt23

Five years is correct. Any assets sold on must have been done so at least five years prior to bankruptcy.

If you are contemplating bankruptcy it might be better to wait - if you can.

skylight

Brokeandbothered - CHILL!!!

All debt ultimately is of our own doing. We ALL have overspent, or some allowed their name to be used by (now) ex's etc, so when you look at it like that, its always our own fault.

But, or OR's want to know if you deliberately ran up debt with the intention of avoiding payment, gambling debts are frowned upon. Situations that we overspent when we could afford it and now find that we can't is the sort of situation that the OR's come across on a day to day basis.

less2303

Brokeandbothered wrote:

Hi,

I'm worried - in everything I have read about BR, there is mention of showing that the reason for the BR is not of your own making. But it is! I took out consolidation loans, used my credit cards, ran up a couple of overdrafts, took out another consolidation loan and on and on it goes. Of course it's my own doing - no-one had a gun to my head! I'm only 16 days away from BR and i'm really panicking. There are so many things in my finances that wouldn't make sense to the OR I'm sure. What about my car - my Dad owns the finance, I own the car. Only I can't prove any of it, I don't even know my Dads address! Who is going to believe that? A year ago he gave me a car and now I don't even know where he lives? And what do I put on the form, that I own the car, or that he does? What about my boyfriends stuff? We moved in together just 2 years ago, I used to lodge, nearly everything we have was his and I can't prove any of it. I have visions of all our stuff being taken aay and it's not even mine. My poor bloke! Panic panic panic

If the car was bought on HP, the Finance Company actually own the car, until the finance is paid off.

You are only the registered keeper, the finance company is the legal owner. However as it you that is going BR, and not your father, the finance company nor the OR will have any concerns.

The only time a problem would occur is if you are actually paying back your father for the car. He would then become a creditor and as such you would be unable to make any further payments to him, otherwise you would be showing preferential treatment.

Brokeandbothered

What this means is that you cannot lose your car !

Your "stuff" as you put it, is nothing to do with the OR. On the form you usually put household items as being worth £200 in total. Unless, of course, you are Camilla Parker-Bowles or similar.

The OR needs to know about expensive computers, laptops, tvs, that sort of thing, Antiques, expensive furniture.

Have you started the forms online? It is easier doing it that way.[/QUOTE]



Thanks - I have read the insolvency website so much that I can't see what it says anymore! I think the t.v might be a problem as its 37" and not even paid for. Buy now pay later - what a great thing that is. Never again I tell you!
Sandra - I seem to remember you having problems with having to justify the cost of your cats. Has the world gone mad? I was wondering what the outcome of that was? I keep rats, a thing that most people don't understand, but they are my babies and I couldn't live without them! How do you go about justifying rats to an OR?
Can I take into account on my soa the fact that my partners 13 year old eating-machine daughter stays 2 or 3 nights a week? She's not mine, but we pay for everything 50-50 (yes - he has to contribute to the rat posse's upkeep too!). She grows out of shoes and clothes before you get them home from the shop, what are you allowed to put down for clothing expenditure? Someone told me £20 a month?

Brokeandbothered

less2303 wrote:

If the car was bought on HP, the Finance Company actually own the car, until the finance is paid off.

You are only the registered keeper, the finance company is the legal owner. However as it you that is going BR, and not your father, the finance company nor the OR will have any concerns.

The only time a problem would occur is if you are actually paying back your father for the car. He would then become a creditor and as such you would be unable to make any further payments to him, otherwise you would be showing preferential treatment.

That really is a relief, everything seems more complicated the nearer I get to the big day. I've never paid him a penny for the car, it was a gift.

charlies30

Would like to join the club - hubby & I are in court on Feb 16th 07 for our hearing.

Can't wait as can't pay due to lack of work, brought on by depression, seriously worsened by the lack of money (feel like a hamster on their wheels!) :rotfl:

Can I get a number?

Charlie