Is a wedding ring classed as an asset?

ChocolateTree

Hi, can anyone tell me if your wedding ring would be classed as an asset when applying for a DRO?

wba31

Unless it is something really special and of exceptional value I would say no.

immoral_angeluk

Not unless it has a high resale value (as in over £300)

Mouse1812

31.10.25 Wedding rings
Weddings rings generally have little intrinsic financial value tending, as they do, to be simple gold bands. Consideration has been given to the symbolism of a wedding ring and, given these circumstances; it is unlikely to be appropriate for the Official Receiver to claim a wedding ring as an asset in the bankruptcy.
In circumstances where the wedding ring is unusual and has an intrinsic financial value (for example, it may be set with precious stones) then the official receiver may consider realising the ring and providing a replacement gold band.

Max_Maxwell

If a wedding ring can be classed as an asset which if true, is unbelievably crass, then where does one draw the line on the possession of other items of value?

I appreciate we're all duty bound at the outset to declare any items of significant value but I can't vouch for every last item residing in my attic which has been there for more years than I care to remember. In fact I might shin up that ladder tomorrow and see if I've got an old Constable oil under wraps.

I wear a gold ring, never even considered declaring it as an asset.

wba31

Max_Maxwell wrote: »

If a wedding ring can be classed as an asset which if true, is unbelievably crass, then where does one draw the line on the possession of other items of value?

I appreciate we're all duty bound at the outset to declare any items of significant value but I can't vouch for every last item residing in my attic which has been there for more years than I care to remember. In fact I might shin up that ladder tomorrow and see if I've got an old Constable oil under wraps.

I wear a gold ring, never even considered declaring it as an asset.

I think as Immoral has said, if it doesnt have a definate value of more than £300, then it isnt an asset that needs declaring. For anyone doing a DRO, if they have anything they feel may cause a problem they should discuss it with their intermediary (which is normally their debt advisor)

I've had clients in the past say "I own 300 DVDs, if they were each worth £1 that's an asset..." but realistically is that an asset worth £300, or 300 assets worth £1. To have a TV, or a PC or camera, providing they are not top market, brand new, all singing all dancing bought for 4 figure sums isnt a problem as far as I am concerned, as really if it were to be sold as second hand it is unlikely to fetch more than the £300 level...

lazer

I don't see the problem with classing a wedding ring as an asset.

If it has a resale value of £300 or more, then why should you get to keep it when you owe your creditors money?

wba31

lazer wrote: »

I don't see the problem with classing a wedding ring as an asset.

If it has a resale value of £300 or more, then why should you get to keep it when you owe your creditors money?

in the DRO it isnt an asset though. and if it was an asset it wouldnt be taken and sold, it simply stops the DRO from being granted.

I believe the sentimental value of your standard wedding ring is why they are not included as assets, unless they were made of 24 carat gold, with diamonds the size of Texas. Anything that's "average" would normally have a low resale value anyway. The metal isnt worth very much at all...

maxmycardagain

A ring is SUCH a small item isnt it, unlike a car or house/boat, etc.....

ami66

I never even thought to mention my rings when going through the IVA process.

But if Shane Filan can keep his diamond-encrusted ring worth £31,958 :eek: during bankruptcy then a simple gold band should be safe.

Westlifes-Shane-Filan-left-just-wedding-ring-devastating-18m-bankruptcy-debt

Max_Maxwell

ami66 wrote: »

I never even thought to mention my rings when going through the IVA process.

But if Shane Filan can keep his diamond-encrusted ring worth £31,958 :eek: during bankruptcy then a simple gold band should be safe.

Westlifes-Shane-Filan-left-just-wedding-ring-devastating-18m-bankruptcy-debt

Ha! Very apt. And he owes £18m!!