How are assets assessed???

smiales

I'm on the brink of BR and wanted to know how our assets are assessed? Does someone come to the house to check out what we have or is it done over the phone?? I have an old computer and I have been advised by payplan that they may take that as its an asset - purchased for £700 5 years ago so pretty up to date now but they said it would be worth about £200 - £300 so will lose it. Will I declare this or will they check? Same goes for sofa, purchased for £1500 two years ago, Fridge-freezer purchased by parents for £200 for us a month ago.

fermi

On the forms it says.

19. Any other property of value e.g. paintings, furniture or jewellery.

By this it really does mean value.
This refers to valuable paintings, antique furniture, valuable jewellery etc.

The items you quoted don't even come close to the amount required for the OR to be bothered about. You should not even mention them on the forms.

The fridge freezer is exempt property anyway, as it's needed for your domestic needs.

I've also never heard of anyone on here having the OR send someone round. Unless they have evidence to the contrary, they take you on trust.

smiales

Thats great, I hoped that would be the case as i hadn't seen anyone mention having someone round. Payplan scared me a little by the sounds of it.

fermi

smiales wrote: »

Thats great, I hoped that would be the case as i hadn't seen anyone mention having someone round. Payplan scared me a little by the sounds of it.

Yes. Payplan have to give the most conservative advice possible to cover there own backsides. You can't blame them though I suppose.

Richard_S

smiales wrote: »

I'm on the brink of BR and wanted to know how our assets are assessed? Does someone come to the house to check out what we have or is it done over the phone?? I have an old computer and I have been advised by payplan that they may take that as its an asset - purchased for £700 5 years ago so pretty up to date now but they said it would be worth about £200 - £300 so will lose it. Will I declare this or will they check? Same goes for sofa, purchased for £1500 two years ago, Fridge-freezer purchased by parents for £200 for us a month ago.

That seems a strange thing for Payplan to say; scare tactics perhaps? Don't consider bankruptcy, you'd be much better off with one of our plans?

Conor_3

You will not lose the computer. When I banked, I declared a desktop PC valued at £500 and a laptop valued at £1500 new. Didn't lose them as the OR said they'd be worth next to nothing in a general auction.

Basically, their "worth" is based on what they fetch at general auctions which isn't a lot usually for run of the mill stuff.

As well as that, "basic living" items such as certain furniture, cookers, fridges etc aren't touched either.

Jonto_3

General domestic goods are exempt.