SOA Help

tigerfeet2006

And if he is paying his parents debts to the detriment of his creditors then the OR can ask the parents for the money back a d possibly ask him to partake in a BRO.

Trinitrotoluene

The wording is quite clear:

In the last 2 years have you made any payment to a creditor, other than in the ordinary course of business, with a view to improving the position of that creditor in case you became subject to insolvency/bankruptcy proceedings?

I would understand this if answered "no" as fraudulently filling in the form. Will be interesting to hear what others think.

golf1234

Hi everyone..I have just received a letter today stating that I have failed my IVA after almost a year for waiting for it.Pleas advice on the next step to take or is this really bad...that I have failed my IVA....any answer would really be appreciated..thanks...

Trinitrotoluene

golf1234 wrote: »

Hi everyone..I have just received a letter today stating that I have failed my IVA after almost a year for waiting for it.Pleas advice on the next step to take or is this really bad...that I have failed my IVA....any answer would really be appreciated..thanks...

golf1234, if you could start a new thread in the proper sub forum you can do so by clicking here http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=1596 . You will also need to include as much detail as possible if you want people to help.

adpod

Trinitrotoluene wrote: »

The wording is quite clear:



I would understand this if answered "no" as fraudulently filling in the form. Will be interesting to hear what others think.

With no written agreement his parents arent not his creditors.

That is very simple

He is just giving his parents money to help pay their debts, while that might be looked upon as a negative issue, the human element of the process (the OR) might be a bit understanding of the situation.

All they need is prove of his money coming and going and all his assets.

longtermplanner

Clearly his parents debt isn't his, so it shouldn't go on his bankruptcy forms. He does however have a debt to his parents The fact that it is oral makes no difference, it is a debt and the OR will spot the regular payments by him to his parents from his bank account so there is no point in pretending it doesn't exist.

That debt will be wiped out by bankruptcy. But if he wants give his parents some money then the OR is not going to care providing the OR gets the IPA he wants.

The problem comes when the OP wants to put a lot of largely fictitious expenses on his bankruptcy forms in order to pad it out so he has spare cash for parents.

So if his expenses before hand were:

Parents £400
Grocery shopping £90
Parking £15
meals at work £20

and he puts down
Grocery Shopping £300
Parking £150
meals at Work £75

It is going to be pretty obvious that the figures have been fixed.

adpod

longtermplanner wrote: »

Clearly his parents debt isn't his, so it shouldn't go on his bankruptcy forms. He does however have a debt to his parents The fact that it is oral makes no difference, it is a debt and the OR will spot the regular payments by him to his parents from his bank account so there is no point in pretending it doesn't exist.

That debt will be wiped out by bankruptcy. But if he wants give his parents some money then the OR is not going to care providing the OR gets the IPA he wants.

The problem comes when the OP wants to put a lot of largely fictitious expenses on his bankruptcy forms in order to pad it out so he has spare cash for parents.

So if his expenses before hand were:

Parents £400
Grocery shopping £90
Parking £15
meals at work £20

and he puts down
Grocery Shopping £300
Parking £150
meals at Work £75

It is going to be pretty obvious that the figures have been fixed.

Exactly, he needs to put the actual SOA up and then things can be added or removed.

Until then nobody can really help