Newbie: Needs BR help - fact or fiction??

Lizzibuff

Hi

I am seriously considering BR. I have very little assets and certainly not much thats worth anything. I am also a single mum that lives about 7 miles from my nearest town and about 5 from the nearest supermarket.

When i spoke to the CCCS for advise they told me that the only assets taken into account would be things valued over £750. I've heard rumours tho that you can lose your washing machine, dryer TV - in fact everything. A friend said his car was valued at 500 and they originally took it but then gave it him back???

The only thing i have valued over 750 is my car. The thing i'm most worried about is my computer - this was bought using a student grant and is needed for my uni degree.

Is it true that only assets valued over 750 are potentially taken or could it literally be - everything?

fermi

Fiction for most of that.:D

Lizzibuff wrote: »

I've heard rumours tho that you can lose your washing machine, dryer TV - in fact everything.

To start with that is rubbish. items required for day to day living are automatically exempt property and should not even be mentioned in the forms. Although a 5K plasma TV might be at risk.

A friend said his car was valued at 500 and they originally took it but then gave it him back???

That is possible, however many people are allowed to keep a car. You should be prepared to argue your case as to why your car is necessary for your daily living and not just convenient.

You can read about cars and bankruptcy here: http://bankruptcy.informe.com/cars-and-bankruptcy-dt72.html

The thing i'm most worried about is my computer - this was bought using a student grant and is needed for my uni degree.

A second hand computer is worth next to nothing to the Official Receiver at auction, and since it is required for your course should be exempt property anyway.
Again I would not mention it on the forms.

Again I should emphasise that they will only be interested in items of significant value. If you haven't got any antiques, massively expensive jewellery or the odd Picasso hidden away I wouldn't worry.:)

Lizzibuff

Thanks thats a great weight off my mind - I'm coming round to the idea of losing my car but am prepared to argue to try and keep it or negiotiate for a cheaper one. I was most worried about my other stuff - thanks!

And no - my TV's certainly not a 5K plasma! lol - i wish!!

scaredwitless32

Due to the distant to the nearest town and supermarket etc, and being a mum will probably secure your car for you, going by alot of the posts on here, if its high in value they might make you go for a cheaper one. ?

boogiewonderland

hi.
can they take the car if it belongs to my wife.
thanks

soapboxfury

boogiewonderland wrote: »

hi.
can they take the car if it belongs to my wife.
thanks

No

Provided that it does belong to your wife and you have not transfered it to her recently.

DO NOT be intimidated by the OR

I have dug my heels in with the OR as they where not very nice to me and it was my wife that was made bankrupt not me.

As I pointed out to the OR, the Bankrupt has to co oporate. I do not. If they want my help then they have to be nice to me or they won't get it.
Since I pointed out this fact and threatend to sell my house out from under them (as is my right checked with solicitor and BR advisory service) they seem to have taken a different stance ??????

Now the OR is polite to a point and is negotiating with me to release my share of the house. They can buy it if they want but my share of the equity is mine and not subjected to the BO. So they can pay me cash for my share or I will sell it and all they are entitled to is my wifes share of the change......................about 10p should do it:rotfl:

fiveyearplan

How do they determine how much is your wife's share?

soapboxfury

fiveyearplan wrote: »

How do they determine how much is your wife's share?

Joint occupancy and joint names on the mortgage gives my wife a 50% share of any equity

But this means she is only entitled to a 50% share of any money left over after the sale has been processed because she is also liable for 50% of the cost of selling it.

So if I sell for 20p above all conveyancing mortgage settlement etc, OR gets 10p

fiveyearplan

Don't forget estate agents fees too!

soapboxfury

fiveyearplan wrote: »

Don't forget estate agents fees too!

:DShhh it's my estate agent thats buying it

monotone765

Although the OR can't put a stop on you trying to sell a property, they will have lodged a restriction at the Land Registry (as long as the property is jointly owned) which, in practical terms, means that no deal can take place until the restriction is removed, thus if the deal is significantly below the value of the property he may still refuse to remove the restriction and scupper the sale.