Bankruptcy and assets worth under £500
Options
thevdm
Posts: 137 Forumite
Hi all,
Another question about bankruptcy while the IVA is failing.
First of all, I own no assets over £500.
I do have sole use of a car which I do not own, when my last car (which I paid £600 for) finally kicked the bucket and got scrapped my mum offered to let me use her car as she is reaching the point where she struggles to drive due to a cancer/treatment which isn't going away.
She still has the purchase receipt from when she bought the car (around 2010), being a 2004 VW Golf it's unlikely to be worth over the £1,000 mark anyway. We also have a signed letter each stating that my mum remains the legal owner of the car and I am able to use it on the condition that I deal with running costs. Would this be suitable proof for the OR that I do not own the car? I can provide the receipt for my previous car being scrapped and my mum is happy to cooperate with them if they need to speak to her.
Do I need to even mention assets worth under £500 as long as I am confident that they are not worth more? Although I don't own much past the general household items, and even then the other items are likely worth under £50 (such as our TV that we have owned for 10 years now), I do own 2 items of some value, but still under £500 and wanted to know if they even need to be mentioned.
1) I own a desktop computer, worth around £150-£200 at second hand value. I am studying a computer science degree with the Open University so feel that this may be excluded due to it being a requirement for my studies.
2) We own an old trailer tent (obviously not considered essential), I am confident that it is worth under £500 as I have the ebay purchase receipt for when we bought it around 18 months ago for £200.
How would these two assets stand in terms of bankruptcy?
Another question about bankruptcy while the IVA is failing.
First of all, I own no assets over £500.
I do have sole use of a car which I do not own, when my last car (which I paid £600 for) finally kicked the bucket and got scrapped my mum offered to let me use her car as she is reaching the point where she struggles to drive due to a cancer/treatment which isn't going away.
She still has the purchase receipt from when she bought the car (around 2010), being a 2004 VW Golf it's unlikely to be worth over the £1,000 mark anyway. We also have a signed letter each stating that my mum remains the legal owner of the car and I am able to use it on the condition that I deal with running costs. Would this be suitable proof for the OR that I do not own the car? I can provide the receipt for my previous car being scrapped and my mum is happy to cooperate with them if they need to speak to her.
Do I need to even mention assets worth under £500 as long as I am confident that they are not worth more? Although I don't own much past the general household items, and even then the other items are likely worth under £50 (such as our TV that we have owned for 10 years now), I do own 2 items of some value, but still under £500 and wanted to know if they even need to be mentioned.
1) I own a desktop computer, worth around £150-£200 at second hand value. I am studying a computer science degree with the Open University so feel that this may be excluded due to it being a requirement for my studies.
2) We own an old trailer tent (obviously not considered essential), I am confident that it is worth under £500 as I have the ebay purchase receipt for when we bought it around 18 months ago for £200.
How would these two assets stand in terms of bankruptcy?
I may be wrong sometimes, I learn a little every time I'm corrected.
0
Comments
-
You're overthinking it. Don't worry about any of those assets.
As for the car - it's not yours. Worst case the OR might not take into account any of your costs associated with it on the basis you don't own it, but unlikely.0 -
I'm good at overthinking things.
I'm not sure that they will even say that I am allowed expenses for a car but as I understand it is unlikely to matter as my sole income is from benefits (ESA/PIP etc...) so wouldn't be subject to an IPA/O leaving me to continue paying car costs as I am.I may be wrong sometimes, I learn a little every time I'm corrected.0 -
You don't own the car so its fine, they may question your SOA, but as you are on benefits this will be unlikely.. as for assets, my OR asked do you have any assets such as the "Mona Lisa or anything of that value" obviously the answer is no, they have no interest in your computer, tv's, fridges.....if you have a yacht it may be a different story!0
-
Hi, the OR is only interested in things that will sell for over £500 second hand such as at auction. None of the things you mention will be included. They are not interested in ordinary domestic stuff. Have a look at the debtcamel website. It has a section called "Will I lose my lawnmower" which covers these questions very well.0
-
Hi,
Not sure where the £500 figure comes from?
You clearly do not own the car, so that's fine. Normal household goods don't count as assets, so they are fine.
Trailer tent - interesting - Could say that it's value is low and it provides a modest cost holiday.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
Hi DDdebt_doctor wrote: »Hi,
Not sure where the £500 figure comes from?
You clearly do not own the car, so that's fine. Normal household goods don't count as assets, so they are fine.
Trailer tent - interesting - Could say that it's value is low and it provides a modest cost holiday.
DD
The on-line form asks if you have disposed of any assets worth £500 each for less than they're worth in the last 5 years so that may have coloured my memory but I seem to remember being asked about assets worth £500 or more during the interview. No such luck!0 -
You're WAY overthinking it.
Don't worry about it, you have no assets. Job done.0 -
Hi all, I seem to have missed a few of the subscription emails for this thread. I think the general consensus is that I have nothing to put down on that section.
I filled in the online form a couple of days ago in preparation for when the IVA ends (then I can just check the details are still up-to-date when I'm ready). In the assets section it does specify to list any assets with a second hand value of £500 or more with no mention of anything worth under £500.I may be wrong sometimes, I learn a little every time I'm corrected.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards