Sofa an asset?

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sammydodger_2
sammydodger_2 Posts: 43 Forumite
in Bankruptcy & living with it
Hi,

I’m filling in my bankrupcy forms and it asks about assets - the sofa cost us £2753 with the insurance and footstall etc... it’s the only thing I havnt stopped paying to be honest as was worried it would be taken from the home with kids etc..

I ordered it last November before I new the extent of my situation so I still owe Around 2600 - how much would I put down it’s worth? The amount owing or less??

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  • sammydodger_2
    sammydodger_2 Posts: 43 Forumite
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    Oh god would this now be classed as a preferential payment
  • lincroft1710
    lincroft1710 Posts: 17,643 Forumite
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    It's worth approx the same as a 6 month old sofa
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • maxmycardagain
    maxmycardagain Posts: 5,747 Forumite
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    never had one worth more than £50
    Now we all know how it felt to play in the band on the Titanic...
  • maxmycardagain
    maxmycardagain Posts: 5,747 Forumite
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    sammydodger wrote: »
    Hi,

    it’s the only thing I havnt stopped paying to be honest as was worried it would be taken from the home with kids etc..


    keep the sofa but if they take the kids its a bonus

    :beer:
    Now we all know how it felt to play in the band on the Titanic...
  • srg0916
    srg0916 Posts: 25 Forumite
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    Hi,
    Don't worry about the sofa, chances are the sofa is actually paid with by a personal loan, for e.g. DFS use creation financial, SCS use Ikano bank etc.. I highly doubt that neither the OR or the Sofa company are interested in taking your Sofa. By the time they did try to take it, what would it actually be worth? Probably cost more in the effort to recover it than what they'd get in return if they took it and sold it.
    Worst case even if they took it, Someone else in your household or family member could get a new one in their name and then you could just pay them back...
    Try not to worry, as for seeing it as a preferential payment it's common sense your gonna think that way and you keep paying, I made an additional payment to mine but like you it's only becase I don't want to loose it and it was the smallest debt repayment so was affordable. Important that you stop paying it if you are going BR, these companies probably deal with this situation all the time, the sofa will be of no value to anyone but yourself. Try and relax. Good luck.
  • debt_doctor
    debt_doctor Posts: 4,595 Forumite
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    Hi,

    You need to find out what the loan status is - either a personal loan or HP. It's almost certain to be a personal loan, which means you own it. It is not an asset in your bankruptcy. It would be yours to keep.

    A contractual payment can never be a preference.

    DD
    Debt 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 ***
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