I am about to apply for BR

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Skippy

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Post by Skippy » Wed May 02, 2007 3:11 pm
If it was recent the OR might not look to kindly on it and not let you keep the car. There is a section on the BR form where you have to declare any vehicles you have 'disposed of' and I can't remember what the time frame is. Sorry to sound a bit vague but all my paperwork is at home. Hopefully one of the experts will be able to clarify, but if no-one has replied I'll check when I get home.

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Andy2

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Post by Andy2 » Wed May 02, 2007 3:15 pm
I haven't gone BR but I think the timescale is five years.
 
 

freelili

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Post by freelili » Wed May 02, 2007 3:21 pm
It really depends on whose credit card paid for the car. And the reason it was transfered over but I suppose you could transfer it back or just declare it and the reason for it.

Dont worry we are not judging you its just that they look for the possiblity of people they believe are trying to 'hide assets'. You just wouldnt know this and neither did I until I filled in the forms. Its best to get it all sorted before the BR.

LILY

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zac

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Post by zac » Thu May 03, 2007 7:06 am
I have looked and it was in June 06 that I transfered the car into the wife's name. Also I have looked at the tenants agreement we signed and it says under section 8 Landlords right of termination

The landlord is entitled to terminate this tenancy agreement & obtain a court order to evict the tenant if:
if the tenant becomes bankrupt
(a couple more reasons are listed)

Mainly worried about this as it would mean loosing the house with a 1 month old baby to look after.
 
 

DebtDummy

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Post by DebtDummy » Thu May 03, 2007 10:44 am
zac, if you have been dutifully paying the rent, why would your landlord evict you? All s/he cares about is getting that mortgage paid and the property is maintained,that's what you have been doing. If you are that worried discuss it with your landlord. S/he should be reasonable about your situation and allow you to carry on living there.

Andy 2 is correct.The timescale is 5 years for the selling or transferring of house, cars, endowment policies, life insurance,etc.

In my own case, my last house we sold to purchase the one that was repossessed is being looked into. My OR wants to know where did the proceeds go and was it sold for a market value and to whom.

As long as the car transaction was too legit to quit(smile)above board not dodgy, relax. But the OR will look into it. Not because s/he believes you're dodgy, but beacause it's his/her job too. The transferring of the car falls within the 5 year timeframe, just as my house sale did.

Now, please do not worry. I know, it's easier said than done. Take care.

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zac

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Post by zac » Thu May 03, 2007 11:07 am
Thank you for your help. I sold my house 3 months ago too so that means that will be looked into as well. All profit went to paying off the secured debt and mortgage.
 
 

DebtDummy

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Post by DebtDummy » Thu May 03, 2007 11:15 am
Yes, zac, that house sale will be looked into as well by the OR; and you're welcome.


Take care.

All I have left is my humour. :)
All I have left is my humour. :)

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.
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