Loss of a much loved pet through an IVA/Bankruptcy

[Pink Dog]

I assume that you are proposing a Trust Deed? In which case I also cannot see a problem, but I will check with my Scottish colleagues. Which IP firm is currently advising you?

yes, i am proposing a trust deed. at the moment i am taking advice from the money advice officers at the Local Council (which is also my place of work)

[MelanieGiles]

Have spoken to my Scottish IP, who advises that the cost of upkeep of the horse may be an issue for creditors. How much do you spend each month, and how much do you think your friend is worth?

[Pink Dog]

Have spoken to my Scottish IP, who advises that the cost of upkeep of the horse may be an issue for creditors. How much do you spend each month, and how much do you think your friend is worth?

i pay for his feed for only 5-6 months of the year at about £20pm (as the remainder of the year is spent at grass)my partner pays his £75pm rent and i pay £75pm towards the mortgage (which is in his sole name)i also pay £26pm for insurance for him to cover unexpected vet bills which i dont see as unreasonable. i have sought advice from breeders and they tell me he is worth (without seeing him) around £1000 - £1300 as he is no good for any pupose except as my companion, there is little call for horses of his type and use, so his value will depreciate there too. i think if he went for auction he would only sell for £1000 if that as he is no use for work due to past feet problems

[kallis3]

I have only just read these posts and I am horrified that someone would want to take your horse.

Having read what you spend on him, I certainly don't think that is excessive and is not much more than what I spend on my dogs, and there was no suggestion that I should get rid of them.

Fingers crossed that you get this sorted happily.

Sending you and your horse a big hug

[TREES57]

Hi just catching up on some posts,and just wanted to echo the above,hope all works out ok for you xxxx

[MelanieGiles]

I would disregard him completely as an asset if I were proposing a Trust Deed for you, on the basis that it is not material. If creditors objected to the costs - which do not appear to be excessive, then you could arrange to make a few more payments to compensate.

[Lisa2009]

PinkDog, if you are not too far down the line with your proposal, i would urge you to contact somebody else for a second opinion rather than feeling backed into a corner.

Its unbelievable they ask you to buy your horse back from them for a few extra payments.

Dont let them do this if theres any other way.

[Pink Dog]

they are giving me a 50/50 chance. the advisor i went to said that they will do all in their power to talk them round from taking him or making me pay. its in the lap of the gods now.

thank you all for your kind words and support, i'll keep you all posted.

poor chap cant understand why i stand and cry on him every morning.

fingers crossed for my Major.

[MelanieGiles]

I simply do not understand why your horse has been included in this Trust Deed application as an asset.

[Pink Dog]

I simply do not understand why your horse has been included in this Trust Deed application as an asset.

i cant either. he's not a fancy horse by any means, he's just my companion and has been for years

[MelanieGiles]

Are you at the stage where the Trust Deed has been written and presented to creditors?

[Pink Dog]

Are you at the stage where the Trust Deed has been written and presented to creditors?

i am fortunatly only at the stage wher i am discussing my options with a financial advisor. nothing has been set in concrete yet. but she has advised me that i have a 50/50 chance of my horse being claimed as an asset. i felt i needed to find out if anyone else had suffered this, hence why i chose this forum

[MelanieGiles]

It will only be claimed as an asset if it is disclosed as an asset, and for that it will need to have some value attributed to it. Of course you will need to have the expenditure relating to your companion properly explained.

[Pink Dog]

It will only be claimed as an asset if it is disclosed as an asset, and for that it will need to have some value attributed to it. Of course you will need to have the expenditure relating to your companion properly explained.

the financial advisor has all the information regarding his costs (£20pm food for 6 months, £26 for insurance and my partner pays his rent)which i feel is properly justified and his value is around £1000 - £1300 according to a breeder/dealer and this will probably drop due to his medical history (he suffered some illness in the past which has affected him in the fact that he cannot be used for work/competition) and this is something that devalues him further. statements from the vet will back this up if they want him valued further

[Julie]

Just catching up pink dog - I hope you get to keep your horse. Seems to me its in the pet category and shouldn't be treated any differently to cats / dogs etc.

Good luck.