Bankruptcy?

[Rich2484]

First stage in the bankruptcy process, you have to declare your assets

 

I know a man in the trade, I will ask him to make sure tomorrow

 

Thanks treequip. Would be interesting to know.

 

Its all very interesting going on. I guess it's more knowing what is what and having an idea about it all even if its all locked away in my head.

 

Been reading a few more things online and at gov.co.uk they say that the car must be works use, and proven to be, he has a landy for getting off road when needed. Not expensive but beside the point..

Also about assets, and work tools cannot be touched only items for the private life, so items you have outside of your working.

 

https://www.gov.uk/bankruptcy/overview

 

Will forward this link onto him. Kind of explains a lot but can't see the small print and that always worries me with things like this.

 

Yes Stephen you are right, he should and going by the letter he has he will soon. He has had a few letters over it all but he did move a few years ago and only just received letters a short while ago again. Not much of defence. He has already done the means deceleration a short while ago.

[PhilBeech]

He should take responsibility for his actions, you buy stuff, you pay it off!!

 

Thats is a a very sweeping statement... we do not know this persons circumstance. Anyone of us could fall out of tree tomorrow or have a car crash and end up in a terrible situation.

 

Like others have said, get your friend to take advice from experts.

[Stephen Blair]

Why not quote my whole post Phil?

 

Rich agrees with me, he knows the full story or as close to it.

Edited March 22, 2013 by Stephen Blair

[PhilBeech]

Why not quote my whole post Phil?

 

Rich agrees with me, he knows the full story or as close to it.

 

I agree with the other parts of your post. Just not this bit

[Rich2484]

Why not quote my whole post Phil?

 

Rich agrees with me, he knows the full story or as close to it.

 

Your right and I do know the whole story but being respective to the persons privacy I will not tell the whole story. Just not done.

 

Actions have consequences but in his defence he did lose his job shortly after taking the loan and went self employed thinking that the PPI would take over after 30 days but it didn't. He didn't question this point and is now going to have to sort it another way.

 

Anyway spoke to him a short while ago. He does seem worried about it but on the other hand not sorting it will cause more problems. Basically told him to man up and get it sorted. He is going to book appointment with CAB next week and see what they can advise him.

 

It's playing more on my mind than his I think.

 

It's just made me relise how easy it CAN be to get into trouble over something.

[Stephen Blair]

I agree with the other parts of your post. Just not this bit

 

In my head, the second bit un generalised the first bit:laugh1:

 

You are right aswell, things can happen outwith control.

 

Peace out:thumbup1:

[PhilBeech]

In my head, the second bit un generalised the first bit:laugh1:

 

You are right aswell, things can happen outwith control.

 

Peace out:thumbup1:

 

Aye! :-)

[Chippy]

IVA is far better than going banked google it

[B.C. Tree Services]

If he needs his car. Buy it of him, for £1. Then let him use it. They can't take It once its in YOUR name.

 

[treequip]

If he needs his car. Buy it of him, for £1. Then let him use it. They can't take It once its in YOUR name.

 

That's not quite true, once they have gone to a statutory declaration all assets are available to the receiver and you cant dispose of them.

 

I found that out the hard way when I took goods in lieu of payment (post SD) and had to give them back under threat of dire consequences.

 

The receiver also bugged me to prove the item was insured till they picked it up, major PITA.