buzzbomb Posted February 21, 2008 Share Posted February 21, 2008 Anyone know the ramifications? A mate of mine wants to transfer house, car etc into his missus' name, then declare himself bankrupt to try and avoid some other debts. I've told him to be careful as I'm not so sure you can walk away scot-free. Does anyone know? Link to comment Share on other sites More sharing options...
stephs Posted February 21, 2008 Share Posted February 21, 2008 Anyone know the ramifications? A mate of mine wants to transfer house, car etc into his missus' name, then declare himself bankrupt to try and avoid some other debts. I've told him to be careful as I'm not so sure you can walk away scot-free. Does anyone know? You basically pay a contribution for 3 years and after that your debt free, but I'd be very careful when transferring assets, there will be a certain period of time you have to wait to be made bankrupt I would think! Otherwise, you can get all of that taken off you! Link to comment Share on other sites More sharing options...
argyjambo Posted February 21, 2008 Share Posted February 21, 2008 Just a thought here, how much does he really trust his missus. He could end up with absolutely nothing. So he should think long & hard before going down this road. Link to comment Share on other sites More sharing options...
coppercrutch Posted February 21, 2008 Share Posted February 21, 2008 Anyone know the ramifications? A mate of mine wants to transfer house, car etc into his missus' name, then declare himself bankrupt to try and avoid some other debts. I've told him to be careful as I'm not so sure you can walk away scot-free. Does anyone know? No offence but I hate people like your mate. Classic example of what is wrong with this country today. No-one is prepared to take responsibility for their actions. People should go to jail for things like this. He got himself into this mess, he should get himself out of it. And as for 'scot free' - nothing is scot free. The company that writes off the debt will have to get it back somehow. Someone always pays. Whether that is increased prices for everyone else, redundancies or something else. It should be your loser of a mate paying for this. Not everyone else. Link to comment Share on other sites More sharing options...
buzzbomb Posted February 21, 2008 Author Share Posted February 21, 2008 Dunno, maybe he has incriminating photos of her...... Na, he'd have showed me. Just a thought here, how much does he really trust his missus. He could end up with absolutely nothing. So he should think long & hard before going down this road. Link to comment Share on other sites More sharing options...
coppercrutch Posted February 21, 2008 Share Posted February 21, 2008 Just a thought here, how much does he really trust his missus. He could end up with absolutely nothing. So he should think long & hard before going down this road. My goodness. The mentality of this country truly disgusts me sometimes. This guy SHOULD end up with absolutely nothing. That is the whole point. Anything else and he should go to jail IMO. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted February 21, 2008 Share Posted February 21, 2008 This should tell you all you need to know, however it would be foolish to think that you can declare yourself bankrupt just to avoid all debt. http://www.freshfinance.net/bankruptcy.htm Link to comment Share on other sites More sharing options...
Billy the Jambo Posted February 21, 2008 Share Posted February 21, 2008 If your mate is in trouble financially and he has to declare himself bankrupt i suggest he visits a website called debt wizard .com they give free impartial advice and it is very good advice they are not tied to any company and there is no advertising on the site for any tom dick and harry that want to consolidate all your debts .The address for the website is http://www.debtwizard.com i hope this helps your mate out Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted February 21, 2008 Share Posted February 21, 2008 No offence but I hate people like your mate. Classic example of what is wrong with this country today. No-one is prepared to take responsibility for their actions. People should go to jail for things like this. He got himself into this mess, he should get himself out of it. And as for 'scot free' - nothing is scot free. The company that writes off the debt will have to get it back somehow. Someone always pays. Whether that is increased prices for everyone else, redundancies or something else. It should be your loser of a mate paying for this. Not everyone else. Aye, no wonder Northern Rocks in such a bad way Link to comment Share on other sites More sharing options...
coppercrutch Posted February 21, 2008 Share Posted February 21, 2008 If your mate is in trouble financially and he has to declare himself bankrupt i suggest he visits a website called debt wizard .com they give free impartial advice and it is very good advice they are not tied to any company and there is no advertising on the site for any tom dick and harry that want to consolidate all your debts .The address for the website is http://www.debtwizard.com i hope this helps your mate out Can I ask a simpel question ? WHY do you want to help his mate out ? Did you read what he said ? "then declare himself bankrupt to try and avoid some other debts" The guy is trying to take the mick and avoid payign money he owes. And you are trying to help him out ?!! Sad state of affairs in ths country when the first thing people do in this situation is give the guy help. He should be told where to go. Link to comment Share on other sites More sharing options...
Auld Reekin' Posted February 21, 2008 Share Posted February 21, 2008 Anyone know the ramifications? A mate of mine wants to transfer house, car etc into his missus' name, then declare himself bankrupt to try and avoid some other debts. I've told him to be careful as I'm not so sure you can walk away scot-free. Does anyone know? He needs to speak to a good chartered accountant, who should be able to give him the best advice on the advisability of this course of action and how to proceed if that's the way he decides to go. Otherwise he could be getting into very murky waters. Good point also from previous poster about how much he trusts his wife! PM me if you or he needs a recommendation for an accountant. Link to comment Share on other sites More sharing options...
Therapist Posted February 21, 2008 Share Posted February 21, 2008 Two things. 1. I don't think your mate will get away with this. IIRC any transfer of assets between them would have to be done at fair market value with money going from wife to husband so his creditors could still get their hands on the money. 2. Entering bankruptcy is not something to be taken lightly as it has significant ramifications that last years and years. Not sure if he's done this, but far better to discuss the situation with the creditors in the hope of coming up with a mutually acceptable repayment schedule. Link to comment Share on other sites More sharing options...
coppercrutch Posted February 21, 2008 Share Posted February 21, 2008 Aye, no wonder Northern Rocks in such a bad way Aye, this country is full of idiots who have no clue about money. And when they get into trouble they want everyone to help them get out of it 'scot free'. Seriously I hope this guy ends up homeless. He deserves it. Link to comment Share on other sites More sharing options...
Ron Atkinsons Microphone Posted February 21, 2008 Share Posted February 21, 2008 Are people just helping even more to **** CC off? Link to comment Share on other sites More sharing options...
Billy the Jambo Posted February 21, 2008 Share Posted February 21, 2008 No offence but I hate people like your mate. Classic example of what is wrong with this country today. No-one is prepared to take responsibility for their actions. People should go to jail for things like this. He got himself into this mess, he should get himself out of it. And as for 'scot free' - nothing is scot free. The company that writes off the debt will have to get it back somehow. Someone always pays. Whether that is increased prices for everyone else, redundancies or something else. It should be your loser of a mate paying for this. Not everyone else. My god your are full of sympathy or something else i hope you dont get into financial trouble it can happen to anyone .You dont know the guys circumstances nor do i but he could have lost his job or a cut back in hours he works, anything .If he does go bankrupt he will have to pay something for 3 years that being any disposable income he may have after his debts are all added up no one else pays just him Link to comment Share on other sites More sharing options...
Maximus Posted February 21, 2008 Share Posted February 21, 2008 Nothing can cure this nation's moral Bankruptcy, the end. Link to comment Share on other sites More sharing options...
Uberjambo Posted February 21, 2008 Share Posted February 21, 2008 Aye, this country is full of idiots who have no clue about money. And when they get into trouble they want everyone to help them get out of it 'scot free'. Seriously I hope this guy ends up homeless. He deserves it. Not everyone being made homeless through bankrupcy deserves it. The key here is that you don't declare yourself bankrupt. If things are so bad, others will do it for you. It is not such any easy option when there is a wife and kids there and you lose your house. Link to comment Share on other sites More sharing options...
Boris Posted February 21, 2008 Share Posted February 21, 2008 Nothing can cure this nation's moral Bankruptcy, the end. Brilliant. Well said. Link to comment Share on other sites More sharing options...
Billy the Jambo Posted February 21, 2008 Share Posted February 21, 2008 Can I ask a simpel question ? WHY do you want to help his mate out ? Did you read what he said ? "then declare himself bankrupt to try and avoid some other debts" The guy is trying to take the mick and avoid payign money he owes. And you are trying to help him out ?!! Sad state of affairs in ths country when the first thing people do in this situation is give the guy help. He should be told where to go. Yes i read what he said CC millions of people are in debt through mortgages and other things some can cope some can,t seeing as your such a financial genius why dont you become chancellor or better still give vlad some advice on our 80million quid debt he has put us in Link to comment Share on other sites More sharing options...
buzzbomb Posted February 21, 2008 Author Share Posted February 21, 2008 Stop being a **** mate. You made your point at the start. The original question was asking for advice, not a lecture! You don't agree with it, fine, but get over yersel. Hoping he ends up homeless!! Aye, this country is full of idiots who have no clue about money. And when they get into trouble they want everyone to help them get out of it 'scot free'. Seriously I hope this guy ends up homeless. He deserves it. Link to comment Share on other sites More sharing options...
loveofthegame Posted February 21, 2008 Share Posted February 21, 2008 Anyone know the ramifications? A mate of mine wants to transfer house, car etc into his missus' name, then declare himself bankrupt to try and avoid some other debts. I've told him to be careful as I'm not so sure you can walk away scot-free. Does anyone know? Your "mate" aye.... Link to comment Share on other sites More sharing options...
CompleteIdiot Posted February 21, 2008 Share Posted February 21, 2008 Yes i read what he said CC millions of people are in debt through mortgages and other things some can cope some can,t seeing as your such a financial genius why dont you become chancellor or better still give vlad some advice on our 80million quid debt he has put us in Re-mortgaging on the apparent increase value in your house to buy nice cars and holidays isn't sensible. That's what lots of people have done though. People want flash cars, flash TVs and flash holidays yesterday. Link to comment Share on other sites More sharing options...
buzzbomb Posted February 21, 2008 Author Share Posted February 21, 2008 Haha.... No, not me..... I'd never trust the missus. Your "mate" aye.... Link to comment Share on other sites More sharing options...
blondejamtart Posted February 21, 2008 Share Posted February 21, 2008 Sorry, but I'm with coppercrutch on this one. Yes, anyone can find themselves in financial difficulties, but they can at least shoulder some responsibility for their own actions and do the right thing, rather than trying to avoid their debts. As others have pointed out, bankruptcy is not an easy option and someone always ends up on the losing end of it anyway. Link to comment Share on other sites More sharing options...
Boris Posted February 21, 2008 Share Posted February 21, 2008 People want flash cars, flash TVs and flash holidays yesterday. Sounds like a bad dose of affluenza... Re the OP - declaring yourself bankrupt can have serious implications in the future i.e. ability to get any form of credit at all be that for a mortgage or a phone contract etc etc Link to comment Share on other sites More sharing options...
cosanostra Posted February 21, 2008 Share Posted February 21, 2008 Citizens advice are pretty good at debt matters. I used to work as a bank manager and some customers found them really helpful. Link to comment Share on other sites More sharing options...
super_vlad Posted February 21, 2008 Share Posted February 21, 2008 total load of rubbish mate, its a complete myth that you can walk away without paying you're debts. The only way it waorks is when you started the business it was in you're partners name. IF once your debts have builded up and you try to move your assets into your partners name, then she and him would have to sign papers at a lawyers office stating that the transfer is not relating to ANY OUTSTANDING DEBT. So even if the papers go through all the creditors will have do to is show that the debts had builded up before the transfer took place, and your mate and his wife would find themselves in real serious trouble. There are ways around this, but would not go thru them as not knowing how much debt the man has plus he could be a **** ! Link to comment Share on other sites More sharing options...
Boris Posted February 21, 2008 Share Posted February 21, 2008 I used to work as a bank manager. Pfft... Square! Link to comment Share on other sites More sharing options...
cosanostra Posted February 21, 2008 Share Posted February 21, 2008 Pfft... Square! Oh aye, because being a librarian is rock n' roll. Must be great to wear all those different cardigans and hush puppies and go "shhhh" whenever someone speaks. Link to comment Share on other sites More sharing options...
Horse Posted February 21, 2008 Share Posted February 21, 2008 Citizens advice are pretty good at debt matters. I used to work as a bank manager and some customers found them really helpful. Are they ******. Useless waste of space. Link to comment Share on other sites More sharing options...
cosanostra Posted February 21, 2008 Share Posted February 21, 2008 Are they ******. Useless waste of space. Well they used to be decent. Link to comment Share on other sites More sharing options...
Horse Posted February 21, 2008 Share Posted February 21, 2008 Well they used to be decent. Guess it all depends on your own experience. I found them a waste of time mate. Link to comment Share on other sites More sharing options...
Tams bird Posted February 21, 2008 Share Posted February 21, 2008 I deal with debt at work, and some people owe ?250,000 to 20 creditors or so, and pay ?1 a month to each of them.Wont ever get it paid off but stops them going bankrupt which is a good thing.. When people make themselves bankrupt the people they owe money to lose out as well. Link to comment Share on other sites More sharing options...
Peebo Posted February 21, 2008 Share Posted February 21, 2008 I deal with debt at work, and some people owe ?250,000 to 20 creditors or so, and pay ?1 a month to each of them.Wont ever get it paid off but stops them going bankrupt which is a good thing.. When people make themselves bankrupt the people they owe money to lose out as well. As, ultimately, do the creditors when the sort of people you are talking about die. Link to comment Share on other sites More sharing options...
coppercrutch Posted February 21, 2008 Share Posted February 21, 2008 Stop being a **** mate. You made your point at the start. The original question was asking for advice, not a lecture! You don't agree with it, fine, but get over yersel. Hoping he ends up homeless!! I wouldn't have made that comment if you had not said the following: "declare himself bankrupt to try and avoid some other debts" Your mate is taking the mick. If he had real problems then fair enough I would agree that helping him may be a worthwhile thing. If he gets any debt written off it will ultimately end up costing people like myself - who are not so foolish. I personally don't think that is particularly fair. If your mate were to end up homeless for a while it may teach him a lesson about the value of money and not spending beyond his means. Your mate is part of the reason this countries economy is about to nosedive. That was all I was saying. Link to comment Share on other sites More sharing options...
buzzbomb Posted February 21, 2008 Author Share Posted February 21, 2008 I'll let you off then I wouldn't have made that comment if you had not said the following: "declare himself bankrupt to try and avoid some other debts" Your mate is taking the mick. If he had real problems then fair enough I would agree that helping him may be a worthwhile thing. If he gets any debt written off it will ultimately end up costing people like myself - who are not so foolish. I personally don't think that is particularly fair. If your mate were to end up homeless for a while it may teach him a lesson about the value of money and not spending beyond his means. Your mate is part of the reason this countries economy is about to nosedive. That was all I was saying. Link to comment Share on other sites More sharing options...
Therapist Posted February 21, 2008 Share Posted February 21, 2008 If your mate were to end up homeless for a while it may teach him a lesson about the value of money IIRC him, his wife, and any kids, will have a year to vacate their home before it is sold. Link to comment Share on other sites More sharing options...
Uberjambo Posted February 21, 2008 Share Posted February 21, 2008 IIRC him, his wife, and any kids, will have a year to vacate their home before it is sold. It then becomes a catch 22 as you don't get housing until you are homeless. Link to comment Share on other sites More sharing options...
CTID Posted February 21, 2008 Share Posted February 21, 2008 i think it's dougie mcdonalds fault Link to comment Share on other sites More sharing options...
djf Posted February 21, 2008 Share Posted February 21, 2008 Has he spoken with CAB or CCCS? The cutting down of the bankruptcy lengths was one of the stupidest decisions in financial history as far as i'm concerned. Link to comment Share on other sites More sharing options...
belly Posted February 21, 2008 Share Posted February 21, 2008 Aye, no wonder Northern Rocks in such a bad way Thing is though a good few years back, you couldn't get credit with the Northern Rock unless you had an "A1" credit history, any blemish at all and they refused you point blank. Link to comment Share on other sites More sharing options...
The Old Tolbooth Posted February 21, 2008 Share Posted February 21, 2008 Thing is though a good few years back, you couldn't get credit with the Northern Rock unless you had an "A1" credit history, any blemish at all and they refused you point blank. And now because of their greed they are back to square one, sad really. Link to comment Share on other sites More sharing options...
Ivan Drago Posted February 22, 2008 Share Posted February 22, 2008 Craig Levein was once made homeless, but he built a castle out of a mixture ofchewing gum he found stuck to the pavement, his own faeces, and twigs. He sometimes invites Robbie Neilson round for tea an afterwards they play Mousetrap and eat marzipan. Link to comment Share on other sites More sharing options...
JT1 Posted February 22, 2008 Share Posted February 22, 2008 In this case, avoid transferring assets - both parties could face jail for fraud!! Bankruptcy stays with you for life - you always have to declare it even when applying for jobs! You can forget credit ever! A Trust Deed (Scotland) (pay 3rd party for 3 years)/I.V.A. (England) (pay 3rd party for 5 years) should also be avoided, if possible. You have to sell all houses/cars/goods over a certain value, pay 3rd party any bonuses/overtime during the period + it still appears on your credit report for years after the payment period (you pay all your disposable income to that 3rd party). Most of the debt is written off - but the stigma is with you for years. You can forget credit while it is on your credit report. Best advice I could give is be straight with your creditors. It is in both sides' interests to allow you to pay everything back over a long period. Link to comment Share on other sites More sharing options...
Chip Douglas Posted February 22, 2008 Share Posted February 22, 2008 Any attempt to transfer assets in the short term will be challenged by the trustee in sequestration unless the assets are sold for value. Not a clever move. Link to comment Share on other sites More sharing options...
Shaggy2 Posted February 22, 2008 Share Posted February 22, 2008 People need help for different reasons. Some smoke, some drink, some can't handle money. I fall into the third category by my own admission. I know I feel I wasn't educated enough in my teens/early 20's to deal with the outbreak of junk mail that suddenly started appearing offering me ?'000's right away. I can still remember when I was a kid it was Access or Amex and nothing else could get you in debt and you needed to be pretty much middle class to get a card! Bloody tories and their free for all!!! I did economics at school but I didn't realise that I was supposed to utilise my knowledge of how to work out the Gross National Product of Bolivia in order to work out the knock on effect of accepting the offer of a car, holiday, loads of nights out and material objects when I was younger and more reckless It's only now that (i hear) schools are trying to educate kids not to spend unless they have it. I bet that's only because the government has only started to realise what a mess the last 20 years has got this country in. Believe me, my youth has had a knock on effect (I'm 35 now) and I still struggle badly from time to time. As it stands I won't be debt free 'til I'm 40. I'm self employed and if I can't work I'll be fecked big time. I agree people should take responsibility for their own actions but it takes the banks to say yes to you. I mean if you thought you could get ?1m just by asking you would, wouldn't you??? I've also been economical with the truth as far as earnings/outgoings are concerned. The figures could have been verified easily but the banks were so greedy they didn't even check! My fault? Yes, to an extent, but it could have easily been spotted by pressing a button on a keyboard. Banks and other financial institutions MUST take their share of the blame for their greed (as has been alluded to with NR). The difference with the banks is they can afford to turn the screw or legally screw the punter for their decisions. Link to comment Share on other sites More sharing options...
brellierlegend Posted February 22, 2008 Share Posted February 22, 2008 Agree with Coppercrutch here! This guys mate is everything that is wrong with this country. People are wreckless and need everything straight away. They then wake up one day barely being able to afford the interest on all the debts they have and try to play the get out of jail free card like this guy. The banks should also share some of the blame as it seems that credit cards just get handed out ridiculously easilly! Link to comment Share on other sites More sharing options...
super_vlad Posted February 22, 2008 Share Posted February 22, 2008 People need help for different reasons. Some smoke, some drink, some can't handle money. I fall into the third category by my own admission. I know I feel I wasn't educated enough in my teens/early 20's to deal with the outbreak of junk mail that suddenly started appearing offering me ?'000's right away. I can still remember when I was a kid it was Access or Amex and nothing else could get you in debt and you needed to be pretty much middle class to get a card! Bloody tories and their free for all!!! I did economics at school but I didn't realise that I was supposed to utilise my knowledge of how to work out the Gross National Product of Bolivia in order to work out the knock on effect of accepting the offer of a car, holiday, loads of nights out and material objects when I was younger and more reckless It's only now that (i hear) schools are trying to educate kids not to spend unless they have it. I bet that's only because the government has only started to realise what a mess the last 20 years has got this country in. Believe me, my youth has had a knock on effect (I'm 35 now) and I still struggle badly from time to time. As it stands I won't be debt free 'til I'm 40. I'm self employed and if I can't work I'll be fecked big time. I agree people should take responsibility for their own actions but it takes the banks to say yes to you. I mean if you thought you could get ?1m just by asking you would, wouldn't you??? I've also been economical with the truth as far as earnings/outgoings are concerned. The figures could have been verified easily but the banks were so greedy they didn't even check! My fault? Yes, to an extent, but it could have easily been spotted by pressing a button on a keyboard. Banks and other financial institutions MUST take their share of the blame for their greed (as has been alluded to with NR). The difference with the banks is they can afford to turn the screw or legally screw the punter for their decisions. I argee with you mate, fell into the trap myself. I thought i was smart opening accounts on the same day and getting loans approved on the same day, without thinking. I thought once i left uni and got a proper job i would be fine. Never thought i would get paid peanuts for doing a professional job. Anyway i had to give up the job because i knew i would make more money being self employed, this means i work 7 days a week ! BUt i've paid off all my debts within a year so i'm no longer thinking about paying in money every week any more. I think the point is that if it is on offer people will go for it, and the people most at risk are students who get by on peanuts and then have banks waving large overdrafts in front of them, to get them to bank with them. If the goverment is serious about dealing with this problem, then all they need to so is raise the age limit for credit, 18 is too young for people to make the right choice in terms of borrowing money, also the govt. could set limits of borrowing that you can take out under a certain age. Link to comment Share on other sites More sharing options...
Maximus Posted February 22, 2008 Share Posted February 22, 2008 I'll tell you what is wrong with this country, and the rest of the 'developed world' it's companies like British Gas casually STEALING money from people to make disgusting profits because they have they have their customers over a barrel, AND THEY GET AWAY WITH IT! Link to comment Share on other sites More sharing options...
Therapist Posted February 22, 2008 Share Posted February 22, 2008 try to play the get out of jail free card like this guy. The concensus on here is that the proposed transfer of assets would not allow this chap to escape the clutches of his creditors, so you don't have to worry. And bankruptcy is certainly not getting off scot free as it has life-long implications. Regarding Shaggy's point, I have a lot of sympathy for that. I have had to bail my son out of financial problems because lenders - usually not the mainstream banks - aggressively and wrecklessly push their services. He shouldn't have taken on the loans, but when you're 19 and trying to be a player in terms of cars, clothes etc it's all too easy to get carried away. Incidentally, he used my address on the loan application forms even although he wasn't living with me. A simple check of the electoral register would have told the lenders something was amiss. I don't think anyone would class that as responsible lending. Link to comment Share on other sites More sharing options...
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