| T O P I C R E V I E W |
| acm |
Posted - 13 March 2009 : 21:08:48
Could one of the experts please give me a legal answer? I have declared in my SOA several family members and friends as creditors. I have not listed anyone by name and any money that was settled was done in cash. I believe from my previous post that I stand a good chance of getting a BRO/BRU. If this is going to happen then why do I not just declare one person as being the creditor and prevent the OR contacting several family members. One of which is my Aunt in poor health and only on a pension. The one person I was thinking of could not repay any money to the OR and is on low wages. If that person refuses to give the OR any money then what are the legal implications to that person. I am not concerned of the consequences to me only to family and friends. Many thanks. |
| 6 L A T E S T R E P L I E S (Newest First) |
| acm |
Posted - 14 March 2009 : 11:47:42
John
Also on this point, as I pointed out the money repaid was in cash, If I refuse to name my family to them, then what is the worst that can happen to me. Please bear in mind my income is very low with little or no chance of it improving so I would be unable to pay any money to the OR. I can also prove that in the last 2 financial years I have cleared approx £7K in total.
Regards
Andy |
| acm |
Posted - 14 March 2009 : 11:26:24
Hi John
I would appreciate a brief chat if that is ok with you. Am not sure how we do this without disclosing details openly on here.
Kind regards
Andy |
| John |
Posted - 14 March 2009 : 08:41:10
Hi acm
I have just read the content of your previous thread which has given me a better understanding of the the sequence of events over the last 2 years including the fact that the preferred payments were made quite recently. This sheds a slightly different light on things and I now see that the last paragraph of my previous post above would not apply.
I grant you it is a dilemma and completely understand why after all the loving support your family gave you why you would feel compelled to repay them on receipt of the lump sum late last year.
I think a short chat is in order if you are of a mind. I don't advertise my business number on the site so if you would like to discuss this please indicate as much on here and we'll arrange something.
John White
England Jackman & Spacey |
| John |
Posted - 14 March 2009 : 00:38:13
Hi
with a reasonable percentage of what is now your outstanding debt having been repaid in cash the OR has the legal power to recover the preferred payments from the recipients which could include the seizure of assets if necessary.
Where someone is approached by the OR as a declared preferred creditor, the payment had been made in cash and they have no means to raise the sum they could ask you, the OR or both to prove that the preferred payment was actually made.
Something for you to consider but difficult to prove:- it is only considered a preferred payment in bankruptcy if at the time the repayment was made you and / or the recipient were aware that you would become bankrupt in the near future.
John White
England Jackman & Spacey |
| acm |
Posted - 14 March 2009 : 00:05:05
Hi John
The payments I made back to family and friends totalled £7200 which was borrowed over a two year period. The total debts I have outstanding total £57,000.
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| John |
Posted - 13 March 2009 : 21:43:09
Hi
May I ask how much your total debt would have been if you had not made any of the preferred payments and how much the preferred payments totalled.
John White
England Jackman & Spacey |
