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BankruptC
Senior Member
1030 Posts |
 Posted - 15 July 2008 : 20:33:17
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Hi all,
We've received our forms today from the court, although I think we'll fill them in online anyway. In the notes, it says, 'You must disclose all your assets. If you fail to do so, you could be committing a criminal offence for which you could be prosicuted.' Fair enough.
Then in the guide to assets, it says that we don't need to list assets 'unless they are of particular value'.
What does this mean? We want to be honest and list the assets we need to list, but what kind of value do the items need to be?
Can anyone shed any light?
Thanks,
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 July 2008 : 20:36:42
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I usually apply a common sense approach to this query, in that most domestic assets are generally worth very little second hand. It is probably not necessary to list anything of value less than £500, and remember that your furniture and fixtures are exempt in any case unless they are of antique or high value.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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BankruptC
Senior Member
1030 Posts |
Posted - 15 July 2008 : 20:40:55
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Thanks Melanie,
So I presume when you mention the £500 you mean worth £500 now and not when we bought it? For example we bought a TV 2 years ago for £1200, but the same model can now be bought new for £600 so our second-hand model would now be worth much less than £500. Should this be listed?
Thanks again,
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 July 2008 : 20:54:49
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Yes - current values are to be used on your application form. I personally would not bother listing the TV.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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BankruptC
Senior Member
1030 Posts |
Posted - 15 July 2008 : 20:59:23
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Thanks again Melanie,
We don't think we'll have anything to list then! Will that seem strange to them? The TV is probably the most expensive thing we own, other than our wedding/engagement rings, but even they were bought for less than the TV and longer ago!
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Trolly-Dolly
Average Member
591 Posts |
Posted - 15 July 2008 : 21:25:40
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We are the same. I've gone round the house with a fine tooth comb and there is nothing worth much! The most would be our sofa, but people dont tend to pay much more than £200 second hand. Its a relief really, not great for the creditors, but good for us. The OR will look at our statements and see what the credit was spent on, small things and petrol, food and bills.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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melanie_giles
Senior Member
1191 Posts |
Posted - 15 July 2008 : 23:52:52
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Most people don't list any of their domestic assets to be honest, so I am sure that will be fine.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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BankruptC
Senior Member
1030 Posts |
Posted - 16 July 2008 : 07:08:25
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OK thanks. So most people just list cars and property? Should we not bother listing the wedding rings either?
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liney30
Junior Member
193 Posts |
Posted - 16 July 2008 : 19:41:42
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Hi
I just wrote general household furniture and put a total of 1500 but included everything like tv, fridge, cooker, washing machine etc. i hope this was ok. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 16 July 2008 : 22:56:16
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No need to list the wedding rings unless they are of exceptional value.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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What is 'particular value'??
