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indy2005
Junior Member
458 Posts |
 Posted - 28 May 2009 : 19:19:11
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Hi,
3 years ago I withdrew 65K to pay my creditors (OR has proof). This was my half of the equity (in fact I was only entitled to 57K).
The house was transferred into my wifes name, and I had a declaration of trust drawn up explaining I had withdrawn the interest from my house.
After discharge, I asked the RTLU (having heard nothing about the house), if it was all over. I mentioned the house and all of a sudden they have started looking at it.
They have decided there probably is some beneficial interest, and may now pass out to an independent IP.
I work out my BI as anywhere between 0 and 2.4 K depending which figure I use from the mortgage statement (0 if my wife pays the early redemption). i.e. since April 2006 when I took out my 65K, the capital has come down 5K, of which my half could be 2.5K.
Would they pass out to an IP for such a small amount, if this means that the creditors would receive much less? Or are they thinking of going after half my wifes equity (how can they?).
What is the other impact in going to an IP? Would they be more ruthless in my IPA? If they are, I will simply give up a day a week at work so I dont have to pay anything (whats the point in working 5 days when you can work 4 days for the same money).
Take my advice - dont offer anything to the RTLU. Reply to questions, co-operate, but offer them nothing they dont ask for.
I seem to be doing their job for them.
It would appear the champagne I had after discharge was premature.
Regards
i
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Edited by - indy2005 on 28 May 2009 22:18:32 |
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