The GOODF Approach
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» The infamous DP continus
by urchinatheart Yesterday at 3:01 pm

» Call to the DVLA
by urchinatheart Yesterday at 2:36 pm

» BEWARE OF TSB BANK
by daveiron Sun Mar 17, 2024 6:53 am

» SAR dispute
by RaspberryBlu Sat Mar 16, 2024 7:18 pm

» Help / Advice needed on ongoing neighbour harassment
by memegirl777 Sat Mar 16, 2024 5:51 pm

» United Kingdom? Really?
by assassin Sat Mar 16, 2024 4:17 pm

» DWP and HMRC alleged debts
by assassin Wed Mar 13, 2024 7:20 pm

» Serial Posty been awarded £10'000 for a fake bite
by memegirl777 Wed Mar 13, 2024 3:05 pm

» HSBC advice please.
by Trishiapp28 Wed Mar 13, 2024 7:36 am

» He is going to save us again
by flyingfish Sun Mar 10, 2024 12:00 pm

» Government fraud
by midnight Sun Mar 10, 2024 7:01 am

» THIS IS THE ONE ?
by daveiron Sun Mar 10, 2024 3:45 am

» how to remove a shareholder?
by scrwm Fri Mar 08, 2024 12:06 pm

» I DO NOT CONSENT [62%] - ReformUK got 5% of the electorate. Labour 17%
by badvoc Thu Mar 07, 2024 12:25 pm

» What can ai do about Santander
by Godfastro Thu Mar 07, 2024 11:47 am

» Useful videos Council Tax
by daveiron Tue Mar 05, 2024 10:05 pm

» broadcaster vs me
by scrwm Tue Mar 05, 2024 4:37 pm

» The new GOODF process works
by urchinatheart Tue Mar 05, 2024 10:45 am

» Worth a watch
by LionsShare Tue Mar 05, 2024 9:11 am

» Farmers IsThis What's Needed?
by LionsShare Mon Mar 04, 2024 8:46 pm

» Debt Bomb 11
by Biggiebest Sun Mar 03, 2024 10:05 pm

» accepted dca alleged debt
by Mrblue2015 Sun Mar 03, 2024 5:09 pm

» DVLA
by daveiron Fri Mar 01, 2024 9:20 pm

» Solicitors contacted me via e-mail asking for money.
by Kaddabriol Thu Feb 29, 2024 2:12 pm

» Claiming again
by LionsShare Thu Feb 29, 2024 11:07 am

» Useful Utility Vids
by LionsShare Wed Feb 28, 2024 1:59 pm

» what the bank of england runs the country?
by LionsShare Mon Feb 26, 2024 3:54 pm

» know who you are volume ??
by LionsShare Mon Feb 26, 2024 12:19 pm

» New Member
by daveiron Mon Feb 26, 2024 11:55 am

» Learning New Skills _Pt 2 Buying Tools
by assassin Mon Feb 26, 2024 4:35 am

» Learning New Skills _Pt 2 Buying Tools
by assassin Mon Feb 26, 2024 4:33 am

» Learning new Skills Part 1
by assassin Mon Feb 26, 2024 4:27 am

» General Equity?
by LionsShare Tue Feb 20, 2024 7:03 pm

» Visit by appointment notice
by Moonbabymum Tue Feb 20, 2024 4:37 pm

» Discussion on Info'd Vids
by LionsShare Tue Feb 13, 2024 11:52 am

» debts loans mortgages etc (tear off slips?)
by LionsShare Mon Feb 12, 2024 3:54 pm

» Quick one
by Lopsum Sun Feb 11, 2024 6:03 pm

» debt settlement payoff
by daveiron Sat Feb 10, 2024 10:58 pm

» Council tax and summons for arrest
by LionsShare Fri Feb 09, 2024 2:17 pm

» Council Tax (getting answers)
by LionsShare Fri Feb 09, 2024 12:57 pm

» council tax 1st of april
by daveiron Sun Feb 04, 2024 9:46 pm

» DSAR
by daveiron Sun Feb 04, 2024 9:28 pm

» Warning about a previous post
by Mrblue2015 Sat Feb 03, 2024 5:10 pm

» Please leave a comment on this site
by daveiron Fri Feb 02, 2024 10:01 pm

» Lithiun Battery Dangers
by badvoc Fri Feb 02, 2024 1:52 pm

» its a trap
by LionsShare Thu Feb 01, 2024 9:49 am

» Car In Trust
by LionsShare Tue Jan 30, 2024 3:05 pm

» Honest Nottingham Po-lice
by assassin Sat Jan 27, 2024 4:11 am

» Why you rebut a complaint
by assassin Sat Jan 27, 2024 4:05 am

» Village Winter
by assassin Sat Jan 27, 2024 4:03 am

» Sand Batteries
by assassin Tue Jan 23, 2024 5:45 pm

» Hoist Portfolio Holding Limited
by Indebttoo Mon Jan 22, 2024 11:03 pm

» Occupier
by assassin Sun Jan 21, 2024 5:27 pm

» Electric Vehicles
by assassin Sun Jan 21, 2024 4:54 pm

» *** URGENT *** PLEASE HELP
by daveiron Fri Jan 19, 2024 10:02 pm

Moon phases


Ways of protecting assets from creditors

5 posters

Go down

Ways of protecting assets from creditors Empty Ways of protecting assets from creditors

Post by Jan Mon Oct 15, 2018 1:31 pm

I'm considering starting the 3 letter process but I'm worried about what might happen.

Is there any way of protecting assets - I own my own home plus own another property in which my daughter and grandaughter live - the combined equity in both properties is less than the total amount I allegedly owe (which is around 50K spread over a few different credit cards).

Even if I was able to sell both properties and use the proceeds to pay off part of the alleged credit card debt of 50K, I'd still be left with around 20K of alleged credit card debt and I think I would struggle to find anywhere to rent, given that I am on a very low income and of course my credit score is very poor, plus I think my daughter would also struggle to find anywhere to rent for the same reasons.

Any advice would be greatly appreciated, thank you.

Jan
Newb
Newb

Posts : 1
Join date : 2018-10-15

Back to top Go down

Ways of protecting assets from creditors Empty Re: Ways of protecting assets from creditors

Post by Stevro Tue Oct 16, 2018 1:54 am

I have heard of the protection offered by trusts, but it may be too late for you unfortunately...

'One of the reasons for setting up a trust is to set aside property as separate from one’s personal assets. One of the benefits of this is that assets which are held in a trust are protected from creditors, for example should the settlor become insolvent or be declared bankrupt. However, there are limits on such protection as explained below.

A recent BBC Panorama programme highlighted that bankruptcy isn't always what it seems. Some of Britain's biggest bankrupts are going to great lengths to hide their money while declaring themselves bankrupt to escape their debts. Doubtless, some of the ways of hiding money involves trusts. Sometimes a “proper” trust may be created but with the specific intention of avoiding creditors; in other cases there may only be an appearance of a trust. In other words, there may be a sham. In either case the Courts are likely to set such a trust aside. All financial advisers need to be aware of when this can happen.

Trusts and protection from creditors
It is well known that, for a trust to be legally effective, the settlor must divest himself of the beneficial ownership of the trust property. This is especially important where the settlor is one of the trust beneficiaries or has reserved extensive powers for himself. If the trustees do not assume proper control over the trust property and simply follow the settlor’s instructions, the chances are the trust will be declared to be a sham or a mere illusion (there is only a subtle difference in law between the two). There have been a number of cases where a trust has been declared to be a sham and therefore not valid.

As for trying to avoid creditors, even if a trust is not a sham, there is no absolute protection. Namely, there will be no protection for trust assets if at the time of making the transfer to the trust the settlor is already insolvent (or becomes insolvent as a consequence of the transfer) or the transfer is made with a view to avoiding creditors. The statutory basis for this in England and Wales is in sections 339-423 of the Insolvency Act 1986.

Generally, transfers made more than 5 years before insolvency will be "safe" but there is no time limit if the intention was to defraud creditors.'

Stevro
news worthy
news worthy

Posts : 124
Join date : 2017-08-03

Back to top Go down

Ways of protecting assets from creditors Empty Re: Ways of protecting assets from creditors

Post by Ausk Tue Oct 16, 2018 8:08 am

From what I've read it seems that companies are good way to do it.

Private foundations are another.

Ausk
Moderator
Moderator

Posts : 491
Join date : 2017-06-03

Back to top Go down

The author of this message was banned from the forum - See the message

Ways of protecting assets from creditors Empty Re: Ways of protecting assets from creditors

Post by Lopsum Sun Oct 21, 2018 3:43 pm

"Beware that, when fighting monsters, you yourself do not become a monster."
Lopsum
Lopsum
Admin
Admin

Posts : 2810
Join date : 2017-01-15

https://goodf.forumotion.com

Back to top Go down

Ways of protecting assets from creditors Empty Re: Ways of protecting assets from creditors

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum