Reply to: Racking up debts before you die

[TheFaQQer]

Having just checked with our friendly local insolvency practitioner we can confirm that the period transactions can be reversed for is five years for individual bankruptcies and insolvent estates and two years in the case of limited entities.

Yep - I'm getting confused with asset transfers for IHT.

[Safe Collections]

I thought it was seven years, not five?

Having just checked with our friendly local insolvency practitioner we can confirm that the period transactions can be reversed for is five years for individual bankruptcies and insolvent estates and two years in the case of limited entities.

[TheFaQQer]

Any assets would need to have been transferred away at least five years prior to death to avoid the possibility of being recouped.

I thought it was seven years, not five?

[BolshieBastard]

Of course you could take a loan and hide it in an offshore account, apparently you can set those up at high street banks these days...

LOL. I heard HSBC were the bank that likes to say yes.

[Safe Collections]

Yeah but a person doing this will probably have already distributed their estate so to hang this one on the "man"

Any assets would need to have been transferred away at least five years prior to death to avoid the possibility of being recouped.

Of course you could take a loan and hide it in an offshore account, apparently you can set those up at high street banks these days...

[tractor]

.....

Intestate? Why does the location of your gonads have any affect on this?

Well, most of us with the exception of Brillo know the location but his appear to have split up.

[GlenW]

Funny thing is that if you die intestate, the state will take all your assets but they won't pay all your debts if the balance is negative

Intestate? Why does the location of your gonads have any affect on this?

[tractor]

.....

Funny thing is that if you die intestate, the state will take all your assets but they won't pay all your debts if the balance is negative

[Unix]

Sorry folks but the debt doesn't die when you do, it becomes part of your estate.

https://www.moneyadviceservice.org.u...e-who-has-died

Even if you take a loan and then give it away immediately it is possible for a creditor to claim it is an attempt to avoid payment to creditors and take steps to have those funds repaid to the estate for distribution to creditors.

Just so you know

Yeah but a person doing this will probably have already distributed their estate so to hang this one on the "man"

[GlenW]

Sorry folks but the debt doesn't die when you do, it becomes part of your estate.

https://www.moneyadviceservice.org.u...e-who-has-died

Even if you take a loan and then give it away immediately it is possible for a creditor to claim it is an attempt to avoid payment to creditors and take steps to have those funds repaid to the estate for distribution to creditors.

Just so you know

But we'll be dead by then and not give a ****.

[Safe Collections]

Sorry folks but the debt doesn't die when you do, it becomes part of your estate.

https://www.moneyadviceservice.org.u...e-who-has-died

Even if you take a loan and then give it away immediately it is possible for a creditor to claim it is an attempt to avoid payment to creditors and take steps to have those funds repaid to the estate for distribution to creditors.

Just so you know

[AMH]

no doubt there is some law allowing companies to claw money back if it is proven they done it knowingly.

[rsingh]

If you die in debt, you have made a profit in life. Not sure where I read that. ..

[AMH]

hmmm given the current cost of a funeral I would imagine a Wonga loan would probably not actually cover it...

better getting a funeral plan

i remember the co-op funeral documentary on tv a few years ago. I wouldn't let them bury my dog.

[ASB]

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