Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By chrisdo
#2148 Does anyone know how far back they look into your bank transactions ? My parents paid some money into my bank account this year which I then paid back to them recently. I can't run the risk of them being involved so need to know how far back the OR looks into your bank transactions.
ByDavidc
#2151
chrisdo wrote:Does anyone know how far back they look into your bank transactions ? My parents paid some money into my bank account this year which I then paid back to them recently. I can't run the risk of them being involved so need to know how far back the OR looks into your bank transactions.

As far as they want.....what sort of figure are we talking about and where did the money to repay them come from..ie was it another loan?
David
By chrisdo
#2156 Parents gave me the money to help me buy a house but it all fell through so I just paid the money back to them. Had spent some of it paying bills so had to use some money off credit cards to put into my current account and then transfer it back to parents.
By chrisdo
#2157 Forgot to say how much - it was £10k and I paid £7k back to parents and £3k to my sister with their agreement so she now owes that to them.
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By Nicky
#2162 I wouldn't of thought this would be classed as you money anyway, especially if you didnt spend any of it, and the reason for having the money was to go towards a house that didn't work out so you gave your parents their money back.
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By JaneClack
#2176 Basically the Official Receiver may ask what the money was for - so just tell him the truth. As Nicky says, it was purely a loan that was not used - so repaid. It doesn't mean you have preferentialized your parents as such - if it was given to you 5 years ago and only repaid a couple of months ago so you could go bankrupt, that would be a different matter. The OR can see it come in and go out so it will make no difference. As to checking, he can go back for seven years if he wishes to. He is unlikely to do this unless he thinks something iffy was going on.