Update on this. He has been found out hiding this asset.

He quite openly told me how it came about. He done a transfer from French bank where his rental income goes into, to UK bank and out to another account he has, thinking it was outside his review period. As every review is not always carried out at the same time they found it. Done further investigations and found his property advertised online.

Although I was seething about his attitude to hiding this large asset, I am not the type of person to get involved in others lives, thinking that karma comes to all at some point.
He is not sure what they will do now, he had been trying to sell it to no avail.

Interested to what they can do as its an overseas property?

If only he had told them at the beginning the property would have covered his debts and left a chunk of cash left over, he was unashamed by his deception, trying to keep hold of it and write of all his UK debts with the TD.

Hi twizzle.

I hesitate to say "good", no... actually that is good. For debt arrangements to be trusted by creditors there needs to be goodwill on both sides and mechanisms to catch cheats out. If they're not trusted by creditors then honest people who've got into a tough position will end up being the people who lose out the most.

Sounds like he could end up losing the asset, fully repaying his debts, paying some interest on top, and paying his trustees fees and costs.

Ouch.

I imagine he may well find himself being made bankrupt too in order to make it easier for the Trustee to take control of this property and sell it.

I agree with you, Trust Deed Assistant - when people try and cheat the system in the long run it just makes it tougher for genuine people to get the help they need.

And that is what you call karma!

This has made my Friday afternoon.

[:D][:D][:D][:D]