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peachie
Starting Member
3 Posts |
 Posted - 01 November 2008 : 08:55:21
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Hi everyone
my partner and I are currently considerdering BR, after being told an IVA prob wont get accepted due to a blackhorse loan of 11000 being 39% of our debt and a few other things... anyway we've been looking into other options, spoke to the br helpline and think thia is the best option for us as we live in rented property.
The only thing is that one of my debts,a loan OB 5500, is being paid by my mum and dad. when i split with my husband 12 months ago he agreed that as all debts incurred while we were together were in my name that i could sell his car to pay his half of them. after advertising the car for three months and no buyers my mum and dad came to rescue and said that they would take the car and then in turn pay my loan payment for me. Now the loan is still in my name, but the direct debit comes from dads account, the car was never reg to me as it was my husbands, is the car at risk of being taken? and what do i say on forms etc about the loan? shall i be honest and risk my mum and dad's car being taken, plus them losing out on the 12 months payments they have made? or do i say they have just been paying it for me as i've been struggling? I really dont want to get my parents involved in all of this as they have enough problms of their own at the min, and have been so good to me over the past few years :( |
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huntersrishon
Junior Member
189 Posts |
Posted - 01 November 2008 : 09:12:11
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Hi Peachie
A warm welcome to you.
I am no expert but as the car is not and never was in your name and you and your husband are seperated this should not be an issue. If he was going BR it would be a different story. As for your parents paying the loan I do not think the OR knows or cares who pays your creditors. You just put all your creditors on your BR forms - I would say if anything if and when you go BR if you have no disposable income you will not be expected to pay anything - and once BR that would include the loan. Most people cease paying everything a month or two prior to BR to save for the BR fees.
I hope this info helps.
Dee  |
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peachie
Starting Member
3 Posts |
Posted - 01 November 2008 : 09:43:52
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Thanks for reply Dee, feel a bit better now, after dreaming about the car eing towed away last night lol
sorry to be asking q's again ...
what should we be doing/done b4 putting in for BR? we've until now paid DD's every month, a few missed/late payments but nothing major. obviously we've considered IVA but have been told this is not viable, also considered DMP but wold take about 15 years to pay off, so never went down that route. When an OR looks at the case will he have expeted us to try DMP first? or should we have wrote to creditors to say we are now having difficulty? Hope this makes sense :) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 November 2008 : 09:49:01
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Hi Peachie
When you fill out the forms and eventually talk to the OR they will want to know what the loan was for ( car purchase) and obviously this needs to be explained.
was the car on a loan / HP or was the car purchased for cash and your parents are simply helping by paying a loan.
You might do well to have a longer conversation with an expert to get things in the right time line and start to plan what you need to do and when.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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huntersrishon
Junior Member
189 Posts |
Posted - 01 November 2008 : 09:51:17
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Hi Peachie
It seems everone does it differently - we had never missed a payment on anything etc - OH was made redundant and we realised we would not be able to pay everything. We only missed 1 month - 6 weeks on creditors before going BR (only 9 days ago!!) It depends which way you want to go - I know I could not handle creditors on the phone for months so we have done it quite quickly compared to most. It depends aswell if you own your house, what equity is in it if any, there is quite a bit more to consider if you do. If you want to keep it etc.
Dee |
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huntersrishon
Junior Member
189 Posts |
Posted - 01 November 2008 : 09:53:49
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Hi Peachie
I see Paul is around replying to posts.
He is one of the experts and will be able to answer questions.
Dee |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 01 November 2008 : 10:05:10
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Hi Peachie
And Welcome to you. I would def give someone a call and get a plan of action together.
It is all so dependent on your individual circumstances and thats where some proper advice is needed and very much so.
Just keep on posting and between us we will answer them for you but i do feel that your first port of call would be to speak to a prof adviser and then work your plan out.
Best of luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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peachie
Starting Member
3 Posts |
Posted - 01 November 2008 : 10:14:13
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Thanks all ...
The loan was taken out to pay some credit card debts/ OD and also to buy the car, its a personal loan not HP.
Where do we find someone to talk to about all this properly? Jo mentions a professional, will this involve lots of fees as we are struggling to pay the rent let alone an advisor :( |
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huntersrishon
Junior Member
189 Posts |
Posted - 01 November 2008 : 10:19:58
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Hi Peachie
The telephone number is on this forum it is 0800 078 9367
Dee |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 01 November 2008 : 10:21:39
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Hi Peachie
The freephone helpline which is 0800 078 9367 is a start or you can look at the experts on the left side and try Paul.
I would give someone a call and the advice is free and worth it.
So many questions are going on in your head and you need to know what to do and for the best.
They will get back to you so leave a name and a number and bare with them as you can well imagine the helplines are very busy as there are loads of BR etc going on and lots of people need advice right now.
Best of luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 November 2008 : 11:32:02
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Hi Peachie
don't be worried to call either the helpline or Reviva as it never costs anything to talk. We even call you back.
Sometimes all you need is some peace of mind and a chat to make sure you are on the right road and going about things in the right order.
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 01 November 2008 : 11:50:44
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Hi Peachie
I can recommend a chat with Paul at Reviva, I got a call back very shortly after i sent my details.
It really will put your mind at ease
Good luck
xx
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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considering BR need advice pls
