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| AFCHomerJ |
Posted - 09 July 2008 : 20:19:26
Hi all
For far too long now I have been blithely ignoring letters. If I do not know the number calling I never answer the phone. And I have finally decided enough is enough. I have spoken to an IVA specialist who has informed me that my only real option is bankruptcy. Tis hardly a surprise to be honest. I have barely paid a penny towards my debts for a considerable period of time, and it was only a recent order to attend court over a CCJ (or face 14 days in Pentonville!) which made me finally wake up and realise I need to sort this out.
N0 disposable income, and over £115k in unsecured debts. I suppose I could blame the banks that were willing to lend me so much money - but my heart is not in it. I did not have to apply, or gamble, or lose my job, or ruin my marriage.
So, BR it is then, I have so many questions, concerns and worries I barely know where to start. I am hoping to get a call from a BR specialist tomorrow which may answer some of them, but a second opinion can only be useful, right?
For example, if one of my creditors declares me BR, do I still have to pay the court fees? It would be so much easier if I did not have to find that £500.
How will my employer react? Do I even tell them? I am not in a profession or industry where disclosure is required, so I think maybe I shouldn't. But then I hear that my tax code will be modified - so surely they'll find out anyway! I don't think they'll care particularly, but I have no idea how to even broach the subject.
What are acceptable allowances? What are reasonable expenses? I do not own a car, or any antiques or valuables. I used to own a property with my ex-wife, but that was 5 years ago. There may have been equity in the property - but I never really helped with the mortgage, and I left her with a huge chunk of debts anyway. But I still have concerns that she may be affected, and I cannot have that as my kide live there.
According to my IVA specialist I have -£15 per month in disposable income and that includes no debt payments! My sister, somewhat foolishly, took out a loan on my behalf earlier this year, and I am paying her back quite well. On the understanding if I dont I'll be dead anyway. But do I declare that? Or do I maximise my allowances elsewhere, and then economise so that I have the money to pay her? After maintenance for my kidds, that is my number one priority.
It's so hard. I want to be honest with the OR, but I cannot let my sister down. It would not be hard to find me as I live next door!
There are so many thoughts running around in my head at the moment I am dizzy - I need this to stop. But I cannot sacrifice my sister to make it happen. Perhaps I can convince my employer to give me a pay rise - delivered in a brown envelope once a month!
Anyway, thanks for listening. Tis a relief to talk to someone.
Homer
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| 3 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 09 July 2008 : 21:24:41
There is only one way to deal with a bankruptcy application properly, and that is to be honest and upfront about everything. With regard to "allowances", you should merely put down what you actually spend, and let the OR tell you whether they think your figures are reasonable or not. If you have already taken professional advice, and this has disclosed a disposable income of only £15 per month, it is unlikely that you will have to make any ongoing payments to your Trustee - but you will not be permitted to pay your sister's loan which will be written off under the bankruptcy proceedings.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| AFCHomerJ |
Posted - 09 July 2008 : 20:41:27
Hi rollercoaster
Thanks for the reply - tis nice to know people are listening! I have looked around at various sites, and then I downloaded the forms required - to say they are a tad complicated is putting it mildly! I take your point about them or me declaring - £500 or who knows how many more months of worry. I know that my sister is liable, which is why I am tempted to not declare it - not in my name they do not need to know! |
| rollercoaster |
Posted - 09 July 2008 : 20:35:56
welcome homer, my OH and I are only in the initial stages of BR but i have researched it quite well following an IVA failure. I am no expert but i will try, an expert will be along to confirm.
1. i beleive that if a creditor persues bankruptcy then this saves you the fee. However how long will they take?
2. you are correct in thinking that nil tax code can filter through. i sought advice from a few trusted seniors at my workplace then told them outright of my intentions, they were very supportive, HOWEVER, i would check with your HR dept anon if job is at risk when BR.
3. Allowances. Be very honest and realistic, the OR will adjust these if they feel they are not reasonable.
4. Not entirely sure about loan. i have a feeling that if the loan is in your sisters name then she is liable for the debt. could be wrong.
You must be honest with the OR.
the very best of luck. P.S. there are many respected professionals on this site that can and will give you Stirling advice, you are in the right place. xx |
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