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| T O P I C R E V I E W |
| BankruptC |
Posted - 10 July 2008 : 23:23:22
Hi all,
This is my first post on here although I have posted previously on iva.co.uk as my wife and I initially thought this would be the route we would follow.
After a telephone conversation tonight with Tina from Melanie's team, however, it looks as though bankruptcy is our only option. My wife is extremely worried about this as she is a teacher and is very worried pupils/parents may well find out and it could affect her work. Are there any other teachers out there who can offer her some sort of reassurance?
Also, I'm not 100% sure what we need to do now with regards to our creditors. Do we not pay anything at all and explain our position? Obviously we still need to pay the mortgage and secured loan, but what about HP on the car, for example? I've seen some posts which mention 'preferential payments', but am confused as to what these are. Could anyone shed some light on this for us please?
Thank you so much in advance. I look forward to getting to know you in the next year (or so!), although I wish it were in more pleasant circumstances!
Thanks again,
I |
| 10 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 11 July 2008 : 10:24:51
Great advice!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Suzanne |
Posted - 11 July 2008 : 09:52:05
No, this is just selling a vehicle for its worth, and the money was used to buy another so you didn't dissipate an asset.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 11 July 2008 : 09:46:56
Thanks so much, Suzanne. We'll speak to our HP company. I've just read about assets you have sold in the past 5 years being checked and potentially seized.
4 yrs ago we had a car and looked into part exing it for a bigger family car. When we got the part exchange figure for it, we sold it to a friend of ours for the same value and used the money as a deposit for the new car. Surely this wouldn't be seen as trying to sell an asset before BR and be seized from our friend?
Thanks again,
I |
| Suzanne |
Posted - 11 July 2008 : 09:39:15
Hi ians
As long as you are able to maintain the repayments and the HP company is happy for you to continue, the OR would not have an issue with it, especially as it is needed for work. I would imagine it is in negative equity so they will disclaim it. You will need to be in touch with the HP company to let them know you wish to continue the agreement.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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| BankruptC |
Posted - 11 July 2008 : 09:23:07
Thanks Melanie,
I too would be interested to see what Suzanne has to say. The insight of people on these forums is absolutely invaluable! I'm so glad I found you all!
I |
| melanie_giles |
Posted - 11 July 2008 : 08:26:15
You will have to wait until you are bankrupt and discuss this with your examiner at the time. I see that Suzanne has logged on this morning. She used to be an OR examiner, so it will be interesting to see what she has to say.
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 |
| BankruptC |
Posted - 11 July 2008 : 00:16:23
Hi Melanie,
Yes, we would be able to afford to continue to make the payments on the car. There is nobody we could ask to lend us the money for another car and without the car, I cannot get to work and back. Is this a worry?
I |
| melanie_giles |
Posted - 11 July 2008 : 00:06:52
So there is approximately £15,000 still owing on the car, and presumably it is not worth that much? Can you afford to make the ongoing payments? If so, it is worth putting a case forward to both the OR and the finance company that you be allowed to continue to make the payments on grounds that the car is essential.
If this is not acceptable, is there anyone who could lend you the money to buy a cheap modest car to tide you over until you get back on your feet? Or who could take over the HP payments for you?
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 |
| BankruptC |
Posted - 10 July 2008 : 23:54:26
Hi Melanie,
Thank you so much indeed for your continued support on both forums. You are making us feel better and better about this with your every reply and your knowledge seems limitless. I don't suppose you can tell us Saturday's lotto numbers at all?! No? Ah well, worth a shot! 
About the possibility of keeping the car, I am hoping the following details will help you to give us more of an idea of how feasible this would be (although i do appreciate you need to sleep sometime!)
Car purchase price: £15995
Deposit: Approx £3000
HP agreement: 60 payments of £216 with a balloon payment of approx £5000 at end of term
We have made 16 payments so far.
Thanks again Melanie!
I |
| melanie_giles |
Posted - 10 July 2008 : 23:33:38
Hi there and welcome to this forum
Sorry that an IVA was not suitable for you. I undertand the reasons why.
At the moment you are considering your options, and would be wise to contact your creditors to tell them your circumstances and advise them that you have no money available to make any form of payment. As Tina will have mentioned, bankruptcy applications cost £495 for each applicant, so this will have to be found and paid in cash at the Court if this is the route you decide to take.
It is fine to continue paying the HP payments on the car, as presumably this is needed for transport to and from work. Depending on the value of the vehicle, and the amount outstanding on the HP agreement, it is possible that you may be allowed to keep this, so long as the HP company agrees. Paying your car HP would in no way be deemed to be a preference payment.
Good luck along the way, and I am sure that you will draw much support from the many posters on this particular forum.
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 |
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