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| T O P I C R E V I E W |
| b_n |
Posted - 26 August 2008 : 16:21:26
Hi all,
Here's a difficult one for the experts (or anyone for that matter) ...
I'm considering bankruptcy as my only solution to my debt problem. Unfortunately my employer has warned me that I will be made redundant in the next two or three months. I was also told that, in terms of redundancy pay, I'll only receive the statutory minimum (i.e. 1 week's pay for every year of my employment). I've been employed with them now for 3.5 years so based on that I'll get about a month's salary.
I live alone in a rented flat and have no dependents and not much to loose.
My fear is that, if I don't find another job before I'm made redundant (a real possibility) I'll end up bankrupt, unemployed and homeless all at once.
Any words of advice would be greatly appreciated ...
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| 7 L A T E S T R E P L I E S (Newest First) |
| b_n |
Posted - 27 August 2008 : 21:01:15
Hi Nat,
Unfortunately I have no family in the UK and I couldn't ask my friends to act as guarantors ...
Basically I'll just take a leaf out of your book and wait and see what happens and then cross (or jump off?) that bridge when it comes ...
I just can't see myself waiting out six years for my credit rating to improve so that I can move ... or is there anyone who has successfully moved from one rented accommodation to another with a BR's credit score?
Again thanks for your words of support ...
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| Nat |
Posted - 27 August 2008 : 20:25:06
Hi BN
i know how you feel about the unknown of you being able to continue to rent where you are. I'm going down the BR route and there is the same clause in my tenancy agreement. I'm not going to worry about it until something happens and i am lucky enough to have someone to act as guarator for me if things do get a bit sticky. Do you know anyone who would be willing to act as guarantor if needed?
I'm not entirely sure it would be acceptable to my landlord but it's worth a shot. And the way that i think of it is that so many people have gone through this and still have a roof over their head so it can't be impossible. Just try and be as positive as you can, it will work out in the end |
| jim_h |
Posted - 27 August 2008 : 18:25:27
its a standard clause they have in most rent agreements i told them about my bankruptcy and they said as long as you keep paying you would be allright why would they terminate its to protect them from people running up big debts with there rent and the going bankrupt if you keep paying your rent you should be ok |
| b_n |
Posted - 27 August 2008 : 18:14:35
Hi Julian,
Thanks for that advice ... I forgot about the housing benefit thing ...
But ...
I had a look at my current tenancy agreement and it quite clearly states that if I became bankrupt the landlord would be entitled to terminate the tenancy.
I get the feeling that this clause would appear in every tenancy agreement I enter into and so moving to other rented accommodation before (or after) becoming bankrupt may not help.
Any advice here would be welcome ...
Thanks.
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| JulianDonnelly |
Posted - 27 August 2008 : 13:17:23
Hi BN,
It appears from the information you have provided that BR is a viable option. As soon as the redundancy happens, get down to the council and get housing benefit etc sorted out (if you haven't found work).
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| b_n |
Posted - 26 August 2008 : 17:34:20
Hi Jo,
I've managed to keep up the payments to all my debts (apart from maybe one or two late payments in the past) so I'm not currently in arrears. However I do need to dip into my overdraft every month to do this. But I won't be able to keep this up for much longer even as an employed person let alone when I'm unemployed.
I've looked into IVA's but since I'm single with no dependents and not much to loose, I prefer the certainty of a BR as a solution.
My concern is if I'm made redundant around the time I do go bankrupt. I've no savings or family I can stay with, so redundancy will mean that I won't be able to pay my rent and I'll end up homeless.
Thanks ...
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| Needafriend |
Posted - 26 August 2008 : 16:28:58
Hi BN and poor you.
You are in a right mess at present, not knowing which way to turn right now.
Are you saying you want to look at the BR route or wanting to stop the possibility of it happening to you.
Have you been able to pay your debts up to now and so not in any arrears or any thing at present.
Because your flat is rented then technically you should be ok and not lose your home, most landlords take it with a pinch of salt but you could check your tenancy agreement to see if anything is mentioned about that or call them anonymously and see what the state of play is there.
If you find you are struggling then there are other options you can consider.
Hope i helped a bit.
Thanks
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
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