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| lazyeejay |
Posted - 04 May 2010 : 17:31:58
Hi all, had a few questions a couple of months ago and had a helpful response. I still have not taken the plunge yet as I just feel sick thinking of it. Just recently moved in with my partner after living at my ex's parents and my ex phoned me today to say a man from FirstPlus turned up asking for me, so I think its coming to a head now:( I just have a few short sharp questions to try to reassure myself so any advice would be greatly appreciated.
1. I know I asked before but if I am paying a relative back money he kindly lent before all this (about 15k) and I declare him as a creditor, would he get his money (albiet in the long term) or lose it (i.e.debt wiped). This is one of my main concerns.
2. Assuming I wake up tomorrow and decide to do this, should I open a new account (Co-op) in next couple of days and transfer any direct debits and how would my original bank respond seeing as I have an overdraft with them?
3. I could pay the whole loan payment each month but I would not have enough money to get through the month (I watch the pennies now as it is), could he make me pay the whole monthly payment regardless if I barely have anything left? I feel like I shouldnt have anything left, as I know some people on here are in a worse situation than me (even though my debts total close on 35k).
4. I have never failed to not make a payment, every month I have paid half even though i have been chased and hassled for a full payment (this was originally a joint loan between me and my ex and I am the only one making a payment of some description), would a Court or the OR see this in any way shape or form as an attempt to show a decree of goodwill or is it irrelevant. Im worried about how much I would lose of my money leftover in making a part payment each month as I heard it could be up 70%. I dont know if I would be any better off.
Im sorry to ask all these questions but I really need some peace of mind as I feel I am losing my mind through worry. I have ducked and dived for the last year and half and do not have the energy anymore.
thanks in advance. |
| 4 L A T E S T R E P L I E S (Newest First) |
| lazyeejay |
Posted - 04 May 2010 : 19:25:44
Thanks again for the quick responses and the help. I guess I have to just 'do it' as you say Richard. I could keep asking questions all day long but I just needed to be sure of a few things. Thanks again and I will keep the forum updated. |
| Richard P |
Posted - 04 May 2010 : 18:31:44
Layzee me again the fear is worse than the actual action. take the first step and ring an expert or Ring the local court and establish the process.
as the book says "feel the fear and do it"
regards Richard |
| Richard P |
Posted - 04 May 2010 : 18:29:36
Hi Lazyee
I took 2 years to finally get everything organised and take the plunge, eventually the phone calls and letters do take their toll.
If you relative is listed as a creditor the debt get included in BR, if you pay them off you are counting them as a preferential creditor.
Bank account open about 2 -3 months before BR, your bank will get over it, yes they will send you letters but the OD will be included in BR.
No once you have decide to go BR stop paying all of your creditors.
Layzee i am sure that you have thousands of other questions, take advantage of one of the experts to the left and have a telephone conversation, once you have done that you will A) understand the process better B) decide if you would like thier help with organising your Bankruptcy
I used paul and his team at reviva and strongly recomend them.
Hope this helps
good luck Richard |
| moodybluetwo |
Posted - 04 May 2010 : 17:45:14
Hi...I dont know the answers to your questions..I`m no expert..others will help I`m sure...but things were getting to me before I decieded to start the process of going BR. Things will never get better owing money out you cannot repay and the creditors will chase you to your grave...one is still on my tail after 10 years!! So bite the bullet and go for it...let the system take the strain ! |
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