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| T O P I C R E V I E W |
| Julie.20 |
Posted - 05 May 2010 : 22:30:20
I am a single mum and have brought my 2 teenage boys up on my own for 17 years.About 12 years ago we moved in with my Mum.My Dad had died a couple of years before and they had paid of their mortgage.It has worked well for mum and me as she has helped with the boys so I could work and she has our support and could stay in her house.It would have been too big for her alone.She is 85.I am considering bankruptcy as I have £27000 debts with loans and cc's.Mostly just general expenses plus buying a car,all the things necessary for bringing up 2 boys.I have consoluidated loans and done numerous balance transfers but the amount has been the same for years and I am paying a fortune in interest.I am worried that if I go bankrupt the OR will make mum sell her house or something although I have no interest in it apart from a share in her will.I have not contributed to the mortgage or paid rent and we share bills.Can you advise me please. |
| 7 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 06 May 2010 : 22:21:04
Hi Julie
car great no problem you should be able to keep as long as you can show work need and it is below threshold.
re house as Daniel has stated as long as you can show seperate reciepts for property should not be an issue.
IVA is an appropriate course of action for some people, everyones circumstances are different from what you have typed i do not think that BR or IVA should be first or only option for you !
BR was the only and correct option for me,
Speak to as many people as you can preferrably the experts CAB, NDL or experts on this forum find someone who is interested in you and your families best interests.
regards Richard |
| freedomfinder |
Posted - 06 May 2010 : 21:20:09
Hi Daniel.thanks for answering,I hope you are right about Mum's house as she has let us live there without rent for all this time.I have spoken to National Debt Line and am seeing CAB soon.Not happy about bankruptcy but have been paying minimum amounts for years and have paid thousands in interest and charges.Don;t want to be hassled by creditors.Most people on IVAs seem to end up going bankrupt and the bad credit rating is the same as with BR.Keep chickening out of phoning the court.Have done lots of research,have forms etc.Regards,Julie
Your situation does not seem complicated from what you have stated. Your home is your mums and the OR has no interest in it, and from what you have said has no business even questioning it, providing none of the debts incurred have been spent improving the property to increase its value, general maintainence does not improve it, it is the requirment of the OR/trustee to prove you have beneficial interest in this property not you to prove otherwise
However most important you have to consider that should something happen to your mum post bankruptcy pre discharge, then your inheritence would fall into the hands of the trustee to meet your obligations to the creditors, I would advise you to speak with the CAB first as its a free service and speak to as many experts as you can to gain expert knowledge yourself without incurring costs.
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| freedomfinder |
Posted - 06 May 2010 : 21:14:26
Hi Richard,thanks for answering my message.My Mum's house is all her's.It would be shared between me and my 2 sisters on my Mum;s death(half to me and a quarter each to them as I have looked after her)My car is paid up and only worth about 1800 if it could be sold because I use it for my decorating business and it is messy!!What do you mean about questions about my non-status in the house?I do not want an IVA as costs alot and I do not want pestering by creditors.Also can only afford to pay minimum amounts to creditors as long as I have tax credits and child benefits and they will stop in a year.Regards,Julie
,
me again the value of the car and associated debts attached to it may also be an issue.
I also did the loan consolidation and swapping of credit cards all it did was hold off the inevitable.
in your situation their are positives and negatives in petitioning for bankruptcy.
your non status in the house may also cause one or two questions from the OR and any subsequent review of your file.
regards Richard
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| freedomfinder |
Posted - 06 May 2010 : 21:07:25
quote:
Originally posted by Richard P
Hi Julie,
me again the value of the car and associated debts attached to it may also be an issue.
I also did the loan consolidation and swapping of credit cards all it did was hold off the inevitable.
in your situation their are positives and negatives in petitioning for bankruptcy.
your non status in the house may also cause one or two questions from the OR and any subsequent review of your file.
regards Richard
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| Daniel Griffiths |
Posted - 06 May 2010 : 09:58:46
Hi Julie
Your situation does not seem complicated from what you have stated. Your home is your mums and the OR has no interest in it, and from what you have said has no business even questioning it, providing none of the debts incurred have been spent improving the property to increase its value, general maintainence does not improve it, it is the requirment of the OR/trustee to prove you have beneficial interest in this property not you to prove otherwise
However most important you have to consider that should something happen to your mum post bankruptcy pre discharge, then your inheritence would fall into the hands of the trustee to meet your obligations to the creditors, I would advise you to speak with the CAB first as its a free service and speak to as many experts as you can to gain expert knowledge yourself without incurring costs. |
| Richard P |
Posted - 05 May 2010 : 22:50:00
Hi Julie,
me again the value of the car and associated debts attached to it may also be an issue.
I also did the loan consolidation and swapping of credit cards all it did was hold off the inevitable.
in your situation their are positives and negatives in petitioning for bankruptcy.
your non status in the house may also cause one or two questions from the OR and any subsequent review of your file.
regards Richard |
| Richard P |
Posted - 05 May 2010 : 22:39:27
Hi Julie welcome to the forum
lots of question both from this side of the Cyber space and you side
1) was your dads half of the house left to you in the will or whole house to mum
2)it should be easy enough to show that you and mum are seperate entities and as such your BR should not effect mum
3) are you the only child from your mother and father
4) I do question if BR is the correct option for you.
I have been vague in my answers as i do not know your full circumstances, however from the basic that you have typed i would ask you to cointact paul at Reviva and see if you qualify for a Reviva plan.
Paul is one of the experts to the left, who has a vaste amount of experience in this field
£27K worth of Debt is not insumountable.
regards Richard |
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