| T O P I C R E V I E W |
| nomoneyatall |
Posted - 20 June 2011 : 17:58:42
Hi,
I am new to this so any advice is helpful.
I am in £80,000 debt at the moment. This includes 2 large loans and a lot of credit cards. I am going through a separation and cannot pay any of this off now, I am now considering bankruptcy as a last resort as the debt is too high. I had borrowed all this money for home improvement and family business which now i will have to leave as we are getting separated. all these debt will be what i am taking with me. Please advice if bankruptcy is the only option as i will have no income coming in.
I am worried about debt collectors as i am already getting a lot of calls due to arrears in the loans. |
| 15 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 07 July 2011 : 12:30:32
As RHB has said - nobody can say how your particular OR will react. If it is worth more than £3k though you might be expected to sell it and buy a cheaper car.
If you find work before you are discharged then yes, you will be expected to do an IPA if the disposable income is more than £20 a month.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| nomoneyatall |
Posted - 06 July 2011 : 10:37:30
If the car is a gift, how does the OR see gift as, it is an asset that they can take from me if for eg it was more than £3K?
If i find work within the one year i am declared bankrupt, will I have to make repayments?
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| RHB |
Posted - 06 July 2011 : 07:28:59
As you have written it, it sounds more like a gift ie. you are to keep it even after you have separated & all the paperwork is in your name etc. Remember no one on this forum can say for definite how the OR will view things. Obviously if you find work then that strengthens your case for a car in any case. |
| nomoneyatall |
Posted - 05 July 2011 : 23:58:10
Hi,
The car is not even worth more than £2000 if so.
My husband bought it for me few years back. He paid for it so doesn't he own it even though my name is on the log book? I have had mixed replies on this particular question and need to know as OR will need all this information. How do the OR do their checks on my assets?
I cannot afford to loose this car as it keeps me mobile especially now that i have left home due to separation and therefore living with friends and family until i get myself sorted somewhere permanent and look for work.
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| Niobe |
Posted - 05 July 2011 : 21:27:09
I am just finding this strange that it would be your vehicle if you do not use it. You don't have to own a vehicle to deal with the tax and the MOT. Anyone can do that.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| nomoneyatall |
Posted - 05 July 2011 : 15:03:28
insurance is all done under my ex's name.
I am guessing owner on insurance as they are a couple of vehicles under the same insurance would be my name as my name is on the log book
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| debtinfo |
Posted - 05 July 2011 : 14:40:10
so if it was bought for you, do you not consider that it is yours,
Who do ou put down as the owner on the insurance |
| nomoneyatall |
Posted - 05 July 2011 : 14:23:13
It was bought for me to use it so i can deal with the tax, mot etc etc |
| debtinfo |
Posted - 05 July 2011 : 14:01:34
Question 1 why is it in your name. |
| nomoneyatall |
Posted - 05 July 2011 : 12:23:39
I have a car that i do not own but it is my name on the log book. My husband is the owner of the car and the payment receipt is under his name?
Would they take this car if it's worth more than £2K
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| debtinfo |
Posted - 22 June 2011 : 17:45:04
no one usually visits our house but they coud if they wanted to
What type of interview you have is down the the OR so you may have a face to face meeting but it may only be a telephone call, you will be asked about all debts you are liable for
If you have had a jointly run business then there may be some contact with your OH but how much would depend on how much he was involved, shared assets and liabilities etc |
| nomoneyatall |
Posted - 22 June 2011 : 08:58:08
Thanks for the information. I am planning to temporarily move away from home until i find something permanent as i am getting separated as well.
Once i file for bankruptcy:
will anyone come to the house where i accumulated this debts?
Will anyone want to speak to me face to face and question these debts?
will they want to speak to my husband regarding any of this? We do not have anything under joint names. So these debts i have are all solely under my name. |
| debtinfo |
Posted - 21 June 2011 : 18:40:39
As i say, i cant advise if bankruptcy is the best choice for you but i can answer the other questions presuming that you go that way.
You can tell the creditors but you will often find that the just chase you even more if you do, once you are bankrupt the OR will send them each a report normally within 8 weeks of your bankruptcy.
You should send the OR any statments that you hold (there is no need to go get ones that you dont). The OR can request any statments that they feel are relevent direct from the banks if they want to.
You would not be the first person to use personal funds to fund a business |
| nomoneyatall |
Posted - 21 June 2011 : 11:31:05
what period of bank statements etc are required to submit once i file for bankruptcy?
I have a lot of credit cards and therefore need to know about them as well.
How is the information from them analysed if purchases made on them were for business purposes but a personal credit card was used? |
| nomoneyatall |
Posted - 21 June 2011 : 09:35:44
Business will be closed down. So i need to declare bankruptcy now as i cannot even thinking IVA will be an option as it's just too much for me to handle. Please advice me on that. Do I need to call the creditors and let them know these are my plans? or this will be done once i file for bankruptcy?
quote:
Originally posted by debtinfo
I would give business debtline a call as they can give you free impartial advice. I can give you information about bankruptcy but i cant advise you what you should or should not do
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