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| T O P I C R E V I E W |
| Sheila.l |
Posted - 28 March 2016 : 09:24:36
Hello I am new to this forum, I have a few questions which I hope can be answered.
I am thinking about going bankrupt in the next few months unless I get a good paying job, I recently got another current account to use after my bankruptcy with Lloyds, would I have to declare this bank account even if I haven't used it, it doesn't have an overdraft on it? also my car has no mot on it as can not afford to get it done right now would my car get taken away in bankruptcy even if I need it when I get a job as I live in the countryside and there is no public transport?
Thanks. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 28 March 2016 : 14:18:37
Hi, if bankruptcy is your best option then you will need to open a Co-op Cashminder as your Lloyds account will be closed by the bank once you're bankrupt. You could do that now just in case.
How much is your car worth? If it's £1000 or less and you'll need it for finding work and work purposes when you get a job, then it's ok but i advise you save up and MOT it prior to bankruptcy so you can use it for those purposes.
Don't rush into bankruptcy, contact all of your creditors and offer then a token payment until you have work, keep them informed of what's happening and ask them to freeze interest and charges while you look for a job.
Please take advice as soon as possible and good luck with the job hunt.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy or debt relief order applications, please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Niobe |
Posted - 28 March 2016 : 11:29:08
Debt relief order won't be possible for you as you too much debt to qualify for that.
Bankruptcy does sound as though it is a good option but you need to take some advice - give Viki a call and she can probably advise you. If you do get a job then an IVA might be a way forward.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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| Sheila.l |
Posted - 28 March 2016 : 11:15:40
Thanks for replying.
What is a debt relief order?
I am in £25000 worth off debt and currently I don't have a job as left it in January, but have a couple off interviews lined up so hopefully may get a job, but I am behind now on my payments as didn't think it would be so hard to get another job. If I do get a job, (I have applied for over 70 and had 7 interviews so far with no luck) I feel I will never catch up.
I do not have any assets what so ever.
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| Niobe |
Posted - 28 March 2016 : 09:48:36
Hi and welcome,
You would have to inform the OR about all bank accounts, your car should be safe unless it is worth a lot of money.
How much debt do you have and do you have any other assets? If not, and your disposable income after regular payments is less than £50 per month then you could consider a debt relief order. Cheaper than bankruptcy and only lasts for 12 months.
You need to speak to someone for advice - Viki Warbrooke is the BR expert on here - her details are under the expert link on the left hand side of the page. Give her a call for some free advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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