| T O P I C R E V I E W |
| turborat |
Posted - 08 September 2008 : 16:23:27
As my wife & I are considering BR I was wondering how it works as we have some debt in both names but some (credit cards) in my name only?
Do we file seperately and only declare the debt which has our name against it, ie. does my wife declare the debts which are only in my name as well as which are joint ?
Also what other paperwork will we have to supply other than the BR application forms?
Thanks |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 08 September 2008 : 21:07:46
Hi turborat
Secured debts r not included in BR they only become unsecured once say the property has been repossesed.
By the time the next months mortgage and loans etc are due on the secured debts u should have set up a new account to do your dd's from and like me can reset them up.
I did, now im payin arrears back but i chose to get my fees sorted that way.
U get your new wages paid into the new account.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| turborat |
Posted - 08 September 2008 : 19:42:53
If I go BR at the beg of the month but take my wages from my acct just before, how do I go about paying mortgage etc the next month with the removed wages or don't I need to worry paying off secured debts & bills if BR?? Sorry to be a pain!! |
| John |
Posted - 08 September 2008 : 19:32:49
Hi
Absolutely
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| turborat |
Posted - 08 September 2008 : 19:09:17
How do I stop paying an unsecured loan which comes out monthly? Do I just cancel the direct debit??? |
| Needafriend |
Posted - 08 September 2008 : 19:02:21
Hi Turborat
I would stop using the credit cards and also not pay the unsecured debts. That will allow you to get the monies together for the fees.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| turborat |
Posted - 08 September 2008 : 18:58:34
At the moment we are paying for all shopping, car bills, clothes etc on a credit card (debts & house bills covered by my wages.. just!)as otherwise the accound will go over its o/draft. Would we be best to stop using th card and letting the account go over the o/draft and also not pay any unsecured debts for the next month or so before we go BR?
So confused about what is best route to take?! |
| JulianDonnelly |
Posted - 08 September 2008 : 18:06:43
Hi Turborat,
Missing a couple of months unsecured payments will be fine (as long as you're not using the credit any more ie credit cards). It's what 99% of people do before they go BR, so it's highly unlikely the OR will have an issue with this.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| turborat |
Posted - 08 September 2008 : 17:52:12
Thanks for all the help, it's v.appreciated and no doubt I will be posting in the not-to-distant future! |
| Needafriend |
Posted - 08 September 2008 : 17:49:31
Hi Turborat,
I informed the OR what we did to be able to get the fees and so far nothing and i mean nothing has been said to us about it and obviously we missed the secured debt payments, the HOUSE.
We had not paid any of our creditors from July 08 and went BR in the Aug so i dont think so, but maybe Julian might have a different view on it but you need to find the BR fees somehow.
Good luck
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| turborat |
Posted - 08 September 2008 : 17:44:56
I see what you mean Julian. Would it be frowned upon if it looked like we deliberately missed a couple of months unsecured payments just before going BR? Obviously we don't want make the situation worse than it already is...
Thanks |
| Needafriend |
Posted - 08 September 2008 : 17:43:57
Hi Turborat,
You carry on posting those questions we are here to help you where we can and although i cant answer all the questions that are asked i do try and offer just a friendly side of advice if you understand what i am trying to say.
I can only go by what i have done and what i am doing now, but what you have just said worked for me and so its down to you.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| JulianDonnelly |
Posted - 08 September 2008 : 17:36:34
Hi Turborat,
I don't believe incapacity benefit qualifies for the £150 reduction.
I would suggest that missing mortgage payments is a risky move, but missing your unsecured creditors for a month or two should be ok.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| turborat |
Posted - 08 September 2008 : 17:20:15
So maybe miss one mortgage payment (haven't missed any payments yet) and when I get paid take the money out to live on for the month and then open a coop acct?
My wife will be getting incapacity benefit due to her depression and not being able to work (for now anyway)so will she get any discount on her fee??
Thanks again for all the advice and sorry for all the random questions but as you can imagine we are all over the place at the mo and so many questions to ask! |
| Needafriend |
Posted - 08 September 2008 : 17:04:54
Hi Also if you do decide to say not pay your mortgage o another big bill so that you save for the fees, try and get nearer to your pay day, so that you can get all the money out for your expenses and fees then you will have some money for the rest of the month, till next pay day.
If you have benefits most will send giros if its child benefit they will hold it till you get another account then pay it in.
We opened a new account straight after the court with the Coop cashminder account and we have it all paid through there now. We took all our monies out on the 31st of July and went BR on the 4th of Aug,
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
| maizie |
Posted - 08 September 2008 : 17:03:54
It all depends on your circumstances, some people can get help with the fees if they are on benefits etc.
I was in an IVA and I used the money I would have paid in the IVA to fund the bankruptcy fees.
Maizie |
