|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| jerm |
Posted - 05 January 2009 : 18:40:16
Hi my name is Jeremy and I am at a point I need answers to my debt problems. Well here goes:
I am self-employed and fit Kitchens and Bathrooms. It has been quite successful (until now!). Things started getting tough about 2 years ago when I employed someone and it started to drain the finances so I had to let him go, then my wife's business started to suffer so I helped out as much as I could (financially), then we got married (stupidly expensive wedding, all my fault, but wouldn’t change that, lovely day and fond memories !!!). To top all that my wife then had to declare herself bankrupt about 6 months ago so I have had most of the financial burden, with 3 kids and a rent of £850 pm along with the other bills. Then just to kick me whilst I am on my knees, I subcontracted to MFI where I got most of my work from and we all nowhere they have gone now. Looking to fill that gap is not looking good, word of mouth only goes so far and fast and advertising is sooo expensive when you have little funds.
So here I am, I have £44,000 debt and cannot chip away at that and keep the home as well. Work is very slow and I need to go on benefits here and there when no work. I have 11 creditors chasing me and nowhere to turn. I have been advised that an IVA would be no good as I cannot commit to a regular payment due to the sporadic work. I am not worried about going bankrupt as my credit history is rubbish, however although we are renting, I am trying to buy this house and worried that it would affect that.
WHAT IS THE ANSWER, PLEASE HELP?
|
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 08 January 2009 : 13:22:43
Hi Jerm
I do want to wish you all the best. Please let us know how things pan out for you.
Take care
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
|
| jerm |
Posted - 08 January 2009 : 13:21:15
I only have one choice really and thats to take van into bankruptcy with me and take the consiquence. Hopefully in my favour. I cant hide it or sell it before I go BR. I am going to carry on trading and pay my dad discreately.
|
| Needafriend |
Posted - 08 January 2009 : 08:08:11
Hi Jerm
Thats good news that you have finally decided to go for the bankruptcy but like Paul has said what have you decided to do with the van now.
You dont want to make any mistakes, thats all.
Best of luck
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| Reviva UK |
Posted - 07 January 2009 : 23:19:23
Hi
can you let us know what you have decided to do about the van?
If you present the forms to the court as you are I am sure you will loose the van.
Please seek advice from the helpline or another expert. You clearly need a little guidance around this area to make sure you can continue to work with a van, and not fall foul of the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| jerm |
Posted - 07 January 2009 : 22:40:13
Hi there its me again. I have made my mind up and will fill in forms tomorrow, should be all done by end of next week. Happy Days, NO MORE STRESS !!!
|
| Reviva UK |
Posted - 05 January 2009 : 21:54:10
The issue here is that the van is worth £3500.
I can't see the OR allowing you to retain a vehicle of that value unless you found the difference between £2k and £3.5k
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| jerm |
Posted - 05 January 2009 : 21:50:09
I do like the idea of paying him discreately. I want to be honest with the OR as dont want any problems. The wife was totally upfront with them and has had no problems and has had a letter a month ago saying they are considering discharging her but dont know when. She went BR in July 08.
|
| Needafriend |
Posted - 05 January 2009 : 21:37:22
Jerm
I can see where your coming from. I understand that when its family its even harder as you dont want them to lose out.
There must be a way round this.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| jerm |
Posted - 05 January 2009 : 21:34:42
I pay £254 pm, standing order to his account(loan account)
|
| Needafriend |
Posted - 05 January 2009 : 21:32:55
Jerm
What is the payment you are paying your dad per month as i cant see that you have listed it in your postings, thats if you dont mind me asking?
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| jerm |
Posted - 05 January 2009 : 21:28:21
Van is a Renault Trafic SWB 53 plate, prob worth around £3500.
I just want to find a way of not leaving my dad with the loan. Would it be best to put him down as a creditor and still pay him discreatly ???
|
| Reviva UK |
Posted - 05 January 2009 : 21:24:01
Hi
signing the log book now is a guarantee of an OR nightmare.
What type of van, how old and what is it worth, we may be worrying without reason.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Needafriend |
Posted - 05 January 2009 : 21:18:17
Hi Jerm
If you sign the log book now it would mean that the OR when doing there checks would find out anyhow and it wont look to good on you almost like your hiding assets from them.
They do checks at the DVLA and also you have to write down vehicles/property in the last 2 years i think it is and also do you have use of a vehicle which you do.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| jerm |
Posted - 05 January 2009 : 21:15:51
Thankyou paul you are very helpfull !
What if I signed the logbook to my father, then went bankrupt next week ?
P.s Has anyone ever told you, you look like Ronnie O'Sullivan in that picture, not quite the earnings though, hey ? ha ha
|
| Reviva UK |
Posted - 05 January 2009 : 21:05:12
Doesn't quite work like that.
The way you have explained it looks more like you have borrowed £X from your dad and have bought a van with it.
This would mean that your father is a creditor and whatever is owing would go into the Br, and the van would be classed as your asset because you purchased it with money borrowed from your father.
What is the van worth now? if it is less than £2k it wouldn't matter either way but the OR would not allow the continued payments to your father for the loan because this would be classed as preferential treatment
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
