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T O P I C R E V I E W
julie_20
Posted - 06 February 2009 : 07:57:07 I want to go bankrupt, i was left with around debt by my last partner and need to sort this out but have problems seeing how to do this. if i decide to go bankrupt will i lose my flat on which i have a mortgage? and my vehicle on HP?
3 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 06 February 2009 : 12:27:33 My advice would be to contact an Insolvency Practitioner (IP) you will find a number of highly recommeded IP's on the sister site iva.co.uk or read reviews of IP's on iva.com and contact one from there. Have a telephone chat giving your full circumstances to the IP and you will received the correct advice for your personal circumstances. You are under no oblligation to take forward any solution, but it is importanct you receive the right advice for your particular situation. If you have any particular concerns post them on here and you will receive prompt advice from professionals and people in similar circumstances
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles 01446 711780 melanienicholas@jonesgiles.co.uk
julie_20
Posted - 06 February 2009 : 10:27:22 I have no equity on my property, I bought it 2 years ago and with the falling prices etc it is just abouts breaking even with the value of the mortgage. My car im not too bothered about as wanted to get rid of it anyway as too expensive.
I have recently had a debt letter posted to my boyfriends address but i am unsure of how they have got this address to post it to?
I have a financial advisor that i have given my details to do dea with my finances on my behalf and look at the best options for me but in two months he hasnt really done anything? what is the best option for me as i want to deal with everything and get this sorted out.
I know in comparison that my debts are not as large as some peoples with me owing around 12000 in unpaid items and £12000 on my car in which the payments remain up to date so far but i cannot sustain this after this month as was made redundant an have had to take a lower salary in order to have a job for now and earn something rather than nothing. I split up with my partner of 10 years and have been left with everything to pay an cannot get him to pay anything even though the debt was developed by him as they are in my name alone and we were not married.
please advise, i really want to sort this out, its just dragging me down.
Melanie.n
Posted - 06 February 2009 : 08:35:55 Hi there like the earlier response it depends on the value of the flat and your current mortgage balance - call out an estate agent and ask them for a 'quick sale valuation' this is the figure they usually reduce to after 6 weeks - give a bogus explanationthat you have to move quick with your job or whatever. If there is no equity you would not lose your flat. With regard to the vehicle on HP this is different - all HP agreements have a cluase which states that on the making of a BO the agreement is Void and as such the vehicle would have to be returned and any shortfall on the agreement would come into the bankruptcy. However, if you speak to the HP company they are becoming more and more savvy and accepting of BO's and will in many occasions allow you to continue to make your monthly payments (this does depend though on how much per month you were paying and the actual vehicle - if we are talking your average car - youshould not have any difficulties - if though you have some flash or large car you may find it difficult getting the agreement to continue. At the end of the day the vehicle is worthless to the HP company they would rather you continue to pay than have a vehicle returned - so have a go you have nothing to lose by asking the HP company
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles 01446 711780 melanienicholas@jonesgiles.co.uk
