| T O P I C R E V I E W |
| Lizzie |
Posted - 03 April 2009 : 23:04:19
Well its taken a few months coming but hubby finally lost his job today just 7 months before his retirement date, not by redundancy but sacked because of the lack of sales over the last 4 months. He is now looking at going BR, we had already got the CAB involved in writing to our creditors and had just got things sorted with a little help (ok a lot of help) from ourselves. However it would appear after taking legal advice that hubby could have a claim for unfair dismissal, we sort advice a couple of months back. However if he has to go BR in the meantime can he still take this matter to court if needed? we have insurance to cover the legal costs.
I am still working and we are not behind with any of the household bills but if I am to continue paying my creditors then I will not be able to afford the household bills as well. Would it be better for him to BK on his own, or as a couple or me to go BK in October when I reach retirement date? (but plan on still working)
I think we need serious help now please |
| 11 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 08 April 2009 : 00:07:21
Hi
don't forget that you have the option of a negotiated settlement with the creditrs depending upon wether you have sufficient funds to make a reasonable offer.
Incase this is unsuccessful this would also look good with the OR. The fact that you had tried to resolve the debts in another way without resorting to Br.
On the other hand if you were successful you would be debt free and not be Br.
definately worth reviewing first t see if it is viable
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| lennon |
Posted - 07 April 2009 : 23:36:40
quote:
Originally posted by Lizzie
Hi lennon, I doubt very much if we got a payout for UD that it would cover our debts. OH has spoken to the CAB who are already involved with our case and they have now passed the file onto one of their specialist teams in view of what has happened.
Personally I think it would be better to deal with the debts and if we are able to take the UD case to court and win, we know most of the money will be taken by the OR if we go BR but that is only right as we have over spent and are paying the price now.
I agree, the debts are the priority.
How's the digging of the head out of the sand going? |
| Lizzie |
Posted - 07 April 2009 : 19:37:32
Hi lennon, I doubt very much if we got a payout for UD that it would cover our debts. OH has spoken to the CAB who are already involved with our case and they have now passed the file onto one of their specialist teams in view of what has happened.
Personally I think it would be better to deal with the debts and if we are able to take the UD case to court and win, we know most of the money will be taken by the OR if we go BR but that is only right as we have over spent and are paying the price now. |
| lennon |
Posted - 06 April 2009 : 21:21:28
I can't advise specifically on what is the best way forward but BI is calculated on a quick sale price. Paul can tell you more..it is the big concern of mine as we have quite a lot of BI.....but house prices are still tanking so it's reducing month on month.
The housing market isn't going up at all..it can't as the lending that drove HPI during the boom has tightened up.
Do you have a family memeber who could help out of it is calculated at more than the £1?
From what you have written, all unseccured debts will go if you go BR and if house is in neg or neglible equity, you can keep it as long as you can service the mortgage with your salary.
The random bit in your case is the unfair dismissal case, what type of solicitor you use (no win no fee or regular family solicitor who charges a fee) and the eventual outcome.
Perhaps weighing up the costs of getting shot of the debt against the gain from the UD case. I have no experience at all on those things and what they entail......just that waiting for it to come good could be too late as the debt repayments will become impossible to pay first.
I am struggling with that one.
I would deal with the debt issues first then the UD.
Would the likely payout clear everything if he 'won'? |
| Lizzie |
Posted - 06 April 2009 : 20:38:37
Thanks lennon your reply put a smile back on my face  I will try not to resort to plate throwing as we could end up with no plates. OH explained today that if he had a case for unfair dismissal and could get at least his salary paid for the next 7 months then he would not go br until he retired, but like you I thought these things take months to get as far as court. He is getting paid until the middle of May so hopefully in the next couple of weeks we will hear from the solictors about the chances of getting a result.
We have a couple of joint loans...i.e the mortgage and a separate loan but not on the property, so I guess if he goes br they will come after me for payment, though the mortgage and the loan are not behind on payments. I need to know which way to go, should he go br first, we think the property in a fast sale would get enough to clear the mortgage only, so if he went br I would be offered the bi at a later date. But of course we could be wrong and the house might be worth more, so if the house was worth £20,000 more then the mortgage would the OR insist on the sale of the house knowing £10,000 would have to be paid back to me. Would it be better that we both go br at the same time, even though I am working and though I can pay for the mortgage and household bills I will not be able to pay the other loan or my own creditors, its seems like a jungle out there  |
| lennon |
Posted - 06 April 2009 : 19:33:42
quote:
Originally posted by Lizzie
If I could get hubby's head out the sand it would helpful but I am doing this all on my own, he does not appear to be worried but I am worried sick
Hi Lizzie, I just logged on to see if you had spoken to Paul yet. This forum doesn't show a light to say when someone is online...
Getting OH's heads out of the sand is a hard one.
Plate throwing is the one that works for me...a serious session in 2003 (when I discovered he'd got us £50k+ into debt over a contract he did that went bad....the one I said not to do...) sometimes works.
Seriously, there is a lot of advice online. This site is best for absolute facts. Moneysaving expert.com is good at the emotional stuff, though plenty of advice on it too....however some of it is anecdotal and each individuals problems are specific to them.....which can affect the type of advice offered.
I printed off a lot of Govt. info plus did all the the research...then just told him ''to 'phone this bloke I found in InternetLand''...or I would throw more plates. Not really 
Some men (or people....I am not being gender specific...just in this instance) think that if they just keep their head down, work hard it will all come good in the end....trouble is, the timing can be out sometimes.
I am out of touch with employment law as I haven't employed for a few years, but I believe these things take a long time to settle. I wouldn't view a Unfair Dismissal payout as a solution at this moment in time......perhaps that is how he see's it?
He probably feels bad at being unemployed and all the worry and is at a loss on what to do....plus maybe unaware that the impact of BR has changed somewhat over the past few years. I know I was not imformed about the new laws until I dug a little deeper. I thought you were thrown onto the streets, destitute with a banner hung around your neck.
Hope you log on and pick this up.....I am recovering from a plate throwing moment this weekend....feel free to PM me anytime....I log onto here late at night a few times per wk. |
| Lizzie |
Posted - 05 April 2009 : 23:44:59
If I could get hubby's head out the sand it would helpful but I am doing this all on my own, he does not appear to be worried but I am worried sick |
| chester2005 |
Posted - 05 April 2009 : 08:51:51
I agree that you would be better off betting some advice from a specialist like Paul at Reviva rather than the CAB, it seems to depend on which CAB you go to as to the quality of the advice.
Paul will definately give you good advice.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
| Lizzie |
Posted - 04 April 2009 : 23:05:23
There is no or very little equity in the house and we have no disposable income especially now my OH is jobless and my salary will be used to keep us both. We went to the CAB some weeks ago and they wrote to all our creditors, mine included though I was not behind on payments like my OH, we have had confirmation from a couple of companies accepting the lower payments but we are still waiting to hear from others. In 6 weeks time we will not be in a position to pay my OH creditors and I will be looking seriously to reduce the payments to mine. The CAB believed we would have no option but to BR if OH lost his job and have suggested he goes to BR first and if necessary I go BR sometime later. I think in view of this hubby should not pay anymore creditors and keep the money that he does have in a safe place to get us through until after the BR. Not the best way to do things, if it were not for drop in the equity of the house and our investment we would have been able to pay off our house and our debts 
Next week hubby will talk to the CAB again, but I think the time has come that we talk to Paul at Reviva as he is more in tune with people going BR then the CAB, its a big step to take and we want to do it right. We never thought for one moment we would end up going into retirement with such debt and I never thought I would have to work by 60 but thats life and at the moment I am able to work and keep my job beyond retirement age. |
| chester2005 |
Posted - 03 April 2009 : 23:52:23
If either of you go BR any equity in property you have is at risk.
If you have disposable income you may be better with an IVA
I would suggest you contact one of the experts at the left hand side of the page and talk it through with them to allay any fears and answer any questions you have in more detail
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
| Lizzie |
Posted - 03 April 2009 : 23:06:22
Oops sorry everyone meant BR not BK |
