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| west mids m |
Posted - 30 April 2009 : 13:12:29
hi, wonder if you can give me some direction. I'm male mid 40's. I owe around 25K in unsecured debt. Credit cards that I defaulted on, overdrafts and a large catalog debt. Up until recently I have been just about managing to repay around 120£ a month out of my only income which is state benefit. The catalog debt is mainly to a 3rd party who has being meeting her repayments, but now there has been a change in her circumstances and its become clear this can no longer be the case. A large short fall will quickly run into several thousands pounds of arrears. I am unsure on how I should proceed. Although at present I have not yet defaulted on any of the arrangements I pay with certain companies who took over by credit card debt this will become the case within a month or two. I have only really managed to pay what I can with the help of family and friend but this is no longer the case due to the current situation. I am 100% aware that this is my fault, but I now know I will never clear these debts. I have no real assets as such. I rent, owe a small car worth aprrox £500. I have a personal pension with a value of around 8000£ the only other assets I have are general house hold items, I have no savings and live on benefits. Would this now be the time to apply for bankruptcy? The cost would be difficult for me to raise but I may be able to do that. I also need to know, would I have to cancel mobile phone contracts in my name? Would bankruptcy affect my council tenancy? I have no idea which way to proceed and need any help you may be able to offer. Thank you for you time and I look forward to hearing from you. Regards Martin Jones |
| 1 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 30 April 2009 : 13:32:08
Hi there
I will try to deal with your queries as you have written them, the basis of bankruptcy is - if you cannot afford to meet your contractual repayments as and when due you are insolvent, as such you are able to file for bankruptcy
If your income is state benefit based you may be entitled to a reduction in the bankruptcy fees, if you make an appointment with your local Citizens Advice Bureau, with their money expert they can not only assist you with the forms but can often issue a voucher from various energy providers who operate a scheme for people in situations such as yourself which will meet the whole costs of bankruptcy fees - but only the CAB can inform you if you qualify
Bankruptcy will not affect your council tenancy in any way.
In the first instance you need to ring your loacl couty court and ask to speak to the bankruptcy clerk and ask them to forward you a pack to file for bankruptcy, all the clerk will want to know is your name and address, nothing else at this stage. Whilst on the phone ask when the next available appointment is, with some courts there is up to 6 week wait, so be warned!
From the information you have provided it does seem your best option - good luck and if i can be of any further help please ask
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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