| T O P I C R E V I E W |
| lotsofquestions |
Posted - 19 November 2009 : 18:33:54
We are in Court on Monday. We have gone through our expenditure for the last year and it certainly looks from credit card statements and our overdraft that we spent it recklessly. I suppose realistically we have but we were just trying to keep up with our friends etc and it was only when the credit ran out that we realised what we were doing. We were still thinking we were receiving the good salary my husband got back in 2006 but he has been in a much lower paid job since then. We have been told that it is possible that we may face a BRO and that this will be published in the local paper. This would be very difficult for me in my job. We have an annuity of £6,790 which we have paid into our co-op cashminder account and the OR is welcome to all of that if necessary. We will be honest with the OR as we have not hidden any money away - we just spent it on nothing in particular and have been careless. We have always supported my daughter (single parent) and young grandson but never by huge amounts of money - only bits and pieces here and there. We are desperately worried. Any advice please?? |
| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 16 January 2010 : 15:27:53
I'm glad things are going well for you.
If you are still getting hassled by creditors speak to your OR and ask them to contact the creditors again. The other option is to send the creditor a copy of your BR order yourself - I did and didn't hear from Littlewoods again.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
| lotsofquestions |
Posted - 16 January 2010 : 15:24:27
Well, here we are nearly 2 months later. The OR asked us to give further details of our expenditure which we did so far as we can remember. We are just waiting to hear what will happen next. We have been told that we can both keep our cars as we live in a rural village. I have an IPA set up for £100 per month and they are going to take 3 years of my husband's annuity each November so we will be paying back £21,000 overall which makes us feel a bit better although it will be a struggle monthly - at least we won't have credit card or loan companies chasing us. We still have some people chasing us for money but not as many as we did. We can now answer the phone with ease! |
| Housing |
Posted - 24 December 2009 : 17:23:20
That`s true - we have our eldest grandaughter stay with us every weekend and its good medicine - she has been great when things were at there lowest!! She is 8 and in so many ways has given us the sanity we needed...
Have a great time and here is to a much more successful 2010
regards, Richard, Sue and all
"There are no problems - only solutions..." |
| RHB |
Posted - 24 December 2009 : 16:25:13
You too, at least with Grandkids you can spoil them & hand them back lol!!! |
| Housing |
Posted - 24 December 2009 : 15:19:31
You may be right RHB, frankly, they are all crooks - I worked with many over the years when I was giving housing advice to Ministers - I could tell lots of stories....
I was a life long Labour supporter, until about 2/3 years ago...
Anyway, policics aside as it only causes tensions, have a great time with your children at Christmas and a Happy New year to you and them, Richard
"There are no problems - only solutions..." |
| debtinfo |
Posted - 24 December 2009 : 13:17:21
You should receive forms MP1 and BHNOT within a few weeks that set out the position regarding the family home |
| RHB |
Posted - 24 December 2009 : 12:55:32
I think I must be one of the few people to appreciate Gordon Brown, being a single parent of 3 children I dread to think what our life would be like under the Tories!!! |
| Housing |
Posted - 24 December 2009 : 09:49:45
Thanks RHB.
I did not look at the threads that closely.
I am happy to try to assist in any event if I am able. However, as the market is rising again, buying the BI is going to be more difficult for some! Thank you Gordon Brown for messing us all up over the past 12 years!! (Half a joke!)
I wish you and yours a Happy Christmas and great 2010 - and to all others on the forum. Regards, Richard
"There are no problems - only solutions..." |
| RHB |
Posted - 24 December 2009 : 09:16:07
I think they are both BB Richard as they are both contributing towards the debt through IPAs.
They will contact you about the house even if it has loads of equity. As house prices are on the up they may wait though, they dont have to do it straight away. |
| Housing |
Posted - 24 December 2009 : 08:49:40
Hello again lotsofquestions,
A very Happy Christmas to you first of all.
I will try as a one time estate agent to assist you with regards to the property:
Did the OR say anything about buying the BI in the house?
Are you both BR or just one of you and is the house in joint ownership?
There are lots of BRs who are able to buy the BI in properties - easier if it is one BR and joint ownership.
As I understand it, it is NOT a right to buy the BI. The OR has three years to deal with your property if they see that as appropriate. I suspect that is more and more the case now as prices are rising again. In some areas (we live in Devon) the valuations are as at two years ago now, so quite a change!
We have started the process of buying the BI (through my wife) of both of our properties. I am the BR and the properties are in joint ownership.
With the BTL house, she is having to make a positive (albeit quite small) contribution. We negotiated with the OR on valuation and split the difference!! However, it is worth doing in our case.
I think you should hold fire at the moment and see what the OR says. If you have not already expressed a desire to buy the BI (although it seems as if you may have done) then drop the OR a line to say you are interested. Are you up to date with your mortgage?
Different situations will vary.I hope that this answers your immediate question, but please post back if you have more questions and I will try to assist.
In the meantime, do not worry. regards, Richard
"There are no problems - only solutions..." |
| lotsofquestions |
Posted - 24 December 2009 : 04:06:03
Well - had our telephone interview with the OR on 17 December. Really nice guy who has been very helpful as the Co-op froze our cashminder account and we had no money last week - so he was frantically sending faxes telling them to unfreeze it - but then it got to the weekend and nothing could be done until Monday! However, we got through it ok but we are hopefully going to open a cashcard account with Barclays as we have a branch near us whereas with the co-op we had to pay cheques into the post office (queues horrific) then wait for them to get to the co-op HQ in Skelmersdale (nearest co-op branch 50 miles away) and then wait for the chques to clear.
Heard this week that I have an IPA of £100 a month starting 1 February which I am more than happy with. As for hubby - they are going to take his annuity of £6000 a year for the next 3 years which is ok - this leaves us with more income per month which is all we need. It also means that we will have paid nearly half of our entire debt in 3 years which doesn't make us feel quite so bad.
Am so glad things seem to be sorting themselves out now. Our only main concern now is our house. It is in negative equity by approximately £1,000 - £2,000. The OR never mentioned anything about it in our interview apart from asking about the mortgage etc. (We had 3 valuations done in October which came in under what we owe on the mortgage so I enclosed these with the paperwork we sent to the OR). Does anyone know what we should be doing about the house - if anything? |
| lotsofquestions |
Posted - 27 November 2009 : 07:41:29
Thanks for the reply - at least we know what we are doing now - didn't want to spend our wages and then be told we shouldn't have. I did telephone the OR office yesterday and they also clarified this. At least it won't be such a bleak Christmas and we are still relieved and thankful that we don't have a massive debt hanging over us. |
| frosie90 |
Posted - 25 November 2009 : 22:12:25
Hi lotsofquestions,
I had 2 months of payday before my IPA of £277 was set up so I was able to spend this as I wished. Sure with Christmas you may be the same or at least one month before it set up. Good luck with the interview, sure you will feel much more relaxed afterwards and will be able to enjoy a good Christmas. Best wishes.
Rosie
|
| In 2 Deep |
Posted - 25 November 2009 : 21:42:37
Hi lotsofquestions,
You do not have to put away money for your IPA, as it will not be back dated. You can wait anything from 2 weeks up to 2 months for your IPA to be finalised. If you get a Nil tax code, then this extra money which would have been payed in tax needs to be saved for a company called moonbeaver.
Regarding your cashminder account, you are free to continue using this banking facility.
Let us know how you go with the OR.
Gd Luck.
quote:
Originally posted by lotsofquestions
Just heard our OR interview is on 17 December. Dreading it as we can't remember what we spent last week let alone all last year! Have decided not to panic tho because even if we do get a BRO we do not intend to run a company or anything like that so it won't affect us that much. Just relieved that the debt has gone and we can try and get on with our lives. We are fully expecting an IPA which is fine but it seems from the forum that this is not generally set up straight away - can we carry on using our co-op cashminder as we have been or should we be putting money back for the IPA? Am very confused about this.
Treat EVERY Penny as a prisoner. |
| lotsofquestions |
Posted - 25 November 2009 : 18:20:11
Just heard our OR interview is on 17 December. Dreading it as we can't remember what we spent last week let alone all last year! Have decided not to panic tho because even if we do get a BRO we do not intend to run a company or anything like that so it won't affect us that much. Just relieved that the debt has gone and we can try and get on with our lives. We are fully expecting an IPA which is fine but it seems from the forum that this is not generally set up straight away - can we carry on using our co-op cashminder as we have been or should we be putting money back for the IPA? Am very confused about this. |
