| T O P I C R E V I E W |
| lost hope |
Posted - 28 December 2009 : 16:27:26
hi guys...gonna be a bit of a long one but here goes!
basically my story:
im 23 and on the verge of going bankrupt!
my debt started when i was 18 and on a very low wage, owing various people money from being unemployed (xmas etc) and needed money for general living i took out my 1st credit card!(they gave me a £5000 limit) was great at first as had that to fall back on...but as the limit came and the interest grew faster than i was even spending i ended up getting a second card to help pay off the original one... n e way in the end i took out a loan to cover every thing and just have one monthly outgoing on the debt, however for one reason or another (payments were to high per month) and i become relying on my cards again...one big circle!BUT the banks would still through offers at me and make it all look very appealing....forgetting to tell me the interest and how much it would all cost!well back in 2008 i was living on credit cards (working full time) but only being able to pay minimum payments etc my debt was spiralling out of control! so i went to a debt advise company who advised me to take out an IVA, ALTHOU i have absolutly NO assets at all!
I feel i have constantly been giving wrong advise and all i have wanted is the correct advise for me and that will help not make other people more money and get me deeper in trouble!
I found out later this year that the best thing for me to do is go bankrupt!
i've had more advise from agencies...but now i really need there help i cant get hold of anyone...so gonna do it alone...
just need a little help how do go bankrupt on your own, i have filled out all the relevent forms etc just what now!?! and is there really a light at the end of the tunnel from goin bankrupt?
Thanks for reading this as i no its not short ;) i just want so genuine help and advise!
thanks
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| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 29 December 2009 : 15:24:53
You can ask about your car when you speak to the OR - when the examiner called me the following day I asked her if I could keep it and she confirmed that I could. I then got a letter of exemption a couple of weeks later.
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! |
| debtinfo |
Posted - 29 December 2009 : 11:38:44
quote:
Originally posted by lost hope
thanks for all ur replies once again!! :)
i have arranged my date for later this month to petition for bankrupsy they dont need the letter to confirm iva failing, the OR will look in to this in more detail!...just a few questions on this....when you go to court..how long after will it be your account gets frozen?how long will this be for?what happens to any money in the account?(i wont have a lot but whats in there is for direct debits!?)
how do they decide if you need to make the payments through out bankrupsy?and when will i know if my car is safe!?
ahhh im sorry for all the questions just in panic mode now!!:(
Wow thats a lot of questions
When yo first speak to the Official Receiver (OR) within a few days of court they will ask you if you have an account which is in credit that you use for day to day expenses, you give then the details and as long as there is not an excessive amount (ie more than you earn each month) they will write to the bank asking that it not be frozen. However it is the banks decision if they want you as a customer or not so people often change their account to a co-op or barclays which are known to be bankrupt friendly. a word of warning though if you have money in a bank account and owe the same bank money on the day of the bankruptcy order they can take your money and set it off against the debt, so be carefull where you leave your money.
They look at all of your income and expenditure and decide what is reasonable, what is left is your surplus. If your surplus is more than £99pm they will take a proportion (50-70%)of the whole amount for up to 3 years, the remaining part is yours to do with as you wish.
You will not know definitly if your car is safe until about 6-8 weeks after the order, you may keep on using it in the mean time.
hope that helps, feel free to ask more
try and do an income expenditure list and people can comment on what they think will be allowed or not
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| lost hope |
Posted - 29 December 2009 : 11:16:51
thanks for all ur replies once again!! :)
i have arranged my date for later this month to petition for bankrupsy they dont need the letter to confirm iva failing, the OR will look in to this in more detail!...just a few questions on this....when you go to court..how long after will it be your account gets frozen?how long will this be for?what happens to any money in the account?(i wont have a lot but whats in there is for direct debits!?)
how do they decide if you need to make the payments through out bankrupsy?and when will i know if my car is safe!?
ahhh im sorry for all the questions just in panic mode now!!:( |
| gettingoutofdebt |
Posted - 29 December 2009 : 07:29:53
If you are renting then the OR will want to check that your rental payments are up to date. Sometimes they contact the landlord to check this. In my case I provided the OR with a copy of my rental agreement and they could see from my bank statements that the rent had been paid each month so didn't bother contacting the landlord.
You should check your rental agreement to see if there is a BR clause as some landlords don't allow BRs to rent their accommodation. This is more the case with rental agencies rather than private landlords.
You may also have problems if you need to rent a new place while you are BR. Again, rental agencies are not keen and normally carry out credit checks. You may be ok if you have 6 months deposit but not many people have this amount of money when they are BR. Private landlords don't normally carry out credit checks so these are the type of properties that people rent when they are looking to declare BR. |
| lost hope |
Posted - 28 December 2009 : 23:23:54
thanks housing, it has not been a decision i have rushed into!!i have been thinking it over from day one... and very seriously for the last 4months!
yes is the private sector however i have a guarentor?
im completely up to date with my rent, and all my bills it is just debt i have got from years ago!
o dear... is it possible they wont want me as a tenant if im bankrupt?
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| Housing |
Posted - 28 December 2009 : 22:13:16
Hello Aneeta
Welcome to this forum.
As so many have already given you good advice, I cannot add much.
It seesm to me that as a nanny, you will need your car - I know the mileage that you can log up - one of our daughters was in child care/nannying for 11 years - she has just changed now and is in the health service.
Seems that you are coming to the view that BR is right - it does appear to be. BUT, make sure first.
As has been suggested, call the local county court to see what the process is and if you need more guidance/suggestions, post back - do not rush it and then think why did I do this!
I see you are in rented accommodation. Is that in the private sector? What I mean is it a fixed term AST that you have?
Is your rent up to date? Is there anything in the tenancy agreement about becomming bankrupt - not trying to scare you, simply asking as some do have restrictive covenants.
If not, and your rent is up to date, you should have no problems whatsoever.
Post if there are any issues that relate to your accommodation and I will be happy to run through them with you
Relax, and take a step at a time. Regards, Richard x
"There are no problems - only solutions..." |
| Richard P |
Posted - 28 December 2009 : 21:57:07
Hi Lost hope
which court are you planning to go BR in, perhaps pone of us can help with court procedure
Head up and TIME to move forward
Richard |
| lost hope |
Posted - 28 December 2009 : 21:39:03
thanks debtinfo....will phone court tomorow!
skippy no worries i know it wasnt a pop...i had those letters...its what got me thinking it was the wrong option for me! but didnt go through them!
thanks aswell rich...its not nice going through it is it!!gotta admit im so worrid how its all going to plan out!
bvut thanks to you guys...im feeling bit better thank you! |
| Richard P |
Posted - 28 December 2009 : 19:25:23
Hi Lost hope
cant add much to what has been already posted
lots of people on the forum either secret readers or posters will understand your plight (I got the T shirt as well)
our thoughts are with you, post away and look forward to taking positive steps to get control back of your future
regards Richard |
| Skippy |
Posted - 28 December 2009 : 17:03:36
Sorry, the first paragraph wasn't a pop at you, it was a general observation as a lot of people get letters from unscrupulous 'bankruptcy assist' companies telling them they have been misold an IVA as they don't have assets but this is rarely the case. These companies only want to make money from you, unlike the companies who post on here.
Give your local court a call and find out what they need and whether you need to make an appointment - they may well be happy with the letter, but you don't want to waste your time going if you need more from your IP.
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/
29 IPA payments made, 7 to go - in single figures! |
| debtinfo |
Posted - 28 December 2009 : 17:01:20
no prob, feel free to ask as many questions as you want. As skippy says, phone the court and ask them amout the certificate, also ask what system they use, some you have to book an appointment some you do not |
| lost hope |
Posted - 28 December 2009 : 16:57:41
i know but its a big part of it aswell, thing is i was quite happy paying my iva payments so my creditors could receive some of the balance, but i dont think they will get as mush as i though when first took out the iva.
Also as mentioned i had to move out the family home and therefore renting now so cant manage the repayments!aswell as bills etc, i am literally scrapping by on pennies now!
i am very lucky in having the bankrupsy fees paid for as somebody is helping me!so i am ready to go now, it has not been an easy decision....
i think my car should be safe, as it has problems and im just running it to the ground!but its nice to hear that from someone else!!thanks for all your advise!its nice to know theres people who wanna help and not getting any thing out of me for doing it! |
| Skippy |
Posted - 28 December 2009 : 16:51:33
First of all, just because a person has no assets it doesn't mean that they shouldn't choose an IVA. Many people do so as they want to pay back as much of the money they borrowed as possible.
You would need to speak to the court to find out if they will accept the letter from your IP, or if they need a certificate of termination. If you have to wait for that it will give you time to save the BR fees.
If the car required in your contract then I can't see that the OR will have a problem with you keeping it - they don't want you to lose your job.
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/
29 IPA payments made, 7 to go - in single figures! |
| debtinfo |
Posted - 28 December 2009 : 16:50:06
That sounds good to me, with the low value of the vehicle and the nessesity of use, i think you would have a good case for keeping it compared to others i have seen, all things are a decision for the OR though (will appeal to the court) |
| lost hope |
Posted - 28 December 2009 : 16:47:07
i use my car for work!im a nanny and have been employed as 'nanny with use of own car' is in my contract! |
