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| kma |
Posted - 21 May 2008 : 06:56:14
I have been declared BR yesterday and have a few questions if someone could help. I have a house that is in negative equity - including the early repayment charge approx £15k. My only other asset is a car worth £4000 which my husband and I use to get to work and to get the kids to school. We are both employed an have approx £400 surplus income left over each month but we could not get this agreed as an IVA.
I have been told that we should be able to keep the house, but will we lose the car? I have to tell my employer tomorrow as I work in Financial Services, he is looking to make 40% of the staff redundant and losing my job is therefore a real possibility. I am assuming I will make £400 pm income payments - but what will then happen if I lose my job in the next few week? My debts are as a result of a failed business / unemployment and living off credit??
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| 7 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 22 May 2008 : 10:22:21
Hi kma,
I agree with Brett and would wait for the interview to discuss you options with regard to your car.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Helpful Advice |
Posted - 21 May 2008 : 22:46:05
Hi Kma,
I would wait until your interview with your examiner and discuss the options.
The pack will detail the restriction of Bankruptcy and the do's and don’ts it will also include information regarding the OR and their role in your Bankruptcy as well as authority forms with regard to customs and revenue so they may gain information regarding tax and national insurance.
Your next stage will be the interview this will either be over the phone or face to face.
If you and your husband were employed during the period prior to your Bankruptcy and your debts are mostly credit debts rather than trade debts relating to a business then you will likely have a telephone interview.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| kma |
Posted - 21 May 2008 : 20:04:30
Thanks for all your replies. We both declared ourselves bankrupt as we had joint personal debt. There is no finance on the car and it is in my name. Will we need to arrange to sell it or will the OR sort it out? I just had a brief chat with the OR yesterday while I was at the court and they are sending a 'pack' out to me so I am not sure what to expect and what I need to do next. |
| vikivk |
Posted - 21 May 2008 : 16:26:53
quote:
Originally posted by m and v
I do know if the OR takes the car, then they give you back some/all of the £2500 allowance to get another car.
When I went BR they took my car which was on HP and was worth about £3000. I could have kept it and left the creditor out of the BR and just keep paying them back but I wanted a fresh start. I was not given any allowence to buy another car, I had to borrow money off my mum for £750 and the car didn't last me long. Luckily I had a car I could borrow.
Things can only get better... |
| Helpful Advice |
Posted - 21 May 2008 : 09:48:10
Hi kma,
Is it only you that has declared yourself Bankrupt or both yourself and your husband?
Who is the car registered to and who paid for the car?
Is the £400 disposable income calculated from your joint income and if so what is your individual monthly take homes.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| melanie_giles |
Posted - 21 May 2008 : 09:08:09
The car is definately at risk due to its value, and if you lose your job it is unlikely that you will be able to make any contributions, which in any case will likely be set at between 50% to 70% of your actual disposable income.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 21 May 2008 : 07:57:17
Hi kma - welcome to the forum.
I have recently been through BR so can help you a little. An expert will be along soon to answer your questions fully.
When you have a surplus income, unlike in an IVA, you only pay a percentage of this in IPA payments. Have a look at Skippy's blog on this website it will give you an idea of what you are likely to pay each month.
The normal limited value for a car is £2500, but you need to clarify if its your husbands car that you drive, whats its real value is (using Parkers guide or similar), and obviously an OR needs to take into account you both use it for work, school runs etc - an expert will then be able to answer your question about it.
I do know if the OR takes the car, then they give you back some/all of the £2500 allowance to get another car.
Hope that helps a little
Vicki x |
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