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the_force
Starting Member
2 Posts |
 Posted - 15 January 2010 : 19:37:20
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hi all
i have watched this site and the iva forum for sometime now and have taken great advice and courage from them all.
after an awful 2008 and 2009 my company collapsed. during these bad years i was living on my available credit believing i could make it work and turn it round. easy to say 'wish i hadnt' now buts its to late to change this.
as i talk i have debt of around £40,000 built up. I am in employment in the my fathers business now but i only take home £1000 a month so my income minimal.
i offered a full and final settlement on an IVA with money borrowed from my family, this was rejected so i am going down the BR route. My appointment is booked in for the 20th of Jan.
I have no property, a car on finance which i expect to loose and no possessions of any value. maybe my tv and a collection of dvds!!! I have no partner or children so i imagine my BR should be reasonibly plain sailing for the OR.
My expenditure to live each month is just about on the £1000 per month so have no disposible income either!
What i would like to know is a couple of things if i may?
1)how much will the BR will change my day to day life, if any in my position?
2)i currently of a cash only account with Natwest - no borrowing facilities. will this be taken?
3) can i add my mobile contract as i no longer use it or afford it as it is on contract?
4) if they take my car, how do i go about getting another one to get to and from work?
5) will they want to take my tv and dvds?
Thanks in advance for any replys.
If anyone would like any help after i have been to my hearing about what happens etc or any questions then i would love to help.
Happy new year and kind regards to you all |
Edited by - the_force on 15 January 2010 19:39:26 |
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Srrs
Starting Member
33 Posts |
Posted - 15 January 2010 : 22:35:38
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Hi the_force,
I went BR back in October and am very relieved!! This site was also a great help to me and gave me courage to do what I had to do.
The BR doesnt change day to day life really, apart from the guidelines which are on the Insolvency website i.e can not be director of a company, can not obtain credit over £500 and so on.
I am not sure about Natwest account. I opened a new account with Coop its called Cash Minder and is very BR friendly. No cheque book no overdraft but its great, internet banking and very helpful staff!
As far as I am aware you can include mobile contracts but hopeully someone can confirm that for sure.
With regards to the car this is for the official receiver to decide I think it needs to be valued then they decide if you can keep it. I think the value you can keep is up to around £2k but again someone will confirm. I am not sure about how you get another one as I dont drive unfortunately!!
TV and dvds the OR usually has no interest in. Unless they are extremely valuable.
One of the bankruptcy forms is a statement of affairs where you write all incomings outgoings and so on the official reciever will then work out whether you will have to pay an IPA or not - you will have to pay if you have a diposable income of over £99.
I hope this has been a bit of help.
Good luck, hope to hear how you get on. Court isnt half as scary as I thought it would be!!!
Rach |
Edited by - Srrs on 15 January 2010 22:41:51 |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 16 January 2010 : 04:00:26
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the car finance company may let you keep the car if you continue to make the payments but unlikely if there is equity in it because the OR will want that
TV and dvds are ok nothing to worry about there and mobile phone contracts can be included as a creditor
Natwest can go either way it's best to open a COOP cashminder account
day to day not a great difference except no debt worries or phone calls hassling you
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 16 January 2010 : 10:53:57
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Hi,
On the car scenario, depending upon the type of agreement, you may be in a win win position if you need it for work or to seek employment as below:
A typical scenario:
Car on a credit agreement with say Black Horse - say balance owed £10,000 and value £8,000.
First stop paying Black Horse and tell the OR that on your SOA and at interview.
The OR will check the position and get a valuer to call and valie the vehicle for auction or tender
The valuer comes back and removes car (ouch!)
The car is sold by valuer and a sum less the valuers fee is paid to the OR.
You need the car so the valuer calls you or visits you to say, "Find a car to tne maximum value of £2,000. Then tell me who the dealer is and come and collect the cheque form the office".
Everyone wins, you have a car, the valuer has his fee and the OR has some funds for your creditors. There is, sadly a loser on all counts and that is the finance company (I have sugested that it is Black Horse for an example)
That is based on a real event!!  Good luck, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
Edited by - Housing on 16 January 2010 10:55:39 |
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debtinfo
forum expert
2826 Posts |
Posted - 16 January 2010 : 11:50:14
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| of course it is much different if the finance is HP rather than a fixed sum loan agreement |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 16 January 2010 : 12:36:21
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Hi the force
welcome to forum
nothing major to add good advice already given by previous posters
the BIG difference for me has been the time I have left over at the end of each day.... let me explain, I No longer have the creditors phoning me, although you do not have to take the call some occasionally get through, despite assuring myself and others i was fine, each phone call hurt and it took a short time to pick myself up again.
when the post arrived although my wife was fully aware and also now BR, I wanted to protect her and get all the mail first.
towards the later stage just before BR, i spent lots of time checking outside the house looking along the street in case a van of baliffs was coming.
My mind and time is now free to concentrate on building a debt free future.
I wish you the best for the 20th
regards Richard |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 16 January 2010 : 18:31:03
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if the car is on an HP agreement the car belongs to the credit company until paid for
if it is negative equity then the HP co would be better off if they let you continue to pay for the car rather than take it back and lose money
that is only if the OR is happy for you to do so as well
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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the_force
Starting Member
2 Posts |
Posted - 20 January 2010 : 17:17:36
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thanks for all the advice in the above posts. really helped alot.
i went into court today and have to say it wasnt as painless as i thought it was going to be.
was booked in for 8.30 and was bankrupt by 9.40.
i saw a really nice lady who checked my paper work, just spellings and address etc! came back an hour later and was all done. didnt even have to see the judge. i spoke to my OR over the phone there who will now be in contact in due course.
now that today is out the way feel better and positive for the future. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 20 January 2010 : 19:24:40
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Welcome to the first day of your debt free life
congratulations
glad it went well for you
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 21 January 2010 : 10:32:38
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glad it went well
regards Richard |
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booked in for jan 20th for BR
