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katief
Starting Member
United Kingdom
2 Posts |
 Posted - 19 January 2010 : 13:00:15
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Hello there,
Would really appreciate any advice. Myself and my husband are both in debt to the tune of £30,000 between us. We are currently being made homeless as we are living with my mother(due to debts we're unable to afford to move out) but she has now sold the house and is moving to a 1 bed property. We are unable to get a council house as we are both in full time work but are unable to afford private rent due to paying so much back towards our debts every month. We have been advised to both go bankrupt but only after we have moved into a rented property as the bankruptcy will restrict us in renting if we do it prior to moving out. We will be staying with my grandma until we have saved enough for a rental deposit and enough for us each to go bankrupt. I am currently on a dmp and am suppose to pay £125 a month but have cut it down to £15.50 until my circumstances change but am worried i may incur a ccj as some of the companies i owe money to werent accepting my offers at the increased rate i was previously paying. If i do get a ccj do i still have to pay it even if i go bankrupt? I have been trying so hard to pay back what i owe but it is just not viable now. My husband is not on a plan but is scraping by paying the minimum. We both have cars, his is worth £2,000 and mine £1,400 but we both need them for work as we work different shifts and if they take them we wont be able to get to work, even if they take one of them it'll still mean one of us not being able to get to work. Will they take our cars? I only earn minimum wage so will i be expected to contribute to payments after the bankruptcy? There's so much im worried about but we just cant manage as we are, our priority is to have somewhere to live. I would be extremely grateful of any advice. Thank you |
Edited by - katief on 19 January 2010 13:00:58 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 January 2010 : 14:58:00
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| I think CCJs are included in the BR so these payments would stop once you are declared BR. If you both need your cars for work and public transport is not an option. When you declare BR you will complete an Income and Expenditure form and if you have more than £99 left over (Disposable Income (DI)) after you have paid your rent, food, clothes, travel costs, etc. then you will pay an IPA (Income Payment Agreement) for 36 months. The IPA will be between 50% and 70% of the DI. |
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katief
Starting Member
United Kingdom
2 Posts |
Posted - 19 January 2010 : 23:43:03
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| Thank you for your reply, i also forgot to mention that i havent even paid for my car yet, i borrowed the money from my dad to buy it and still owe £1,200 maybe i should sell it, pay him back and get a cheap old banger, once again thanks for ur advice |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 20 January 2010 : 06:43:04
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| If you pay your father back without paying any other creditors then this will be seen as creditor favouritism and could cause problems with the OR. In the worst case the OR could force your father to pay the amount back and give you a BRU. |
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| bankruptcyhelp.org.uk Forum |
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Bankruptcy, A bad situation here :(
