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Needafriend
Junior Member
United Kingdom
344 Posts |
 Posted - 06 July 2008 : 15:37:37
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Hi i am about to declare bankruptcy along with my husband as our debts have become out of control, wages have dropped, cost of living gone up and now we dont have any available income to offer our creditors.
I wondered what i should do about the creditors and how i should try and keep them at bay until the 4th of aug which is hopefully when we can go bankrupt.
Also what do i need to put down for causes of bankruptcy. I need to get the forms right as i dont want it delayed anymore. The creditors are sending default notices and now have our home number and I really want to say we are applying for bk but i am also worried that by saying that they will come and take goods to the value of the debts and send in DCAs to take goods to try and get there monies back before i can get the BK done. Like most people im trying to get the fee together as its both of us but i have written to each of them following any notices and asked for time until 1st sept to try and get the issue sorted out.
What else can i do, i was paying a taken payment up until last month and now i need every penny to pay the court fees.
Thanks
Jo |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 July 2008 : 15:40:09
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Hi there and welcome to the forum
Just tell your creditors the truth if they call you - that you cannot pay them and are waiting for a bankrutpcy hearing date.
Regarding the causes of bankruptcy, just explain why you find that you cannot pay your creditors any more - be it redundancy, illness, drop in salary, rising living costs, and living beyond means.
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 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 06 July 2008 : 15:46:43
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Hi thanks Melanie for your reply. I will be honest with the creditors and also put the whole truth on the form for why its happened.
Also one more thing we mortgage our home and have about 9000 in equity in it, when we go BK they will no doubt take the house to sell, but any shortfall from the sell ie auction probably, will mean there may be an amount owing on it of about 25 to 30 thous will we still have to pay this even if we have been declared bk and how will that work as we will end up with another debt which is what we dont want because then wee will have nothing to show for it.
Im really scared about going BK and to be honest kind of releived too I need to get closure on so many bad things that have happened and my kids need stability and days out not me trying to find money to pay peter and paul and not enjoy life. Whilst i know the debts are own doing I know now that without going BK we will not be able to get on with life and i want to be a family, I dont want to be stigmatised by this either, i have not taken this lightly its been just over 2 years coming to this decision and now i need that release from the pressure in my marriage and in my head.
maybe when this is all done i can go back to my training if they will have me and get a better career.
Jo |
Edited by - Needafriend on 06 July 2008 16:03:04 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 July 2008 : 18:03:40
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Don't worry about going bankrupt - it might help you if you read a few of the blogs on this site from people who have already been through the process. Any shortfall following the sale of your property would be a debt captured under the bankruptcy.
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 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 July 2008 : 13:05:11
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Hi Jo,
This may sound silly, but in a rather perverse way, BR is actually the best thing that has ever happened to me. It's a really positive life-changing experience!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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s.f
Junior Member
181 Posts |
Posted - 01 August 2008 : 14:53:22
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What a nightmare some debt collection agencies are. I have spent years and years trying to deal with them, offering £1 a week etc and not getting anywhere.
I even had them turning up at my door and refusing to leave until I opened it and then trying to force me into setting up a totally ridiculous payment scheme. My latest problem is with a company called Telogram also known as Capquest. They are really bad and they kept on ringing my home phone so much I had the number changed. |
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369
Junior Member
366 Posts |
Posted - 01 August 2008 : 15:17:59
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Hey Josilverplayboybunny,
I was really sceptical about going bankrupt as well, as I am sure most other people on this forum were.
I had split up with my partner, had to move house, had to get a new job, and went bankrupt - i was always just sitting there surrounded by my bills and my credit cards and crying, i tried to pay them all back for over 2 years and was just getting deeper and deeper into debt...... I went Bankrupt on the 2nd Nov 07...and it was the best thing I could have ever done..... I am now seeing someone new, have an awesome house I am renting with friends and a brilliant job - and actually a tiny bit of money spare each month.
Just plough on through and you will get there in the end.....
369 |
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few questions
