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xena2010
Starting Member
2 Posts |
 Posted - 30 November 2010 : 00:57:51
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I'll try to make this as brief as I can.
Got divorced, house repossessed, and recently sold. Shortfall of some 35-40k.(amazingly 60k less than what it was marketted for in the summer of 2008 when all this started)
Ex wife went bancrupt some time ago so muggins is now being chased for this amount.
I also have my own "stuff" totalling around 30k
Am now living with my new partner at her house and paying towards all the bills, mortgage, etc
Questions are:
What will they seek as assets? I have no car as I use my mothers' so nothing over and above my income of any note, not in my eyes at least.
Following on from above, can they force me to stop paying into a pension? I am expecting to have the enforced 3 year payment thingy, but recently got a new job and this is one of the best things with it.
My partner is worried her credit rating could be affected if I go BR from her address, can this happen?
She is also concerned that bailiffs will turn up at her address to claim things of mine as a result of BR, again, can this happen?
Can they take her income into account, the debts are nothing to do with her at all but as we are living together do they treat it as though we are separate?
I have fought tooth and nail to get my life back on track, good relationship, decent job, fresh start, don't want this jeopardising everything as generally, I am happier than I've been in years. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 30 November 2010 : 16:40:37
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Hi there
and welcome to the forum, I will try to answer your questiuons in the order that they were listed:
If you do not own a house, or a car etc in your own name, then you have no 'assets'that will concern the OR.
With regard to a pension it all depends on whether or not the pension is an occupational pension, (one deducted at source from your salary) if so, your contributions will continue into the scheme. If however the pension is a private pension you have set up, you would have to freeze the contributions into the scheme for the duration of the bankruptcy (usually 12 months) You would not be allowed to continue to make payments, as basically this is form of savings, but you would not be expected to cancel the pension, by 'freezing' for the duration of the bankruptcy, and then recommencing payments, you would not 'lose' contributions already made into the scheme.
Your bankruptcy will be personal to you, and your partner, or their adress will be unaffected
Bailiffs cannot take anything to which the individual does not have title - so if the goods are hers, she has nothing to worry about, they cannot take 'her' goods in relation to a debt you owe.
Your bankruptcy will only concern your debts and your income / outgoings, it will not be concerned with your partners details, as they will not be going bankrupt.
From what you have stated, bankruptcy will give you the fresh start that you need to move forward with your life, debt free, Good luck!
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 30 November 2010 : 19:58:43
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Hi Xena
cant add anything to what Mel has said
for peice of mind it might be worth making contact with Mel (she is highly recomended on the forum and has wealth of knowledge), as this is your future and you really want to make certain everything is planned and worked out before taking the plunge to go for BR. (if that is what is the appropriate action)
good luck |
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xena2010
Starting Member
2 Posts |
Posted - 30 November 2010 : 21:12:59
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Erm, actually decided BR isn't for me and going down the IVA route, sits better with my other half and seems a better solution than what I had imagined it to be
Not actually sure what frightens me more, the fact I am openly talking about BR, IVA, IPA and IPO or that I know what all the abbrieveations stand for!!!
Thanks very much for your input, much appreciated. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 01 December 2010 : 13:05:03
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Still recommend that you come forward for a chat though...the more advice you receive prior to making a decision the better!
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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a few questions........
