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Ryan Brickell
Starting Member
United Kingdom
3 Posts |
 Posted - 06 January 2011 : 16:20:23
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Apologies if this has been answered before, I did try having a look but there are an awful lot of pages to trawl through.
It looks inevitable that I will have to declare myself bankrupt.
For almost 2 years I have been on a debt management plan and concentrating on paying my mortgage, council tax etc.
We have just had a pay cut in work and I will no longer be able to afford all my outgoings.
I know this sounds daft but I’m trying to ‘plan’ my bankruptcy. I know I am going to lose my house. I am in negative equity so there will be no benefit in me trying to sell my house.
I was just wondering if it is ‘allowed’ for me to set myself up for when I do actually go bankrupt by means of just stopping to pay all my bills until eventually my house is repossessed and then I declare myself bankrupt.
It seems like dead money since I will lose my house, my car etc and any debt will be included in the bankruptcy and my credit rating is already pretty low and will be non-existent after I go bankrupt.
If I do stop paying my bills etc that money will help towards me getting rented accommodation when the time comes, paying off family whom I have borrowed money and so on.
If anyone does have an answer that would be greatly appreciated.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 January 2011 : 16:46:57
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Hi Ryan, welcome to the forum.
If you want your home to be repossessed, then it's perfectly acceptable to stop paying your mortgage in order to get your rental deposit together, and stop paying your DMP
Make sure you keep up to date on your utilities etc.
You really need to take advice before any of this though, so if you haven't spoken to an expert or CAB etc, then please do so. But please keep posting, you will get lots of support here.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Ryan Brickell
Starting Member
United Kingdom
3 Posts |
Posted - 06 January 2011 : 17:23:07
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Hi Viki,
Thanks for the reply.
I'll be seeking professional advice in the next few days.
Going bankrupt or having my house repossessed is not something I want to do (don't suppose anyone actually wants to) even though my message looked that way. This is just the last resort now, I've tried and tried different things and looked at different options but they all seem to be short term solutions.
There is alot of help on here which is reassuring so thanks again.
Best Regards
Ryan Brickell |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 January 2011 : 17:41:34
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Have a chat to an expert and see what options are available.
If it is bankruptcy, then if you can keep up mortgage repayments and all your essential bills, then you may not lose your home so keep up your mortgage repayments for the time being until you know exactly what you are going to do.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 06 January 2011 : 23:45:45
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Hi Ryan,
I don't want to throw a spanner in your planning, but I note you mentioned repaying loans to family etc. Unfortunately loans made by family will also be creditors, if you pay them back in preference to your other creditors, the OR would view these payments as a preference, and could seek to recover those payments for equal distribution to all creditors.
It does however depend upon how much, if it's only £50 or so, it won't matter so much, but if you're talking about anything over £500 then it would.
However, it would make sense to stop paying your creditors and instead use the payments to help with the court costs, securing alternative accommodation etc, Reviva (paul Johns)who also posts on this forum may be able to advise further.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Ryan Brickell
Starting Member
United Kingdom
3 Posts |
Posted - 13 January 2011 : 09:18:25
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Hi Big Al,
Thank you for your reply.
I had not realised that.
The amounts I'm talking are in the region of £150 to two family members but after speaking to them they've told me just to pay what I can afford to make sure I do things properly etc.
Best Regards
Ryan Brickell |
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Looks inevitable that I declare myself bankrupt
