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bitting the bullet
Starting Member
United Kingdom
1 Posts |
 Posted - 17 February 2011 : 12:31:43
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Hi all
Myself and partner are now considering bankruptcy,we have been in a DMP,now in a IVA(full and final dependent on the sale of our flat)
trying to sell but no one buying,have dropped the price to the minimum we can go to to enable the mortgage to be paid off and the creditors get something,So if it doesnt sell at this price then we will have to give up and declare bankruptcy,we have 2 kids under 2 in a one bed flat so the space is the issue
My partner is on maternity pay at the moment,but that will stop in September and she wont be going back to work due to childcare costing too much-so just my wage-would be just about "do able"
I was wondering how exactly to do this,I will ask my IP,but just wanted a take on things from people that have gone through it,so here are my list of questions:
Do I just make sure I have a place to live(going to rent-have saved enough got 2 months rent and have garranter)move in then declare Bankruptcy?
Who tells the mortgage company?(not in arrears at the moment)
Havent got the cash to go bankrupt-so do we not pay the mortgage for a few months and use that?
What happens to the electric/gas/phone,etc,do I just let them know I am moving and transfer everything over to new place? Will they let me do this if I am going bankrupt?
Will they take our cars? I have a 54 plate megane with around 80k miles on the clock that I use to get me to work,I do 400 miles a week so I need a reliable car-We have just sold my partners Polo and got a 52 plate picaso for her and the kids-just a like for like sale,no extra cash paid for it-(we were allowed to keep both for the IVA when she had the polo)she does need this as her mum lives around 40 miles away and her dad has just passed away so she needs to see her
Do you think I should get a transfer done on the post so nothing goes to the old place?
What happens to my bank account? did get a new one when were started DMP a few years back-have no overdraft and never gone into the red-will they let us keep them?
I have loads more questions,but cant think at the moment,I will run all this past the IP(who has been great) but wanted a take on it from people that have been there
thanking you all in advance |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 17 February 2011 : 13:49:08
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Hi biting the bullet
lots of questions which i understand as i had those and thousands more.
your first point of call should be your IVA.
provider, if they have a BR part of the business they should be able to direct you.
go and see your local housing officer for council, if you are made homeless because your house has been repossessed what support will they be able to give.
cars depends on value and that you need for work or hunting work.
why move yet ?
if you get no reponse or confusing message from IP and local council, contact one of the experts to the left.
Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 February 2011 : 17:58:38
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Hi and welcome to the forum.
I would definitely recommend speaking to your IP as even if they don't deal with BR they will be able to advise you. When my IVA failed I got a lot of good advice from my IP.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Going for it.....
