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steg90
Starting Member
42 Posts |
 Posted - 14 March 2011 : 21:40:12
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Hi all,
I've decided to finally go bankrupt, I owe 27k, two of these are loans and the other a credit card. One of the loans is on my car, car is worth less than what is owing on it (currently 4.1k) - I'm guessing the car will be taken from me?
I'm also 2.4k overdrawn with my bank, will this account get frozen?
I wished I had kept my money affairs in order, but due to divorce, change in career to try and better myself, I've ended up so much in debt. I thank you for any advice and really appreciate it.
Kind regards and I'm so nervous with my court date wondering what will happen???
Steve |
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debtinfo
forum expert
2826 Posts |
Posted - 14 March 2011 : 21:46:36
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on the car one, check the paperwork, what type of agreement is it, fixed sum loan agreement, HP, conditional sale etc?
the overdrawn account will be frozen yes. |
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steg90
Starting Member
42 Posts |
Posted - 14 March 2011 : 22:21:54
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Hi,
Thanks for the info. The car is on HP.
Regards,
Steve |
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debtinfo
forum expert
2826 Posts |
Posted - 14 March 2011 : 23:09:40
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| the OR wont take the car but it is unlikely that they will leave you enough money to pay the HP so it is very likely to get repossessed, There are some exceptions though, |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 14 March 2011 : 23:26:20
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Hi steg,
regarding the car, the OR will contact the finance company to check what the balance is, and what type of agreement it is. If as you say the car is worth less than the outstanding balance, then the OR will declare no interest in it, and advise the company that they can exercise their option to repossess it in the event of bankruptcy(if you check the agreement, you'll find it in the small print).
Your level of insolvency in the scheme of things is quite low, and won't raise any eyebrows with the OR, plus the circumstances mean that it should be relatively straightforward, with a telephone interview(unless you traded). The court won't be as bad as you may think either, and you may never even have to see the Judge.
You have come to the right place, to get all the answers you may think of, someone will know!
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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glafy
forum expert
436 Posts |
Posted - 15 March 2011 : 04:11:33
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Hi Steve & Welcome to the Forum.
Keep posting with any questions you want answering before your court date, it is always better to be organised and prepared for the day. It is usually straightforward but can be very daunting.
Good Luck with the 28th.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 07:43:49
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Thanks everybody for your advice and comments, I really appreciate it.
If the finance company decide to repossess the car, will I have to pay them any money, is there any way they would let me keep it?
My scary thoughts are what happens when you get to court, how long will I be there? Just hoping I have the SOA and debtors bankruptcy petition all filled in correctly, I've checked them over and they look ok.
I've got my wage being paid in at the end of the month and as my bank account will get frozen, I'm changing my bank details to my mums with the HR department today, otherwise I won't have any money at the end of the month to live on - is this ok to do?
Many thanks,
Steve |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 15 March 2011 : 08:19:55
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Hi Steve,
Any shortfall owed to the HP co will be included in your BR, make sure you list the details in your creditors.
You may be able to keep the car, you will need to discuss this with the HP co. It's whether you can justify the monthly payments to the OR.
You should open a Co-op Cashminder now and give the bank details to your wages department and also transfer your dds I wouldn't declare BR until this is all set up.
Court is nothing to worry about, give them a ring and they will tell you roughly how long you will be waiting.
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/ |
Edited by - Viki.W on 15 March 2011 08:20:46 |
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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 08:27:35
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Thanks Viki,
I didn't know I could open another account until BR? I've got my date for 28th March, so would I have time to set up this new account and transfer DD's?
Many thanks,
Steve |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 15 March 2011 : 08:39:38
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Co-op will open the account within about 10 days, it depends on your wage dept on whether they can process the new details. You should call the co-op today and get the ball rolling.
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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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 08:56:17
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Hi Viki,
Will do, but think I will stick with my wages going into my mums account this month, HR said that would be ok as long as they had a letter from my mum stating this. Then for next month, will change to the Co-op account. Is it possible to get a co-op account on-line?
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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 08:59:08
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Just a point, would this acct not be frozen if I open one before becoming bankrupt?
Thanks again,
Steve |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 09:34:38
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Many thanks Viki,
I take it I tell them I'm going bankrupt in two weeks?
Thanks for your advice,
Steve |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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steg90
Starting Member
42 Posts |
Posted - 15 March 2011 : 09:37:18
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Are the guaranteed bank accounts any good? Cardone banking do one and you get your account done the same day - although you do have to pay £12.50 a month.
Regards,
Steve |
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Topic |
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Just filled in SOA, got my court date 28th March
