| Author |
 Topic  |
|
steg90
Starting Member
42 Posts |
 Posted - 19 April 2011 : 17:55:22
|
Hi all,
Well, was thinking I could avoid BR with me now having a perm job, but, with what I'm brining home after tax/ni, I've nothing left and not enough to pay my creditors. I'm only being paid 70% of a full-time salary as I don't have enough hours, thus not bringing home enough. To top it all off, I've just forked out just over £500 on my car to be fixed, I'm so fed up. Got a statement from AA who I have a loan with, still owe them 19k, I borrowed 16.5k two years ago for 7 years, pay them £302.00 a month and I still owe so much! I did ask for a settlement figure which was 14.3k, so in two years, they have taken over 6k off me and only reduced what I owe by just over 2k, not good.
My overdraft is at its limit 2.6k and so is my credit card 3k, just seems I cannot get above ground no matter how hard I've tried. Will BR seriously give me a fresh start or be the end of my life? I just don't know which way to turn anymore and I have a 7 year old son I need to look after.
Thanks,
Steve |
|
|
mistake09
Starting Member
49 Posts |
Posted - 20 April 2011 : 09:44:55
|
| hi steve, does your son live with you? or are you a non resident parent?, your on a good forum here with lots of people who can advise well, it prob seems like the end of the world now but trust me its not mate |
 |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 April 2011 : 11:29:18
|
Have you thought of looking at an IVA or a DMP rather than bankruptcy?
Speak to an expert via www.iva.com and they will go through everything with you. The advice is free and impartial.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
|
|
|
steg90
Starting Member
42 Posts |
Posted - 20 April 2011 : 15:03:23
|
Hi, My son lives with me half the week, the other half his mum (well 4 days/nights mine one week, 3 days/nights the next).
I've considered IVA but don't have enough surplus left to pay to the creditors. Having spoken to a nice lady at iva.com she seems to think BR is the only option.
I've opened a co-op cashminder account as I guess my bank account will get frozen when the OR informs them about my BR? Will I still be able to get my utilities? I've never missed a payment with them and would my landlord need to know?
Sorry for all the questions.
Thanks,
Steve
|
|
|
|
mistake09
Starting Member
49 Posts |
Posted - 20 April 2011 : 15:30:22
|
| i never told my landlord, private rent, i just turned up looking smart and said im temp out of work would he mind housing benefit payment for a while and he agreed, this economy helps because landlords are happy to get people to rent off them, yeah my account was changed from current to saver overnight after the BR, can still use it for direct debits though so not all bad, ive been in your position of should i shouldnt i, and it is a good option mate, ok so your life gets put on hold for 6 years but think of it like this, if your behind on payments now and cant pay them, your credit is already shot (mine was) and in 6 years its a fresh start for you, i cant tell you to do it its your life but it saved mine no word of a lie, phone calls stopped, visits from creditors stopped, the worry stopped, theres no law against debt mate dont feel ashamed by this just remember the mistakes made and dont repeat them, worked for me |
|
|
|
mistake09
Starting Member
49 Posts |
Posted - 20 April 2011 : 15:34:02
|
| forgot to mention utilitys, yeah you can still get them no worries there mate, the question about your son was because my mate went BR after me but his son didnt stay overnight with him so he bought a camper and lived in that for 8 months until he got sorted, his lad thought it was tops aswell lol |
|
|
|
steg90
Starting Member
42 Posts |
Posted - 20 April 2011 : 18:50:02
|
Thanks mate, I really appreciate your advice and comments. I'm not behind as of yet on any payments but it is only time, I'm basically not living, just existing, all my money goes to pay my debts and leaves me with nothing left, although in next month I won't even have enough to cover what I have going out.
How doe sit work with using a debit card, did you manage to get one?
Regards,
Steve |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 April 2011 : 20:38:51
|
Sorry to hear you need to go BR Steve.
Your Co-op Cashminder account will be fine as it's a BR friendly account.
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! |
|
|
|
mistake09
Starting Member
49 Posts |
Posted - 20 April 2011 : 22:10:24
|
| funny you should ask about the debit card mate cos the bank, (lloyds) said it wasent for anything else but the hole in the wall, their machines only but i forgot once and used it for petrol and it worked!!! it works in shops too and for topping up the phone so basically everywhere but other banks machines, i was months behind with payments when i went BR so not sure if you can do it without having debt, im sure someone here will know though |
|
|
|
steg90
Starting Member
42 Posts |
Posted - 20 April 2011 : 22:21:05
|
Thanks all,
I think you can declare BR without having missed any payments as that is what is going to happen anyway, I will try and struggle on for another month or so and see if I get any more hours at work, but not looking likely.
Are there new SOA forms now? Where is best place to get them from?
Thanks,
Steve |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 April 2011 : 22:42:42
|
Hi Steve,
The SOA is the same, it's the petition thats changed.
You can download both of them from the Insolvency Service website.
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/ |
|
|
|
steg90
Starting Member
42 Posts |
Posted - 20 April 2011 : 22:46:38
|
Thanks,
I've got loan/credit card and car payments due 1st of the month, should I cancel these now?
Regards,
Steve |
|
|
|
mistake09
Starting Member
49 Posts |
Posted - 21 April 2011 : 03:51:58
|
| personnaly mate i would but that could be really bad advice, i tryed to pay debts off for months paid on a friday and skint on a saturday and looking back id have been better saving the cash for the BR might have helped with state of mind too, i guess we live and learn!!!! its your call that one |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 April 2011 : 09:02:43
|
I would cancel them and use the payments to fund your petition. You'll have hassle from the creditors but that shouldn't last long if you're going to go BR soon.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
|
|
|
steg90
Starting Member
42 Posts |
Posted - 24 April 2011 : 18:08:42
|
Hi,
Thanks. What I'm going to do is pay creditors 1st of next month then more than likely file for BR a week later, don't think I could cope with the hassle from the creditors. Pay day in 5 days and I've got £14 left of my overdraft, time to raid the cupboards and see if there are any scraps I can get by with!]
One thing, after BR are you allowed to save? I guess you cannot do that until you are discharged as any extra money would go into paying back your creditors?
Thanks,
Steve
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 April 2011 : 19:29:57
|
Personally I wouldn't pay the creditors this month and the hassle won't matter if you are going br - they can do nothing to you. You can ignore the calls.
If you can make savings, you can do so.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
|
|
|
Topic |
|
Looks like I will have to go bankrupt after all:-(
