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nomoneyatall
Starting Member
13 Posts |
 Posted - 20 June 2011 : 17:58:42
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Hi,
I am new to this so any advice is helpful.
I am in £80,000 debt at the moment. This includes 2 large loans and a lot of credit cards. I am going through a separation and cannot pay any of this off now, I am now considering bankruptcy as a last resort as the debt is too high. I had borrowed all this money for home improvement and family business which now i will have to leave as we are getting separated. all these debt will be what i am taking with me. Please advice if bankruptcy is the only option as i will have no income coming in.
I am worried about debt collectors as i am already getting a lot of calls due to arrears in the loans. |
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2011 : 19:20:04
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| Do you own a property, is the business worth anything, are the business debts in her name as well |
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nomoneyatall
Starting Member
13 Posts |
Posted - 20 June 2011 : 20:15:29
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quote:
Originally posted by nomoneyatall
Hi,
I am new to this so any advice is helpful.
I am in £80,000 debt at the moment. This includes 2 large loans and a lot of credit cards. I am going through a separation and cannot pay any of this off now, I am now considering bankruptcy as a last resort as the debt is too high. I had borrowed all this money for home improvement and family business which now i will have to leave as we are getting separated. all these debt will be what i am taking with me. Please advice if bankruptcy is the only option as i will have no income coming in.
I am worried about debt collectors as i am already getting a lot of calls due to arrears in the loans.
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nomoneyatall
Starting Member
13 Posts |
Posted - 20 June 2011 : 20:17:51
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Hi,
I dont own a property it is solely under my husbands name.
business debts are high.. I have been using personal credit card for paying and therefore debts are under my name.
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debtinfo
forum expert
2826 Posts |
Posted - 20 June 2011 : 23:27:15
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| I would give business debtline a call as they can give you free impartial advice. I can give you information about bankruptcy but i cant advise you what you should or should not do |
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nomoneyatall
Starting Member
13 Posts |
Posted - 21 June 2011 : 09:35:44
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Business will be closed down. So i need to declare bankruptcy now as i cannot even thinking IVA will be an option as it's just too much for me to handle. Please advice me on that. Do I need to call the creditors and let them know these are my plans? or this will be done once i file for bankruptcy?
quote:
Originally posted by debtinfo
I would give business debtline a call as they can give you free impartial advice. I can give you information about bankruptcy but i cant advise you what you should or should not do
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nomoneyatall
Starting Member
13 Posts |
Posted - 21 June 2011 : 11:31:05
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what period of bank statements etc are required to submit once i file for bankruptcy?
I have a lot of credit cards and therefore need to know about them as well.
How is the information from them analysed if purchases made on them were for business purposes but a personal credit card was used? |
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debtinfo
forum expert
2826 Posts |
Posted - 21 June 2011 : 18:40:39
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As i say, i cant advise if bankruptcy is the best choice for you but i can answer the other questions presuming that you go that way.
You can tell the creditors but you will often find that the just chase you even more if you do, once you are bankrupt the OR will send them each a report normally within 8 weeks of your bankruptcy.
You should send the OR any statments that you hold (there is no need to go get ones that you dont). The OR can request any statments that they feel are relevent direct from the banks if they want to.
You would not be the first person to use personal funds to fund a business |
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nomoneyatall
Starting Member
13 Posts |
Posted - 22 June 2011 : 08:58:08
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Thanks for the information. I am planning to temporarily move away from home until i find something permanent as i am getting separated as well.
Once i file for bankruptcy:
will anyone come to the house where i accumulated this debts?
Will anyone want to speak to me face to face and question these debts?
will they want to speak to my husband regarding any of this? We do not have anything under joint names. So these debts i have are all solely under my name. |
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debtinfo
forum expert
2826 Posts |
Posted - 22 June 2011 : 17:45:04
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no one usually visits our house but they coud if they wanted to
What type of interview you have is down the the OR so you may have a face to face meeting but it may only be a telephone call, you will be asked about all debts you are liable for
If you have had a jointly run business then there may be some contact with your OH but how much would depend on how much he was involved, shared assets and liabilities etc |
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nomoneyatall
Starting Member
13 Posts |
Posted - 05 July 2011 : 12:23:39
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I have a car that i do not own but it is my name on the log book. My husband is the owner of the car and the payment receipt is under his name?
Would they take this car if it's worth more than £2K
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debtinfo
forum expert
2826 Posts |
Posted - 05 July 2011 : 14:01:34
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| Question 1 why is it in your name. |
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nomoneyatall
Starting Member
13 Posts |
Posted - 05 July 2011 : 14:23:13
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| It was bought for me to use it so i can deal with the tax, mot etc etc |
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debtinfo
forum expert
2826 Posts |
Posted - 05 July 2011 : 14:40:10
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so if it was bought for you, do you not consider that it is yours,
Who do ou put down as the owner on the insurance |
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nomoneyatall
Starting Member
13 Posts |
Posted - 05 July 2011 : 15:03:28
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insurance is all done under my ex's name.
I am guessing owner on insurance as they are a couple of vehicles under the same insurance would be my name as my name is on the log book
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 July 2011 : 21:27:09
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I am just finding this strange that it would be your vehicle if you do not use it. You don't have to own a vehicle to deal with the tax and the MOT. Anyone can do that.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Topic |
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Hi, I am new to this so any advice is helpful.
