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pcoventry
Junior Member
United Kingdom
235 Posts |
 Posted - 06 April 2012 : 12:06:52
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Hi All,
First post on what I hope is a life journey.
I am 35 and I owe £33,306. This is made up of personal debt and also a repossession and secured loan which was part of my marriage. I am basing this figure on the fact that I am liable for all the amount and that 50/50 is just a pipe dream.
I don't earn much and after my outgoing I only have a few hundred pounds a month to live on, I am hoping BR will help me. I am not concerned about credit. Infact I won't apply for it as long as I breath.
I am worried that I will be rejected. I am currently on SSP and I could be losing my job at the end of this month - But hopefully I will keep it and solider on!
Pete |
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debtinfo
forum expert
2826 Posts |
Posted - 06 April 2012 : 12:42:58
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Hi pete, i cant advise on whether you should go bankrupt as only you can make that decision, but do make sure that you check all your options before doing so, it is a considerable decision in ones life.
As to if you will be rejected then that is not likely, all you need to show to be adjudged bankrupt is that you cant pay the full legal payments for all your debts as they fall due. The only slight but, is that if the vast majority of the debt is what was secured on the property then you may just need to wait until the house is sold (if this has not already happened) and the debts become unsecured before you can apply, if you have considerable unsecured debts laready which you cant pay as they are due then you dont need to wait for the house to sell |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 06 April 2012 : 13:39:16
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Hello,
Thanks for the reply
We had £13k owing from the Mortgage and £14k from a secured loan. The house was sold and I have letters to confirm this with the date etc. It sold for a lot less than we bought it for and the house was in negative due to the secured loan.
I have trouble affording the things I have now - and that's the very basics. I also have large repayments owing to HMRC who cant (oddly enough) find my ex wife to claim some from her, despite the fact she has her own separate tax credits claim. I had evidence to prove that the HMRC had messed up and that we were entitled - which would have also lead to a 6K backpay due to the error. HOWEVER as my ex tok every penny in of tax credits and would also have got the 6K I didn't bother - After all why should I have done just to give her another reason to put 2 fingers up.
Also lots of council tax arrears. The situation was forced out of my hands by her actions.. I have no assets, I live in a rented house. I earn a low wage (£13,000) and I have no other way. My job is not going to be affected by BR
The only thing I own is a car which was a present and cost £1600. I understand this should be safe. |
Edited by - pcoventry on 06 April 2012 13:42:54 |
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debtinfo
forum expert
2826 Posts |
Posted - 06 April 2012 : 13:44:10
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| in that case then there should be no legal reason why you cannot go bankrupt, as i said above i cant really comment on if it is your best option |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 06 April 2012 : 13:48:57
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Thank you.
I've spent the past week weighing up the different options and I feel for my circumstance it is the best option of the 3 I have considered, (BR, IVA,DMP) |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 April 2012 : 18:08:04
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Hi Pete,
Sorry you've had such a rubbish time. Although it sounds like you've made your mind up, please make sure you speak to an expert for advice. Call one from here or visit the CAB for a chat.
We're all here for you so please keep posting.
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 |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 06 April 2012 : 18:14:11
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HI Viki,
Thanks. I have been at length through a IVA with CCCS. I'm sure it's the right thing. I don't feel ashamed or a failure. In my case it's all been pushed onto me by my ex wife and her stobborness to leave a lucrative position alone as it would mean I got one over on her.
We had a house - rented and producing a nice revenue which was paying all our bills, but not content with this she stuffed it all up.
So if I had to go BR then I have to go BR nothing else I can do.. I can';t afford the £200 a month they wanted for an IVA anyway as my £120 a month DI doesn't include any child maintenance I may have to pay. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 April 2012 : 18:16:38
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Sounds like the best option then, CCCS should be able to give you bankruptcy advice too, but we're all here to answer any questions.
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 |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 06 April 2012 : 18:22:06
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Thanks Viki,
Im going to ring the court on Tuesday to get the forms as the ones in the guide on this site don't seem to work
Pete |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 06 April 2012 : 18:30:57
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You can download them from the insolvency service website.
I didn't even know there was a link to them on this site, if there is, can you post it as it is probably out of date and I will notify admin.
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 |
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pcoventry
Junior Member
United Kingdom
235 Posts |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 April 2012 : 20:27:21
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Pete - if you need advice then speak to one of our experts.
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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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 06 April 2012 : 20:33:38
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Evening Jan,
I plan to call them a bit later when things have quietened down. It says they are there 24-7
I have run the calculator and the fact I have £27 a month DI means that my only option is BR. I don't have enough to do an IVA and I don't have enough breath in me to complete the 103 years it would take me to repay over a DMP!
I need to make sure I do everything I can to protect my partners status. She's hoping to be a Police Officer and so I don't want to mess her credit up so we will do the Notice of Disassociation even though we are not financially linked but we live together..
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Edited by - pcoventry on 06 April 2012 20:38:53 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 07 April 2012 : 07:21:21
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It sounds like it may be but speak to an expert and they will go over everything in detail with you.
I would certainly do the notice - it will protect her although she should be fine if you have no financial links as all debt solutions are individual and not based on the address.
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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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 07 April 2012 : 12:18:56
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No my partner has no current links.. we won't get married until after it's all done.. My ex wife has a link with me but as she caused all this i dont care what it does to her.
Sounds cruel but gotta fight fire with fire! |
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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 07 April 2012 : 21:06:10
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| Sat here filling out all the forms, god it's a nightmare but I refuse to pay for someone else to do it lol |
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Topic |
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Newbie - Scared and worried
