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Hammy hamster
Starting Member
2 Posts |
 Posted - 10 April 2012 : 14:12:37
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| hello I am 53 and am approaching insolvency, if not already insolvent. I am the only source of income for my family and self-employed. My contract ends in just over a weeks time and I am very worried. Between us we owe about 50K in unsecured loan and CC debt. 80% of which is mine. I feel that BR is the only option but I am scarred. We live in a rural area and are tenants, it is very possible that if we go BR than my LL will turf us out. My son is about to start his GCSE's in June and lord knows where we will end up. I have known for some time that this was coming and have managed to put off my creditors with token payments. Don't know how much longer I can hold them off, should i go for BR now or try to last until after June? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 10 April 2012 : 15:24:30
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Hello there, and a warm welcome to the forum - You have done the hardest step in recognising and admitting that you have financial difficulties.
From the brief details you have provided here, it may well be that bankruptcy is your best option - if that is the case. it will be no where near as bad as you are imagining!
It is going to cost you £700 to file for bankruptcy for your own personal debts and any joint debts that you have, but it will not stop any joint debts from chasing the non-insolvent partner for payment, by that I mean if you have a joint loan or overdraft, your liability for that debt will be included in your bankruptcy, but the bank will then chase the other party for the debt- they will not be covered by your bankruptcy - there is no 'joint' bankruptcy proceedure.
If you have a look on the left hand side of the screen you will see the word 'experts' if you click on that you will see details of a number of experts here on the forum, it may well be worth your while getting in contact with any of us to go through your options in more detail, but saying that if your income is going to end, then bankruptcy may well be the best option for you.
As for your landlord, provided you maintain your rent payments, that should not be a difficulty (always maintain payment to priority debts ie housing/council tax)I have never known of a client i have dealt with being made homeless via their landlord purely because they have gone bankrupt!
If I and my forum colleagues can be of any further help, please do not hesittate to get in touch, and post further.
With regard to your last question, there is nothing to stop yuu filing for bankruptcy now, if that is your chosen option, why delay the inevitable, and give yourself more sleepless nights! Most people once having filed for bankruptcy, are amazed at the 'relief' they feel and then always state that they wish they had bitten the bullet sooner!
Good luck, and hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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Hammy hamster
Starting Member
2 Posts |
Posted - 10 April 2012 : 17:14:23
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| Thanks for the quick reply. i have a joint account with my partner and she has a loan, at the moment it is just under 15K. Could she get a DRO as she does not work? |
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mydebtpages
Starting Member
43 Posts |
Posted - 10 April 2012 : 18:04:04
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Hi Hammy
Your partner would appear to be in the right ballpark for a DRO. Debts less than £15k, no income, the other one you need to check is no assets. A car is usually allowed up to £1,000 and approved pension funds are generally exempt.
You need to find an Authorised Intermediary who will check all the details with you.
Regards
- MyDebtPages
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 April 2012 : 19:05:35
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The first thing you both need to.do is open a,new bank with a,non creditor. Co-op come highly recommended.
As to.the DRO speak to the CAB or Payplan or CCCS as they are authorised to deal with them.
I would suggest chatting things through with one of the experts that post on here for some free advice.
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
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James Falla
forum expert
45 Posts |
Posted - 11 April 2012 : 19:04:35
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Hi Hammy hamster
I understand your concerns about bankruptcy. However as Melanie has said the process really is not as bad as it sounds. Why do you feel that you will have probems with your landlord? Generally speaking if bankruptcy is explained to a landlord they will realise that this will mean that their rent is even more secure as you will not have the weight of your other debts around your neck. In this economic climate, most landlords do not relish the prospect of an empty property with no rent coming in so you never know the landlord may be more helpful than you think.
In terms of your wife's debts, as you are aware, she will be liable for any joint debts that you have. If these and her own personal debts are more than £15k, then she will not be able to do a DRO. However if they total less than £15k a DRO may be the ideal solution for her.
If you have any further questions please do not hesitate to ask.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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hello I am 53 and am approaching insolvency
