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synaesthesia
Junior Member
233 Posts |
 Posted - 24 June 2008 : 11:12:05
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Hi, hoping someone can help, so far this forum looks like a lifesaver for many people.
Myself and my 30 week pregnant wife have not long moved into a housing assosiation (well, council) flat in March and have just been getting well set up. We owe circa £27000, bulk of it was an unsecured loan with Northern Rock, and have been paying off £10 a month for the last year to NR and the other 7 creditors.
Now a year's come round again they're all asking for higher repayments, money we don't have.
We've been surviving alright considering, but we've had a little financial help from a family member, but as sods law has it, the company I worked for since February 2007 looks like it's going under. Payday was Friday, it's now Tuesday with no pay, the owners are hurrying round looking for investors and this that and the other.
As a result we're now annoying everyone that wants money from us - the debt's I don't really care about but what I do is the rent, the bills and food. And now it looks like I'm about to lose my (dream) job.
I'm slightly mentally disabled (Aspergers Syndrome) with a speech problem, rendering phone based IT work a no-go area, which then leaves me with bloody awful jobs like warehousing, and there's not even any of that around here.
So it looks like BR might be a good option, but I've a few questions regarding it if you wouldn't mind.
Assets - we have none of value. I have a car, it's worth around £300 and without it I can't get my wife to hospital appointments and it severely limits my job opportunities, let alone if I was to continue working here, I'd not be able to get here. There's no bus service here.
Would they be likely to take anything else? DVDs, my PC? I'd not be able to live without my PC certainly.
And what happens therefore to benefit payments?
Sorry if this seems long winded, its something I know I should go to the Citizens Advice Bureau for but getting an appointment with them is like banging your head on a brick wall. |
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synaesthesia
Junior Member
233 Posts |
Posted - 24 June 2008 : 12:31:43
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Sorry, further to the above, I keep hearing about telephone interviews with the OR. Is there an alternative to that? I'm pretty much unable to use a telephone reliably and I don't want to burden my wife with it.
And on top of which, is it possible to go bankrupt as a couple? |
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pleasehelpme22
Junior Member
222 Posts |
Posted - 24 June 2008 : 13:00:30
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Hi synaesthesia
Welcome to the forum, im no expert so anything i say is what i have learnt through my own bankruptcy .
When you petiton for your own BR you have to list your assets, i put down our car as it is worth £1500 (i believe 1500 is the threshold meaning anything above that in value would possibilty be sold to pay your creditors, however if you did need a car you could buy a cheaper one) so i belive your £300 car would be safe. As for computers, we obviously have one but it is quite old and not really worth alot so i didnt put it down n my forms. The OR doesnt come and take your DVDs or books so to speak they take your word for what you own up to having and if anything seems fishy they can investigate you further so its best to be honest if your hiding a 50 inch plasa tele!!
You cant go BR as a couple , you both have to petition seperately , however me and my fiance had our hearing together this morning. Obviously because you go BR singulary you have to both pay court fees and OR fees currently £495.00 (150 court fee , 345 OR fee) if you recieve certain benefits you may be able to get discount or not pay your court fees totally. But you will need a seperate form for this.
As for benefits as long as you dont owe any benefits back you should still recieve these as normal.
As i said an expert will be along soon and possibly correct me if im wrong on anything ive said
I hope that helps
Tanya
PS Congratulation to you and your pregnant wife on the upcoming birth |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 24 June 2008 : 13:01:54
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Hi synaesthesia
Sorry to hear about the job problems.
In bankruptcy your car can be made exempt as necessary for finding work.
Basic domestic assets are not taken by the OR, only those of exeptional high value.
If you are totally reliant on benefit payments these would not be touched.
If you are unable to have a telephone interview, you can opt for a face to face one, or if the case is a very straight forward one, given your circumstances they may just accept your statement of affairs.
I would appear that bankruptcy is your only way forward, as no other form of debt help would be available while you have no income and no assets.
You can go bankrupt together, but each would be a separate case, and your wife would have to satisfy a Judge that she was insolvent also.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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synaesthesia
Junior Member
233 Posts |
Posted - 24 June 2008 : 13:57:42
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Ok thats good to hear, thank you.
It's rather annoying that it has to be done separately for couples, but there's no choice but to follow the set rules :)
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Best course of action - bankruptcy?
