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Mat.79
Starting Member
3 Posts |
 Posted - 12 April 2014 : 14:57:57
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| Hi I don't know if I should go down the bankruptcy route or settle my debts,my ESA stopped last year since then I'm financially dependant on my family I can't afford to pay the bills ,I have not paid anything since September.My mum had offered to pay me 47% of the debt I have tried to negotiate with the creditors only 2 agreed the rest rejected the offer,I don't know what to do CAB and beatmydebt advisors have advised me to file for bankruptcy the only thing that I'm worried about is my husbands House will official reciever think I've beneficial interest in it? My husband paid for the house and has always been in his name only ,I've been on benefits for 16years I've never paid anything towards the house or bills.ive been told that if the house is in my husbands name and I've not paid anything then there is no interest is this true? I tried to avoid going down bankruptcy route but there is no other option left for me ,can I try and settle the accounts again and mention if they reject I will be going bankrupt or is this not a good idea, |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 April 2014 : 15:11:26
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Hi, how much is your debt?
You could offer a full and final lump sum IVA with the money you have been offered and avoid bankruptcy, but then you will still owe money to your Mum.
Bankruptcy could be the best option. I suggest you have another chat to an expert to go through all the pros and cons.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 April 2014 : 17:17:17
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Hi and welcome to the forum.
As Viki says - how much is your total debt?
You do need to check to an expert - details can be found on the left hand side of the page and the initial advice is free.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Mat.79
Starting Member
3 Posts |
Posted - 12 April 2014 : 18:10:08
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Hi thankyou for your replies,my debt is 24000 .I was thinking of trying iva lump sum but don't know the pros and cons,I did speak to CAB about iva lump sum they told me as my full and final settlement offers were rejected same is likely to happen with iva lumpsum and best to go down bankruptcy route.I won't have to pay mum back .
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 April 2014 : 18:39:30
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Speak to one or two experts before making a final decision. A decent company will go through everything with you.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 April 2014 : 19:55:50
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| That's not necessarily true. I've dealt with lots of people who have approached creditors directly to settle and been turned down, and then had an Insolvency Practitioner propose a lump sum IVA and the creditors accept. If you have a good offer and you really have no way of repaying the debts, then the creditors would be happy to accept. |
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Mat.79
Starting Member
3 Posts |
Posted - 12 April 2014 : 20:07:00
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My mum is willing to pay 12000 do you think that is ok and will the insolvency practitioners fee come out of this or will I have to pay that separate ? And what if the creditors reject again do I still pay IP fees? Many thanks
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 12 April 2014 : 20:08:43
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Please speak to an expert - they will go through everything with you and advise whether or not this sum would be acceptable. The advice is free.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 April 2014 : 07:54:28
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The IP fee will come out of the money and no, you won't need to pay any fees if it's rejected.
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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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 15 April 2014 : 08:43:09
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Hi Mat.79
I have been reading with interest the other blogs in response to yours. The advice is all good it may be that a full and final IVA does work and could be your best way forward. Although as you are getting a third party contribution from a family member, the creditors may want more. It is well worth considering bankruptcy especially as you do not have any money and, I assume, no assets. Your husband's house will not be included in the bankruptcy as it does not belong to you and cannot be included in your estate.
As everyone is saying, pick up the telephone and have a free, no obligation chat with an expert.
Good luck.
For help and advice on the easiest and most effective way to a debt free future, please telephone me on FREEPHONE 0800 298 0253 |
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 15 April 2014 : 18:38:35
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Hi Mat.79
It is as all the other are saying but remember one thing...
If your Creditors truly believe you will declare yourself Bankrupt,they will get little or nothing! and they know that full well. They are not stupid and if they can get say 50p in the £ of the debt you owe (via Mum), then they would be silly to say no as it boils down to get something or get nothing! I know which I would choose!.
In my case Bankruptcy was the best thing I ever did! Ok the Beneficial Interest thing has changed a little but in your situation doubt the Official Receiver would be able to get the house as it is totally in your partners name. You would need to seek expert advice about that. Bearing in mind that your Credit Rating is now trashed for 6 years anyway, you don't really have much to lose going down the BR route.
The best bit of all is telling your Creditors, especially the ones that hound you on the phone to "Foxtrot Oscar" if you know what I mean. I can only tell you from the day I did it I started to sleep again at night and did not dread the phone ringing or the Postman's deliveries.
Good luck whatever you decide
Andyb |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 April 2014 : 18:43:14
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You should still advice about all of the options open to you.
BR can sometimes have a lasting effect on your credit as some lenders will ask if you have ever been bankrupt and you will have to say yes.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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andyb53
Starting Member
United Kingdom
28 Posts |
Posted - 18 April 2014 : 10:35:12
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IF asked, and I stress IF, you must "tell the truth" but remember apart from the London Gazette, that gets 1000's of entries every day, Any Bankruptcy ceases to exist after 6 years and the Credit Reference agencies don't have a record. The effect being it would be difficult for anyone to "find out". I for one have not been asked by Lloyds Bank or Virgin Money if I have ever been Bankrupt! Yes, I have been asked are you a Bankrupt or do you have any County Court Judgements to which I have honestly replied No!
The rest is up to you
Andyb |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 April 2014 : 11:39:32
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Your bankruptcy disppears after one year from the Insolvency Register when you are discharged and after six years from your credit record. I think a lot of companies now are asking if you have ever been bankrupt or entered into an agreement with your creditors.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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pcoventry2
Junior Member
230 Posts |
Posted - 18 April 2014 : 19:38:46
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| Sorry just wanted to add that your BR comes off the Insolvency Register 3 months after discharge date. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 18 April 2014 : 20:36:56
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Sometimes sooner as has happened with people who have an IVA.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Hi I don't know if I should go down the bankruptcy route
