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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 09 July 2008 : 23:00:03
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Dear Forum Members
Hope you are all well!
I have a few more questions / concerns about BR which I was hoping someone may be able to clear up for me.
I am still considering whether BR or IVA is best for me. I was thinking BR but someone has scared me by saying a few things...
I have written to my creditors (HSBC, Egg and Coop) explaining that I can no longer afford to pay my debts at their current rates and asked them to accept a token gesture payment of £10 each a month and to freeze interest. This is the first time I have ever missed a payment. I have received a letter back from the Coop and had numerous calls from HSBC and Coop and a text from Egg - I have not replied to any of these yet - I am a bit scared to be honest. I also told them that I need my money at the moment to get my car fixed up as I need it for work, and that I am considering emigrating from the UK, all of which is true. Was this a mistake on my part? Someone said to me today that the creditors will now be "getting ready to attack me soon..."
I have also been advised to take all my money out of any bank accounts. Apparently the OR can take every single penny from me which may be in my bank?
I have also been told that the OR could take some of my possessions - all I have of any value is:
Car (£1,000) - needed for work
Snowboard (£600) - needed for work
Laptop (£450)
Camera (£450)
CD's
DVD's
I was even told they could take my fish tank???!!!
I was also told they could take my housemate's stuff if he doesn't have any receipt for all his goods???!!!
Is all of this true, or more to the point, likely to happen?
I am not sure what is the best course of action now. My original plan was to try and put off BR as long as possible to be able to save enough money for the BR fees, to get my car fixed up and to pay to get out to Canada, but if I risk losing all the above stuff and affecting my housemate also then I would prefer to enter into an IVA instead, and see how it goes once out in Canada...
Any help / info. / advice would be much appreciated!!! |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 July 2008 : 23:16:54
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Having followed your story on this and the other forum, it seems clear to me that bankrutpcy and getting that fresh start in Canada is the best way forward for you. Clearly it is not the best option for your creditors, who will continue to contact you until you file your petition, but at the end of the day you have no real income or assets to be able to make a proper form of settlement, and an IVA is simply not suitable given the uncertainty of your future income.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 July 2008 : 23:42:13
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Hi Melanie
Thanks for your reply and info. once again!
If I do go for the BR route, should I just be totally honest with the OR about everything - going to Canada, what little assets I have, what little money I have??? I am really worried that they will take these from me, especially the money (I currently have about £1,000 saved up) which I will need to get a Visa and flights etc. to Canada.
Would the OR be sympathetic towards this do you think? I have though of somehow trying to 'hide' that money for the BR period - like take it out as cash and give it to someone to look after...a bit naughty I suppose but I really need it or the whole Canada move would be off... |
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melanie_giles
Senior Member
1191 Posts |
Posted - 10 July 2008 : 00:04:25
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Honesty is the best policy in my book, and if you have £1,000 in savings which is not required for your most immediate and essential expenditure then the OR will claim this for the benefit of your estate.
I don't feel that the OR will see your intended travel to Canada as essential, and as a professional I could not possibly recommend that you fail to declare it on your application.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 12 July 2008 : 20:12:03
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Hi Melanie
Should I tell the OR that I am planning on going to Canada for a year, possibly longer, or is it irrelevant? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 13 July 2008 : 23:32:58
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It's irrelevant at the moment.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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