Firstly I must say what a helpful website. I am seriously considering bankcruptcy and would be grateful of some advice. Long story short I currently owe a large amount of money (£90K) via credit cards and loans. This has been built up over the years but I have been getting on top of it and was on track to clear at least half by the end of next year. However it has been quite tight but I have been coping. I earn a good salary which helps. However I have now run into a serious problem in the form of an previous employer who has made a claim for overpayment of wages( This relates to my notice period). It seems I do owe the money but if I pay it( £7K) then this will force me into BR. I am trying to see if they would accept installments but doubt that they would accept this. I cannot afford to pay further solicitor fee's and at the moment would just like to run away!!!
I am in the process of booking a meeting with Payplan but am of the opinion I should just go and get it over with by declaring bankcrupcy as I cannot handle the stress of it all anymore! I fully intended to pay back what I owe but the goalposts keep moving.
Anyway my questions are. I earn a good salary and owe a large amount would it mean that I would not be discharged in a year and instead be kept on longer? I also get a company car with my job and we also have a small car( worth about 2K) which my wife uses for the school run. Would the OR consider that we only would need one car?
Hi Mike & welcome to the forum apologies for not responding sooner but your new post is in the July postbag and this morning I just happened to review it. You should not expect an extended period of bankruptcy (a BRU/BRO) purely based on the fact that you earn a good salary or on the amount that you owe. Who does the small car belong to? To determine this you need to consider when and how it was paid for, is there any finance outstanding and if so whose name is on the finance agreement? Another point is how difficult would it be for the "school run" to be through public transport? Length of journey, number of children, number of schools and public transport services would all play a part in your arguement to keep the car. I would also urge you to look closely at what you may pay through an IPA in light of your high earnings and another factor is if you own your property.
I'd be pleased to help further if you would like to post more detail.
Considering BR
Posted - 08 August 2008 : 19:39:52
