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juliedf
Starting Member
36 Posts |
 Posted - 24 September 2008 : 17:54:57
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| Im now at the end of my tether. I lost a well paid job in 2007 and now work every hour possible with 3 jobs and still dont earn the same. Ive been on cccs debt management since may 07 as I did take advice and tackle the issue as it occurred. For the last 4 months ive had constant harrasment from Nationwides debt collectors and solictors, they filed a CCJ on me now for full payment. I asked for more time to pay. In the meantime it was suggested I try an IVA as currently on cccs it will take about 20 years to pay so I applied for this, also being advised that this will cut out all the harrasment from creditors im now getting. To be honest the thought of 11 crediters hounding me for 20 years had driven me to the edge and am now on diazipam! Last monday was the hearing but it is now adjourned as LLoyds tsb and nationwide said no but the other 9 companies said yes but they didnt amount to 75% of the debt. Ive never missed any payments on the cccs plan and up till losing my main well paid job with lots of perks and bonusses I was up to date with everything and could afford the payments. Today I have received the outcome of the CCJ being nationwide want £340 a month from me, which is over £100 a month more than the original loan-plus I now have court costs as well. I cannot pay this on top of the CCCS payments, I just cant do it and have no further working hours left in my week, I work on average 16 hours a day 7 days a week now! I own a home with my husband but this is in negative equity by around £60,000 now mortgage is all up to date no payments missed. If I go bankrupt personally I will lose 2 of my 3 jobs and also my husband would lose his job too as clauses in contracts regarding bancrupts. I just cant see a way forward with this or what I can do. I am at the end of the line here I feel and just dont know which way to turn. Short of the IVA option being turned around when re heard next week I can only see personal bankruptsy as my option but to sell the house, with negative equity would just plunge me deeper and deeper into debt and no one will lend me the money to pay all that back on top of existing debt. I have read somewhere you can sell your interest in the house to a 3rd party of your choice if in negative equity which not sure if true or how you go about it. Personally I dont have an issue anymore with the stigma or being bankrupt but it too seems it may just get me into a worse situation. Any advise would really be appreciated. My husband is now saying he thinks splitting up would be the best option here as he will keep his job- not really the support I wanted but hey ho! Any suggestions greatfully recieved. Julie |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 24 September 2008 : 18:28:52
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Hi provided you are in negative equity no one will come for the equity as there is none, personally i would go br and start a new life, unfortunately if oh is prepared to split rather than go through the pain barrier so be it, i have said on this forum my wife has been a rock and together we all get through.
What happens if he gets his own way and then loses his job he may then have to file, please explain you are at your wits end and need his total support as you would give him but with all those creditors you are in a corner and after advice from julian he can write to the credit reference agencies and dis- associate himself from your debt.
REGARDS
JOHNS |
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John
New Member
United Kingdom
73 Posts |
Posted - 24 September 2008 : 19:32:02
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Hi
I'm at a loss to imagine why your husband would potentially lose his job if you and only you were to declare bankruptcy.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 September 2008 : 23:50:04
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Hi
Really sorry to hear that you are in a difficult place with jobs, home , husband etc.
I would recommend you have a quiet chat with either the bankruptcy helpline ( number above) or one of the bankruptcy experts here to try to put your mind at ease about consequenses, jobs etc.
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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juliedf
Starting Member
36 Posts |
Posted - 25 September 2008 : 15:53:33
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Hi
My husband works for a security company and handles more money than we could ever dream of every day. There is a clause in his contract that says should yourself, spouse or partner or any dependants be declared bankrupt that your employment will be terminated. He would be seen as a security risk, even if was just me as we are together his job would go.
Julie
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 25 September 2008 : 18:39:45
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Hi Julie,
Regrettably, if your IVA proposal is declined by your creditors, you will have little option but to declare BR.
My situiation happened the other way around in the fact that my BR was caused by losing my job. Having said that, I saw it as a great oppportunity for a fresh start and 18 months later, I couldn't be happier.
As Paul says, speak to the helpline or one of the experts. I know things look bleak for you now, but if done properly, BR can be a great release and opportunity to start again.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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juliedf
Starting Member
36 Posts |
Posted - 07 October 2008 : 10:32:54
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Hi
Well it looks like BR now my only option. After the IVA option being adjourned for 3 weeks prelonging the agony Nationwide Building society seem set on forcing me into bancruptcy. They will not accept the IVA and make up 25.8% of my debt, the other 11 creditors that make up 74.2% all said yes! so close yet so far! So silly they would have all got 32.9p in the £ on the IVA now all will be lucky to get 3p in the £ because of this. So I have a few questions.
I will lose now 2 of my 3 jobs, will the OR look at this when looking at what I have earned to date and now I will have far less income if have to do BR?
My house is shared with my husband and there are 2 charges on it. The first is halifax Mortgage with £122k left to pay, we purchased the property at £147,500 4 years ago, would be lucky to sell for £135 at the moment. The 2nd charge is a first Plus loan with settlement figure of £69K on it which means would have to sell the house for more than £191k just to pay whats owing on the secured debt. Will this be negative equity?as not sure if both loans do this or just the first charge that have the control. We are happy to sell the property and always have been but it wont cover whats owed and then have solicitors fees, estate agents fees and HIP to consider as extra costs. We would be plunged into more debt with this 2nd loan/mortgage to be repaid and would not have any way of borrowing that.
Are we best just to put the house on the market and test the water?
I have to pay the first payment on 22nd october for the CCJ and just cant do it so that wont be done. I will have the funds to pay the debt management this month so that is covered.
Am I best filing for my own BR or letting Nationwide do it as they are obviously set on the idea?If I file for my own what are the timescales roughly?
Is there any way a 3rd party can buy my interest in the property?I keep seeing these posts but not sure in my situation how it works.
BR is my real last resort and I have worked so hard to pay off or try to pay it off, Im not shying away from it and am just so frustrated now that a bank who obviously feels they can afford to do this has dont it and everyone including other crditors will suffer as well.
Any advice greatfully received!
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Nat
Junior Member
367 Posts |
Posted - 07 October 2008 : 12:38:51
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Hi Julie
I 've just read this thread and didn't want to just move onto the next without saying something.
I don't think the OR will judge you on having to give up 2 of your jobs post BR, if your employers won't let you continue there is little that you can do.
I am sorry that things seem so bleak at the moment but it sounds as though BR is the way that you are heading. I went BR 18th Sept and it is like having a weight lifted although little issues do arise but this site is really great and you will get lots of advice and support. You really are not alone.
Good luck and I hope you and your OH manage to work things out.
Nat
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 October 2008 : 13:55:07
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Hi Julie,
Have you tried the helpline? One of my colleagues would be only too happy to discuss your situation in more depth.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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juliedf
Starting Member
36 Posts |
Posted - 07 October 2008 : 20:35:18
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Ive got to go on a course for 2 days tomorrow and then will try to give them a call on Friday.
Thanks for your help.
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juliedf
Starting Member
36 Posts |
Posted - 07 October 2008 : 20:37:07
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Thanks Nat, I thought the debt management was fab and felt life was getting better until Nationwide became greedy and intent on distruction! I know where Im going and what i need to do just facing up to it now. OH has come round and being better which is some weight lifted.
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working 16 hours a day 7 days a week
