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turborat
Junior Member
289 Posts |
 Posted - 28 October 2008 : 13:01:35
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Hi all, it has been a while since I have been on here as we have been moving into rented accomadation and trying to settle in.
We have been out of the house for a couple of weeks now and have not contacted any of our creditors as we aer now looking to go BR ASAP.
I am just about to start filling the forms out and was wondering if anyone has any good advice on filling them out. TBH I am finding it a bit daughnting the thought of filling them in but I need to get them done so we can go BR & let the mortgage company have the keys back to the old house.
Any advice would be really appreciated.
Also we have a caravan worth around £1200 which we use as our only getaway and as my wife suffers with bad depression (on incapoacity benefit) it really helps her when we go away. Our parents usually pay for the site fees so would be be able to keep it???
Thanks in advance... |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 28 October 2008 : 13:08:19
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Hi Turborat
Are you filling them in online ? if so, i would say this is the easiest way as you can save it as you go along. It was certainly a godsend to me.
Do you have to make an appointment at your local court? or can you turn up and wait (as some people here have been able to). I would phone your local court to establish which way you have to do it, and then set a date and work towards that with regards to the forms.
Sorry i dont have any advice on the caravan situation, but there will be someone along soon.
Good luck and keep posting as many questions as you need when filling out the forms
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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jayne h
Junior Member
218 Posts |
Posted - 28 October 2008 : 14:59:45
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Hi Turborat,
We went BR on 13th October and we also have a caravan. Ours is only two years old and we love it - unlike a lot of people we go away in it a lot with our friends but the OR will take it away after our conversation with him tomorrow I would imagine.
I may be wrong, and the experts will no doubt advise if I am, but you could make them an offer for the caravan. In todays market they are not really selling very well so the value placed on the caravan would be a forced sale value. If you could make them an offer for it I have heard that they have accepted this, especially with cars and personal number plates etc. Maybe your parents could offer to buy it? However, this is my gut feeling only and may not be fully accurate so no doubt the experts will advise.
We will be gutted when ours goes as we will not be able to make them an offer as it is only two years old, however, it is the one of the things that has got us into debt so we must pay the price.
Jayne x
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Nat
Junior Member
367 Posts |
Posted - 28 October 2008 : 15:29:20
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Hi Turborat
I'be been BR for almost 6 weeks now and once you've done it and had your interview you really should feel fine. I've had a few queries and i've just phoned the OR office up and they've been more than helpful and call back or email back pretty quickly and they are quite human funnily enough!
Don't worry to much about the forms just do them a bit at a time, ask as many questions as you like, someone will help you out, and be honest. If you really can't remember just say so and if you do make a mistake when you have your interview you will be able to explain then so really don't worry.
Good luck, this site is a little angel for all of us
Nat |
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turborat
Junior Member
289 Posts |
Posted - 28 October 2008 : 15:33:45
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| Thanx guys, this site has already helped a great deal. The next step is the big one so all sorts of things are going through my head at the mo!!! |
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turborat
Junior Member
289 Posts |
Posted - 29 October 2008 : 08:56:01
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Didn't think I would need to ask questions this quickly !!!
1. On the first 2 page form I completed the first part with my name and current & previous addresses but do not understand if I need to fill anymore in as I do not own a business?
2. On part 2 on the main forms regarding pensions. I have an old company pension which I do not pay into anymore (not for 4 years) and a current company pension. Will I need to add any of these further down in the personal pension plans??
3. On secured debts we have our mortgage £100k & a secured loan £20k. when I fill the lines on the loan and deduct what the house is worth and take into account the house -mortgage it leaves a total of -£90k?? Seems wrong or a bit wierd to me?
Finally as we are living in our overdraft do I put down a zero figure as to how much money is in our accounts??
So sorry for all these early questions. I hope they make sense.
I would do the forms online but we do not have internet at home yet and can only use work pc for short periods.
Thanks again in advance.... |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 29 October 2008 : 09:01:53
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Hi TR
Ill try my best....
1 - I left that part blank, and the insolvency clerk at the court crossed it out
2 - Dont know, sorry
3 - Put your outstanding balances here (and dont forget to put them in the unsecured section, saying possible shortfall) I take it your in negative equity ?
Regarding the overdraft i actually put how much i was overdrawn there
Hope this helps in some way
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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turborat
Junior Member
289 Posts |
Posted - 29 October 2008 : 12:46:20
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Thanx moneyworries,
We are not in negative equity but only have around 10k equity (if that) in the property but around 50k debt!!
In the secured form do I put outsatnding mortgage 100k, house value £110k then put 10k in the total. On the outstanding secured loan put £20k, house value 110k then put -90k in total ??? So confused and only just started!!
With regards to the overdraft do I put a minus figure in showing how much o/drawn I am?
Another question is how do I fill the I&E in as we live mostly on my wages but my wife does get incapacity benefit which also goes in the pot. How do I split both of our I&E values (we are both declaring BR)?? |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 29 October 2008 : 13:00:46
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So am i right in saying with your (secured debt) mortagage and secured loan you owe a total of £120k, which would make negative equity of £10k. And on top of that you have £50k unsecured debt? Also are re you intending on trying to keep up mortgage and secured loan payments?
One you put figure in to the system, it will automatically ask you if you are in credit or debit - just choose as appropriate.
From what i understand you both have to mirror your forms with regards to i&e, income, benefits etc.
If you feel you need advice with what is acceptable to put down, why not post it up and you will have the benefit of everyones advice.
Hope this helps in some way
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Nat
Junior Member
367 Posts |
Posted - 29 October 2008 : 13:19:19
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HI TR
Put down your pensions the OR may not touch them but you do need to declare them if you have them.
If you don't have a business don't worry about that part just leave those sheets blank.
DOn't worry about not having the exact right bank balance figure but if you're overdrawn say so. You can give the accurate figures at your interview, just give a rough idea. When I did my creditors i wasn't entirely sure of the exact figures but knew that i was fairly close. The OR can get all that info if they need it and you don't have statements etc.
Hope that helped a little
Nat |
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turborat
Junior Member
289 Posts |
Posted - 29 October 2008 : 14:44:36
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Thanx v.much guys, I really appreciate the help and feel guilty asking so many questions (sure there will be many more to come!!).
Will have another look tonight. |
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Nat
Junior Member
367 Posts |
Posted - 29 October 2008 : 14:49:46
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Never feel guilty about asking questions, we've all done it and still do.
Take care
Nat |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 29 October 2008 : 18:37:06
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I second what Nat has said - never feel guilty. We have all been/going through it at some point, and there is always someone to answer your queries
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 October 2008 : 21:13:11
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The figures are never 100% accurate because of interest and late payment charges so always best educated guess.
The OR doesn't care if you a little out - but get grumpy if you are 1,000 out.
Would also encourage you to review your assets BEFORE going br incase there is any way they could be used to discharge the debts in a different way.
I have seen several cases where there were endowments or pensions ( with a part cash in value) that are obviously lost in Br , but the asset value would have been sufficient to resolve the debts via a one payment IVA, or negotiated settlement.
always worth checking.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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turborat
Junior Member
289 Posts |
Posted - 30 October 2008 : 08:53:25
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Thanks again guys. Unfortunately the only real assets we have are the car (£700) and the caravan (1200). No endowments but do have work pension scheme but still many years away from claiming on that!!
Another couple of questions...
1. do I declare & stop using my ebay/paypal acct?
2. How important are the "Date obtained" dates on the usecured section as I can't remember most of them.
3. As we are now in rented accomadation should we notify the agency of our intentions to go BR? Or should we just leave it and carry on as we are.
4.Does it matter that I am doing all the work for both mine & the wifes forms? The reason I am is that she leaves all this stuff for me as I understand it better (Ithink) and with her depression & personality dissorder it would just make her worse and unable to deal with anything!!
I am sure there will be more tomorrow but hopefully I will we there in the end. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 30 October 2008 : 10:51:51
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Hey TR
1 - I didnt realise you had to declare that (i have one, but must add there is never anything on it as i only ever use it as security from my bank account)
2 - I think if you do not know the date you took each credit card or loan out then i am sure the or will be able to get hold of them, however i made a call to each creditor pre-br and asked when i opened the relevnt accounts, and told them they would be hearing in due course. Never had any problems and i hoped it would get me brownie points too 
3 - Im not too sure about this, but i would check over your contract and see if it menions br in there - however i have never been in this situation, therefore wait for someone else to answer this
4 - Im sure if your wife is aware of what is on there and can read through it before you have to sign at the court then this should be no problem (some people get help from cab, so its only like that in my opinion)
Dont they need so much info, it took me 2 and half weeks online!!
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Forms advice?
