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potless
Starting Member
46 Posts |
 Posted - 07 January 2009 : 20:24:06
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Im currently looking to raise the fees to make myself BR. Ive looked at all other options and spoke to CAB. Let me tell you my situation and I would appreciate any comments.
Ive been unemployed for quite a few months now and living off savings, which have now run out, but I have just signed for benefits Monday 5th Jan. I live my wife and kids although my wife does not work and ALL debts are in my name only. Ive had very well paid jobs over the last few years, £40k+, but have fell on my backside.
My current debts are;
£165k mortgage (£160k property) £950 p/m
£30k unsecured mort top up (n/rock) £220 p/m
£15k C/Cards
£10k carloan £220 p/m
Catalogue £900
Overdraft £2k.
My total benefits including CTC CB and JSA equates to around £200 p/w. I intend to find a lower paid job of £20 - £25k after Im BR which should give me just enough to pay my mortgage and all my household bills without having an attachment of income. Can I ask, once Im BR will the OR just look at my benefits and ask me to inform him when I start work so he can do an income and expenditure calculation?
Also if I find a job, and manage to keep on top of my mortgage payments, is there a good chance I will keep my property?
Finally as anyone been in a similar position? I think this site is fantastic and appreciate all advice Ive received so far. Thank you. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 07 January 2009 : 20:35:22
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Hi Potless
I will try and answer your questions for you.
Here goes:
If you go back to work and stop claiming benefits whilst being an undischarged BR then you have a duty to inform the OR of that change so that they can recalculate for any IPA if there is enough left, that is the legal duty until discharge.
If you can manange the mortgage payments and someone can buy the BI in your home then there should be no reason why you cant keep it, the OR dont want to make you homeless they just need to realise any assets/money for your creditors.
Hope that helps
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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Im currently looking to raise the fees
