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Scotmg
Starting Member
4 Posts |
 Posted - 15 January 2009 : 14:27:05
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Hi there,
Hope some of you who have been down this road already can provide some first hand advice?
I am relativly young(23) and am facing the prospect of bankrupcy with my partner.
I have a decent wage and my partner was on a high wage therefore our outgoings are high, my partner lost his job and is now working but on a fraction of what he was earning previously, we had been trying to get by but not the debts are scarily mounting.
Apologies for the long email in advance, just very confused just now
After speak to CAB and going through our finances they suggested that we go bankrupt, to try to start afresh.
I have been doing alot of research on this, but I am a bit unsure about a couple of things.
1. we need our car (which is pretty new & worth about £15k) for work, will be given the option to keep this?
2. I have been looking into opening a bank account, and realised cooperative seem to be reasonable in allowing a bank account to set up dd's etc and provide a visa electron, when I spoke to them they advise we could apply now but the account may be frozen for a short period when decalred bankrupt, does anyone know roughly how long this would be for from experience?
3. How long does the whole process take? We have only had our second meeting with CAB and the next will be to confirm with a financial adviser that bankrupcy is the best option and take it from there. Does anyone know what happens next and timescales involved etc?
4. When would we be likely to loose the house, would this happen quickly? Can we look into renting before we loose the house?
I think thats all the questions, apologies, I just feel speaking to people who have been through the process is better than reading leaflets on the stuff. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 15 January 2009 : 14:58:36
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Scot, Welcome
I will try and help you.
The car will more than likely have to go if you both go BR as its a very high value, is it on finance, how long have you had it and what is its balance if it is and how long left.
The coop account i opened the day we went bankrupt so it was not frozen but if you do declare bankruptcy do it after you have been paid so that the money can be withdrawn.
I dont know if it will be frozen those who have opened the account before as far as i am aware have not had that happen.
With reagrds to your home, how much equity is there, what is the value, what is owing, can you afford the payments.
To declare bankruptcy is reasonably quick and lasts normally 12 months, less if you get an early discharge where they have finished with your case.
To the booking the appt that is dependent on your court.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Edited by - Needafriend on 15 January 2009 15:01:41 |
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Scotmg
Starting Member
4 Posts |
Posted - 15 January 2009 : 15:33:40
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Yes it is on finance, its only about 6mths old. Could we offer to get a parent or someone else to take the debt on?
We dont have any equity in the home, infact, we have a secured loan against it, as we were renovating the flat, however, since my partner was made unemployed we havent been able to continue. To be honest, I think we would rather cut our losses as the mortgage payments per month are extremly high and we cannot afford to pay them.
Do you think we should try to rent a place just now? I wasn't sure if this might hinder us or what? I seen some post on here saying its prob best to try and rent now before out credit score is nagtivly affected!
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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
Posted - 15 January 2009 : 15:44:24
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Hi Scot,
We have just handed our keys back because of a crippling mortgage and negative equity.
We rented before doing this as our credit rating has now been damaged and we found the all the agents we looked at renals with wanted references.
If you do have an adverse credit rating some agents will still allow a letting if yo ucan give a guarantor or yo ucan pay 6 months rent up front.
I think most advise you'll get here is sort everything out you need fo ra new life before you go BR.
Good luck
Tim
What doesn't kill you makes you stronger (I hope ;-) |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 16 January 2009 : 07:21:14
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Scot
I do think that you should look to rent before Bankruptcy that will help with your payments, im just confused about your car.
Give the helpline a call and see if anyone their can give you a bit more advice.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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In early stages of going bankrupt! Help!
