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John
New Member
United Kingdom
73 Posts |
 Posted - 17 January 2009 : 15:41:19
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Hi
I too feel you should speak to the helpline before deciding what is best for you.
Of particular importance is the fact that you have disclosed that the property that you live in is mortgaged. Speak to an expert as, I have no wish to alarm you but your name not being on the mortgage does not mean the property is safe if you declare bankruptcy.
It may well be but speak to an expert first.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 18:15:52
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Thanks for your reply John.
I've been on experian and from that I've roughly worked out my debt to be £14.5k,
I've got my car which I can not lose! so i don't think this new scheme will work.
Can anyone recommend anything?
I've heard of an IVA, is that any good?
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RHB
Senior Member
1159 Posts |
Posted - 17 January 2009 : 18:20:41
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| What repayments could you afford each month? |
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 18:22:27
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Hi RHB,
One monthly figure or each Debt!
Monthly possibly £150! |
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stressed
Starting Member
20 Posts |
Posted - 17 January 2009 : 18:24:19
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| I've previously used 3 debt management programs and none of them helped me, if anything made 2 debts worse. I have 2 possibly 3 pending CCJ's |
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RHB
Senior Member
1159 Posts |
Posted - 17 January 2009 : 18:42:42
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| If you paid 150 pounds over 5 years in an IVA what proportion of the debt would you pay back? |
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stressed
Starting Member
20 Posts |
Posted - 19 January 2009 : 10:43:51
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IVA.co.uk has just phoned me. An IVA is NOT an option because my debts are not high enough and my monthly affordable payments are not high enough. They recommend a Debt Management Programme.
I have used DMP's in the past and they have made my debts worse and I at this current time I can not see away out of this :'-( |
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stressed
Starting Member
20 Posts |
Posted - 19 January 2009 : 12:02:42
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| I've just got off the phone to National Debt Helpline. They are recommended I try another DMP or go bankrupt. They have said regarding the car, as its a Hire Purchase Agreement, the car isn't legally mine, so there is a chance the courts can't touch it. But I need to find out from my Local Official Receiver. |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 19 January 2009 : 12:08:49
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If you did decide to go down the br route then as well as it being at the discretion of the Official Receiver it is also down the the hp company. Check your agreement with them or make an anon call to them to find out - what is your monthly hp agreement ?
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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John
New Member
United Kingdom
73 Posts |
Posted - 19 January 2009 : 12:29:09
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Hi
Moving On is correct.
The OR in bankruptcy cannot take the car unless there is equity in it. However, he can object to your continuing the monthly payments for the car if he deems them excessive.
Also the lender, in an HP agreement, will very likley exercise the clause which says they can repossess if you are declared bankrupt.
They will sell at auction and the shortfall balance can, as long as you list it, be included in your bankruptcy.
You may also, if you are able, try to persuade the lender to allow a 3rd party to take over the payments whilst you are bankrupt but insure it for you to make use of.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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stressed
Starting Member
20 Posts |
Posted - 19 January 2009 : 12:38:13
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I've just phoned the Insolvency Helpline as my Local OR will not give advice. They have said that it all depends on the value of the car and the outstanding balance.
If the car is worth more than the outstanding balance, the OR can take it. Currently, the car is worth approx £4500, but I have £6700ish to pay back, My HP company are happy to continue with the agreement. That Last point you have made John, could be possible.
Thanks John and Jenny |
Edited by - stressed on 19 January 2009 12:41:34 |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 19 January 2009 : 12:46:48
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Im glad you made the call and hope it eased a 'little' stress 
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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stressed
Starting Member
20 Posts |
Posted - 19 January 2009 : 19:23:04
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| I've had 3 different DMP company's call me this afternoon, paying what i CAN afford every month, it will take approx 15-18yrs to clear! |
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stressed
Starting Member
20 Posts |
Posted - 19 January 2009 : 21:07:01
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Can anyone think of something else I can try and do.
DMP - will take approx 15-18yrs!
IVA - Not possible as monthly repayments too high.
Consolidation - I do not want to do
What else can I try? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 January 2009 : 08:01:24
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Hi Stressed
the solutions to debt are:-
1. IVA
2. DMP
3. Bankruptcy
4. Debt Relief Order ( starting in April)
5. Refinance
6. Negotiated setlement with a lump sum offer
The best way to see which is best for you is to eliminate the choices that are NOT available and you are left with a very few or one option.
Alternatively you could not pay the HP on the car, save up the payments you would make and buy a cheaper car outright. Then the shortfall from this would fall into bankruptcy, or IVA ( where ther debt would now be over 15k and disposable over £200 pm because the hp payments aren't made anymore)
hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Topic |
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New debt laws regarding wiping debt below £15k
