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w33
Starting Member
3 Posts |
 Posted - 01 February 2009 : 16:59:40
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| MY PARTENR AND I ARE SERIOUSLY CONSIDERING DECLRING BANKRUPTCY DUE TO JOB LOSS AND SIMPLY NOT HAVING ENOUGH INCOME TO PAY BILLS... I LOST MY JOB 6 MONTHS AGO AND HAVE NOT BEEN ABLE TO FIND WORK SINCE SO I AM THEREFORE CLAIMING JOBSEEKERS ALLOWANCE, MY PARTNER WORKS PART TIME AND IS IN RECEIPT OF WORKING FAMILY TAX CREDITS, WE HAVE BEEN IN BAD CREDIT FOR A NUMBER OF YEARS NOW BUT HAVE MANAGED TO JUST SAY KEEP IT UNDER CONTROL BUT DUE TO JOB LOSS THAT HAS NOW BECOME IMPOSSIBLE. IT HAS GOT TO THE POINT WHERE WE CANNOT EVEN AFFORD TO PAY OUR MORTGAGE PAYMENTS ANYMORE AND STILL OWE THE MAJORITY OF THE HOUSE VALUE AS WE ARE ON AN INTREST ONLY SCHEME HOPING TO GET THE PAYMENT LOW ENOUGH TO MANAGE BUT SSADLY, THAT IS NOT POSSIBLE. OUR OUT GOINGS ARE FAR ORE THAN OUR INCOMINGS AND WE HAVE BEEN RECEIVING LETTERS THREATENING BALIF ACTION AS WE CANNOT EVEN AFFORD TO REPAY THE MINIMUM PAYMENT AGREEMENTS WE SET... iDEALLY, WE WOULD LIKE TO DECALRE BANKRUPTCY AND HAVE ALL OUR DEBT WIPED CLEAN, INCLUDING THE MORTGAGE SO WE CAN START A FRESH. WE ARE ONLY 28 YEARS OLD WITH A 2 YR OLD DAUGHTER AND NEED TO MAKE A FRESH START. WE ARE NOT BOTHERED ABOUT BEING BLACKLISTED, INFACT, IT IS BETTER THAT WE CANOT GET ANY SORT OF CREDIT AS IT WILL KEEP US OUT OF TROUBLE IN FUTURE! AND WE WILL SIMPLY RENT A HOUSE INSTEAD OF GETTING A MORTGAGE. DO YOU THINK DECLARING BANKRUPTCY WILL MAKE THIS ALL POSSIBLE FOR US? ANY HELP AND ADVICE TOWARDS THIS WILL BE GREATLY APPRECIATED. THANKS FOR YOUR TIME. SIMON. |
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 01 February 2009 : 17:27:21
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if you feel that you can not cope any longer and have no assetts and are happy to let your home go, and move into rented then the relief from the pressure and going BR would benefit you for sure, but just to put your minds at rest that you are making the right choices, i would suggest that you call the free helpline here in the morning, they are fantastic, and will help you plan and put everything into perspective :-)
moving forward to new beginnings
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 01 February 2009 : 17:48:12
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Hi there - from the information you have provided it seems that bankruptcy may be your best option. Though I would advise you to seek advice from one of the many free advice services such as local Citizens Advice Bureau or National Debtline CCCS plus many others who can go through your personal circumstances with you, rather than me just going on the information you have provided in your post - it may be that bankruptcy is the only way forward but first obtain some independant advice
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
Insolvency Manager
Jones Giles
01446 711780 |
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w33
Starting Member
3 Posts |
Posted - 01 February 2009 : 18:10:52
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thanks for the feedback so far, ive got a couple of questions i hope somebody can clear up for me...can anyone tell me will we have to pay anything towards the debt or is it a case of just simply paying £495 bankruptcy fee and thats it? who pays my old debt, can they contact me in future? i dont want to declare bankruptcy and still have a to pay a monthly payment towards something, im hoping to get the slate wiped clean and start again having nothing to pay but rent, council tax and other normal utiliyy bills etc... do they take my furniture etc like balifs do? i know they csan take my car and house but where does household items lie? also, as far as our house goes, do we simply ring our mortgage company and tell them we can no longer make payments and are declaring bankruptcy? if we did declare bankruptcy, what happens the day we file it at the court as far as the house goes, can we go back to it or do we need to have a rented house lined up to go straight to etc... also who shall i ring in the morning to get info and the ball rolling, does anyone have a number? any help is appreciated as i know nothing about it. sorry if i sound like a pain, i just need to be certain im making the right decision.
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 01 February 2009 : 18:34:20
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hi w33,
firstly, if you have a disposable income of more than £99 per month then yes an IPO can be put in place and will last up to 3 years, it can be changed according to income going up or down.
once BR in theory you should not be contacted any further by your creditors.
with regard to furniture, unless it is of substanial value is is unlikely that it will be taken from you.
with regard to leaving your home from rented it may be wise to look for rented before BR as you will need to be credit searched, unless of course you did not rent through letting agents, and in my experience if you fail the credit search they will ask for maybe 6 months rent up front of a guarentor.
but on the other hand the mortgage company should not start any proeedings til at least 3 months of missed payments, so you could always stay put and get your deposit money together.
the helpline number is 0800 078 9367
good luck
moving forward to new beginnings
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w33
Starting Member
3 Posts |
Posted - 01 February 2009 : 18:47:20
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thankyou very much... well we definately do not have any disposable income at the minute! jobseekers allowance is only £65 wk and my partner only walks out with £250 by the time my daughters nursery fees are paid... my mortgage alone is £490 per month, we've been selling anything we could on ebay just to make the mortgage payments but nothing is selling now as everyone seems to be in the same boat with recession thats why we havnt been able to make payments. luckily im pretty good at refurbing laptops and PCs (hobby of mine) and thats been paying half the mortgage, other half my JSA leaving us only £80 to live on per wk by the time the rest of the bills were paid, not a lot but we've managed on that for months now but things have just spiraled out of control due to the laptops and PCs not selling anymore!. its very worrying talking about bankruptcy but talking to you has made it a whole lot better... am i right in thinking that the only real downside to it is not being able to get credit? if thats so, it will not effect us at all as weve never been able to get credit for the past 7 years anyhow! what i cant seem to grasp is if its that easy to write off debt, why isnt everyone doing it? im not saying its a good thing to do but it would solve a hell of a lot of problems and will make me sleep better at night!
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joella68
Junior Member
United Kingdom
280 Posts |
Posted - 01 February 2009 : 19:02:51
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all i can say is its the best thing ive done, and im sure most on here will say the same, the worry is immense i know ive been there !!!
i am by no means an expert so pleas do ring the helpline tomorrow and just get peace of mind for yourselves, and ask any further questions, the answers i have given really have been from my personal experiences. yes you are right about the credit, but again im sure everyone will agree its the best thing for us all !!
feel free to ask any further questions, its a great bunch of people on here always ready to share their experiences :-)
moving forward to new beginnings
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 01 February 2009 : 19:17:06
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Bankruptcy is there to give you a fresh start - all debts owed including catalogues etc are included in the bankruptcy. It is against the law for a creditor to chase you for anything which falls into the bankruptcy, neither should you pay anyone once bankrupt. If your are resigned to the fact that you are going to lose your home as you cannot afford to pay it, my advice would be to stop paying the mortgage now and get the money together for a deposit on a rented property , if possible secure yourself a rented property before you file your petition, that way your bankruptcy will not show on the search made by the landlord /letting agency.
With regard to the deposit you will each have to pay £495 but a reduction is made for thoswe inreceipt of benefits (full details of eligible benefits contained within the bankruptcy pack you will need to obtain from the court to complete to enable you to file your petition. Incidently if you go along to your local Citizens Advice Bureau they can put you in touch with various utility companies which will assit you in funding your bankruptcy deposit. Most utility companies offer this scheme but it is not advertised your local CAB will point you in the right direction (they have a form you will need to complete for assistance)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
Insolvency Manager
Jones Giles
01446 711780 |
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MY PARTENR AND I ARE SERIOUSLY CONSIDERING BR
