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Starting Member
2 Posts |
 Posted - 27 February 2009 : 03:13:17
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| Hi, I currently owe about £10'000. We are 3 months behind on our mortgage and i have just found out that i have not made it through the probation at my sales job that i started 3 months ago. We where in a debt management plan but now will be unable to pay our second payment this month. My partner still has her job and earns abot £1000 per month, she has debts of around 15k. My question is how do i know if i qualify for an IVA or Bankruptcy? We have no equity in our property because we took out 125% mortgage. I want to accept my responsibility but we are now having debt collector knocking on our door, please help. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 February 2009 : 08:23:48
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Hi there and welcom to the forum, if you are not in employment you would not qualify for an IVA. If you are 3 motnhs behind on our mortgage you are either going to have to come to some arrangement with your mortgage company to repay the arrears, which will be difficult to do if you have lost your job or accept the fact that you are going to have the home repossessed. If this is your preferred option contact your local county court, speak to the bankruptcy clerk and ask for 2 packs to file for bankruptcy. Stop making any payments on your mortgage to get together a deposit for alternative rented accommodation. YOu would also be sensible to cease payments to all other creditors (treat them all the same) and get the funds togther to file for bankruptcy. The fees are £495 each , though if you are going to receive JSA as unemployed you will get a reduction on your fee of £150, but you will have to have proof of receipt of the benefit.
The sooner you make the decsion and act upon it, the sooner you will in charge of your financial situation and hopefully debt freee future. If you require any assistance with queries or concern please post and we will all assist you
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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2
Starting Member
2 Posts |
Posted - 27 February 2009 : 09:02:13
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Thank you Melanie. How long does the process of going bankrupt take? Also will the courts look less favourable on me because I am currently unemployed or does it make no different? If we don't tell our debtors where we are living during this process, is this illegal? Thanks for you help.
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 February 2009 : 14:41:48
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You can either ring the local county court ask for the bankruptcy clerk and request a pack for filing for bankruptcy be sent out to you (1 per person filing- no joint pack available) and while on the phone ask when their next available appointment is and book it. Alternatively still book the appointment but go the The Insolvency Service website and you can complete the forms online (can only print once complete, but you will get a ref no to enable you to dip in and out how ever many time you need prior to completion)
You will be at the court on the appointed day, and will then have either a face to face or telephone interview (you will have no choice in the matter, if either of your have 'traded' /self employed you will be given a face to face interview, if straight forward household debt case a telephone interview is booked - either way lasts under an hour.
Being unemployed makes the process easier as you would not be able to have benefit taken into account for 'income Payments Order' nor be liable for payment under one - so your bankruptcy would be over in maximum 12 months (but usually around 6 months) unless BRO restrictions apply (very small number of cases)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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debt collector knocking on our door, please help.
