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j s
Junior Member
185 Posts |
 Posted - 15 April 2008 : 10:50:21
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| The house is worth 165,000 and the car is used for work and for taking children to school etc. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 April 2008 : 11:01:23
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Depending on the value of the car you could put a good case for keeping it as it's needed for work. The OR usually allows a car up to the value of £2k. If they accept that you need a car but yours is over their maximum value they will sell the car and you will be given money to buy a replacement.
You may not lose the house - it depends on the level of equity in the property (value of house minus mortgage and secured loans). You can get someone to buy they benificial interest in the property to allow you to keep the house.
Saying all this, it may not be too late for you to propose an IVA, but you really need to speak to an IP about this. If you have monthly disposable income to pay to your creditors in an IVA this would allow you to keep the house.
Please speak to someone - I'm not a professional, just someone whose been there, done it and survived. You do need to make the phone call now though.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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j s
Junior Member
185 Posts |
Posted - 15 April 2008 : 11:06:16
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| I am now receiving loads of letters from different companies offering solutions to bankruptcy am I best in just plucking up the courage and going to the OR appt next week ? What will they take from us on the day? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 April 2008 : 11:12:19
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They won't take anything from you on the day. At the interview they will go through the reasons for your bankruptcy and ask you what the money from any loans, credit cards has been spent on - my OR was more interested in what the money from loans had been spent on. They will also go through your income and expenditure with you.
If you can speak to Paul (Reviva), Melanie or Ian they will be able to give you better advice than a company that has got your details from the insolvency register. They will be able to advise if BR is the only solution, and whether you are actually insolvent. If not, you may be able to get the BR annulled and find another way forward.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
Edited by - Skippy on 15 April 2008 11:14:03 |
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j s
Junior Member
185 Posts |
Posted - 18 April 2008 : 15:07:10
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| I have an appointment with the OR on Thursday 24 April can I delay this appointment as I have just received a letter to attend hospital on the same day for treatment. |
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j s
Junior Member
185 Posts |
Posted - 18 April 2008 : 15:10:10
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quote:
Originally posted by Skippy13
How much equity is there in your house?
How much is your car worth? Do you need it for work?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
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Helpful Advice
Average Member
United Kingdom
646 Posts |
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AlanO
Junior Member
United Kingdom
259 Posts |
Posted - 20 April 2008 : 18:28:54
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Hi J S
There usuallly isn't an issue in changing a meeting with the OR - which OR office is it?
Suggest that you do ring one of the experts to provide reassurance
All the best Alan
www.debtdr.co.uk
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j s
Junior Member
185 Posts |
Posted - 22 April 2008 : 10:30:28
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| I have received loads of letters from different solicitors offeringtheir help with my bankruptcy I even received a home visit from a company called Bankruptcy protection fund last week offering to meet and discuss how to help with my case - should Itake them up on the offer. I have an appt withthe OR in May ,do I have to complete the forms sent to me first and send them off or meet with the above company? please advise |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 April 2008 : 23:25:27
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Hi JS
sounds like you are getting confused by the multitude of offers and you have lots of questions that need answering on the phone so you can get some peace of mind.
The bankruptcy protection fund and the other letters you are getting are from companies that look at the insolvency.gov web page and identify people who have recently gone Br, then they check with land registry to see if you own a house.
They will likely offer the following options:-
1. If there is sufficient equity in the property they can arrange a sale / remortgage ( expensive!) and if all your debts are paid off you can annul the Br order.
2. They may be able to propose an IVA which would effectively overide the Br and include asset form the house in the pot.
Stongly suggest you have a word with an insolvency professional ( Melanie or Ian ) and they can advise very quickly for free over the phone if these are options.
If they are not and you need some reassurance as to next steps please give one of the forum experts a call for a friendly free chat - you may get some peace of mind so is worth making the time.
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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j s
Junior Member
185 Posts |
Posted - 07 May 2008 : 06:47:06
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| Can you tell e when i go to the OR this week do I have to tell him about the new bank account I have set up witht he co-op |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 07 May 2008 : 16:33:54
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Hi js - hope you are ok.
I have my phone interview with the OR this Friday - I have just opened a co-op account and will be telling them when they call. I am guessing they will look at bank statements if you have an IPA but I am not certain. Be useful to know that too.
Hope you are getting things sorted
Vicki x |
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j s
Junior Member
185 Posts |
Posted - 07 May 2008 : 18:22:04
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Hi Vicki,
Thanks for your reply, I too have my meeting with the OR this friday, our normal bank account with the halifax was frozen and there is money sitting in there that we can't touch, after registering with this forum i was made aware of the coop bank. This is where i have my wages paid into now, so if i tell the OR about this surely he will put a freeze on this account too and i will not be able to get to any monies ?
Thanks for your advice, also I would prefer to have a telephone interview, i don't think I would get quite as stressed as in person. I have thought about suicide in the past. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 May 2008 : 10:01:40
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The OR doesn't freeze bank accounts - once you are made BR, all of your bank accounts belong to the OR and s/he will then advise the bank if they have no interest in the account. It is then down to the bank as to whether they are happy for you to keep the account.
When I had my OR interview I wasn't asked if I had opened an account after being made BR so I didn't tell them. They were only interested in accounts I had pre BR.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
Edited by - Skippy on 08 May 2008 10:03:55 |
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j s
Junior Member
185 Posts |
Posted - 08 May 2008 : 14:23:40
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| I am so scared at going to the OR tomorrow, I have spoken with him today and he has said that they can't seem to find our forms that we completed and sent, what will happen tomorrow? What will I need to take with me? |
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Topic |
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Can I stop a bankruptcy if I pay off the debt
