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lyndsey
Starting Member
United Kingdom
18 Posts |
 Posted - 27 April 2009 : 20:44:39
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| i have been contacted by leeds building society re a 38k shorfall on my house that they reposessed. I was unable to remain as was made redundant from my job of 8yrs and they wouldt pay out on my mortgage payment protection. I dont have the money to pay them and i am barely scraping by to start with (single um with 3yr old son) i work 22 hour a week for Boots and only get paid £500 a month so unable to afford IVA and debt management repayment plan seems pretty much out the question aswel , it will take me the rest of my life of making monthly payments then there will still be an outstanding debt. So after speaking to National debt helpline etc bankruptcy seems the only option for me. Im now living in private rented so have no property for them to take. I have no savings etc. Have no assets other than my car. The list price of it is currently £6000 so i believe they will take my car away from me. It was bought 2 yr ago by me from a garage and they arranged a personal loan for me with Santander. I have tried at the weekend to sell the car o that i can buy something cheaper, pay the court fees i will incur and keep remainder for IR. But the garage said that there is a caution on the experian number plat checker that there is finance on the car and preventing me from selling it. I spoke to santander who confirmed that it is a personal loan not car finance or HP etc but they refused to remove the caution from the system. What else can i do. I need a car in order to take my little boy to childcare and for me to get to work. lost......... my initial appointment with citizen advice to discuss bankruptcy is May 5th. Im so worried, what should i do. I cant be left with no car at all. I wanted to take charge of the situation. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 27 April 2009 : 21:33:43
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In Br the shortfall would be covered and any other debt including any personal loans.
The generally accepted maximum amount for a "necessary" car is about £2000 - £2500 so firstly double check the value of the car if it was sold privately against forecourt prices.
If there was someone who was willing to pay the difference in the £2000 and the value of the car yo might be able to keep it.
If you get it in writing from Santander that it is not HP go back to the garage or double check that there is not an error on the computer relating to a previous owner.
If you sell the car replace it with one of less value and if poss keep £510 for the fees and if there is any left after living expenses the OR will keep.
If the Or was to take the car he would sell it and he should give you £2000 back to buy another car if he agrees you need it.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 27 April 2009 : 23:58:31
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Hi Lyndsey
there is a clear way forward, and I believe you have the funds available to sort out an alternative car and pay the Br fees so that you become debt free.
From your current income it is clear that unless you sort the car out quickly then you will be in a dificult position before you are ready to move forward.
Please speak to a forum expert. The solution is there but just needs to be made to happen for you
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 28 April 2009 : 08:13:23
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as you advised me i clicked on the ask an expert a question on the left of the page , then i got an email from ADMIN saying that it had been posted here and to await a reply. So i have no idea how to speak direct to an expert. From earning only £500 a month and having a little boy it is going to be near impossible for me to save up for another car. i get benefits of housing and council tax benefit because of me being on such a low incom but obviously these are completley absorbed by my rent and council tax. Iget child benefit as does everyone and tax credit but these are used on bills , providing for lewis and other essential outgoings , there is little to nothing left over to be able to put towards another car etc. Im worried about even being able to pay the BR fees. From what i have seen on other posts i beliee i will get an exemption for about £150 of it but remain liable for the rest.
lyndsey
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 April 2009 : 08:33:03
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Hi
by clicking "Ask the Expert" at the top of a page you post a question on the forum.
To speak to an expert you need to chose the expert you wish to contact and click on their contact details at the end of their post.
For example at the end of my post there is a link to a web address which gives you contact details.
You can of course chose other experts, all the professional experts on the forum have considerable experience and will be able to help. You also won't have to wait until next month to have the critical conversation.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 April 2009 : 08:35:22
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Hi lyndsey,
Paul and some of the other experts have businesses that assist people with their options and can also assist in the BR process however they are not allowed to advertise on this board but I can advertise for them :)
Paul works for Reviva UK and there is a 'Contact Me' form on their site at http://www.revivauk.com.
John works for England Jackman & Spacey and you can enter your contact details at http://www.ejands.co.uk/.
I would recommend speaking to both of them to decide your best options. You should also speak to the CCCS (http://www.cccs.co.uk/) who are a charity based organisation specialising in debt management solutions.
In these cases it is always best to get several opinions and not rush into anything. |
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lyndsey
Starting Member
United Kingdom
18 Posts |
Posted - 28 April 2009 : 09:17:10
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thankyou very much for that , was gettin a bit confused about how to do it. woll it cost me anything to speak to / get advice from them at all ?
lyndsey
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 April 2009 : 09:29:44
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Hi Lyndsey
advice on the phone is always free and without obligation - we even pay for the call
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 April 2009 : 10:52:01
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| RevivUK and England Jackman & Spacey will call you back and the CCCS have an 0800 number so the calls and advise are free. |
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i have been contacted by leeds building society
