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Tess
Junior Member
United Kingdom
219 Posts |
 Posted - 05 May 2008 : 10:34:53
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I havn't been able to sleep very well because of this mess I think bankruptcy is good option already been told by Mel's team that IVA no good as not enough disposable income. Do you get a good night's sleep once you have filed for BR. I am really worried about the paper article as I don't want my son to be affected at all by this, I know he will in the sence that he won't get as much but he doesn't need playground bullying etc did anyone else have any of these concerns or did you experience any problems.
Do the OR tell your employer and do HR tell your immediate boss because again I would rather they didn't know. A friend of mine went bankrupt in Jan 07 and siad it was best thig that happened but she lived in Council House and didn't getan IPA but appeared to have loads of disposable income. I am in own property but no equity due to secured lending so will still need to pay share of mortgage and loans, don't think I will have loads left over how do allyou find it. |
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storm
Junior Member
United Kingdom
232 Posts |
Posted - 05 May 2008 : 10:53:58
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Hi Tess
You can ask the judge on the day of your BR hearing to have your details excluded from the paper, I think somebody on here paid around £30 extra for this, you need to give your reasons for this aswell. Once you have made a decision to go BR yes you feel like a weight has been lifted, I decided in the last couple of weeks after struggling and then finding ths forum and reading post I have decided that BR is the only option I have and I feel that even tho I am only sorting out paperwork and not set a date with the court I have had a weight lifted off of me.
As for your property I'll leave that to an expert to explain as I don't have that problem. |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 05 May 2008 : 11:01:13
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Thanks Storm
I have had the experts tell me about the property and I know a 3rd paty can but my interest. I was really just wanting to hear from others who have or are facing the same. So much goinh through my mind and I feel really sorry for my son (11 years) but he does seem pretty much uneffected at the moment, but has been used to having everything he is not a spoiled brat so i am sure he will understand. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 05 May 2008 : 18:29:03
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Hi - am sure you will find that life without the worry or debt is sooooo much better for you and your son than life with debt. I have just gone BR after years of struggling and a failed IVA and yes you do sleep better!!! Good luck
Vicki x |
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scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 06 May 2008 : 09:20:52
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tess, i have just got through BR, it is 12 months on and i was discharged after 6 months, the relief is immense once you have declared, although its not an easy thing to do and shouldn't be entered lightly but if you have no way out of your situation it is the best thing, all calls stop and all the nasty letters, except a few that manage to get through, i had assets, lost my car but mum and dad bought it back for me, as for the kids it was such a relief to have mum and dad back, we are still in our property although this will go within time, i have been lucky that they have given me at least 3 yrs before they will move on it, i know i have been lucky in that sense, we didn't have enough for an ipa, we were given a nil tax code but i spoke to my boss and informed him of what was going on and he has supported me all the way, good luck it will all sort its self out, by the way i never even seen my bit in the paper, it all depends what day you file if its quick enough to go in the local rag.
kerri |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 06 May 2008 : 10:47:24
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I was discharged from BR at the end of March and to be honest it was the best thing I could have done. Once I had gone BR and had the OR interview I started sleeping well again.
Regarding the notice in the paper, the person who didn't have this printed had been in an IVA for a while and their creditors knew they were insolvent. This is the only occasion where I have heard of this happening, but to be honest it's a tiny advert and is usually buried at the back of the paper.
Good luck with whatever you decide to do x
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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ste.s
Junior Member
206 Posts |
Posted - 07 May 2008 : 18:38:03
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hi tess the article inthe paper is only in the classified section,as ex bankrupt all i can say is how many people look to see whos bankrupt,as for your house look into this as there are certain issues that do come into play,if you look into aprils post bag on J form restrictions theres a link for insolvency.gov,write down the full link as just clicking on it does not lead you to were you need to go.
i will be straight with you at first i would not tell freinds or work mates my situation,but bankruptcy is more common,the down side is bank accounts most banks will back away there are good banks were you can get wages paid into and have direct debits,one is the halifax easy cash account you get a visa electron but no overdraft.
the next issue is your morgage lender i was straight with them and they have been sound but read the april posting as it will help you,we have all had the sleepless nights you have just got to think possitive.
good luck ste.s
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 07 May 2008 : 18:52:38
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thanks Ste.s
I have been told by the experts that because theres no equity infact owe 10k more than house worth that 3rd party can buy my BI for £1 pluse legal costs - hope this is right cos only doing bankrutcy if house is safe.
Tess |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 07 May 2008 : 19:16:19
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I have been on the link and think I understand. Because my BI is a big fat 0 don't think OR will be interested, is that correct.
Tess |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 May 2008 : 19:23:51
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Hi Tess,
Yes that’s correct the OR will look to sell you BI to a third party i.e. husband or family member, due to the negative equity this will be for the nominal sum of £1 plus the OR's legal costs.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 09:36:34
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Hi Tess really glad I read your forum I too am a mum and feel ashamed as my name appeared in the local paper twice, None of my friends have mentioned the BC to me but my neighbour did over the fence! was really embarressed and made some excuse he knew I was ashamed. Why he had to ask I don't know. As I say no one at the school gates/or in the playground has said anything, wheather ther are behind my back I don't know, but having a thirteen year old I am sure she would tell me my five year old properly would as well. I don't sleep well I go about work and social time as normal then it hit's me like a brick. In limbo at mo as I have been given a trustee but not heard a thing. Apart from advertasking any other creditors to come forward.
reading other forum's a lot say it's the best thing that has happened and once discharged thy feel great well to me it doesn't feel to great at the mo.
Claire |
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Tess
Junior Member
United Kingdom
219 Posts |
Posted - 14 May 2008 : 11:37:41
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Hi Claire
I have read your posts and it would appear that you were actually made bankrupt whereas I have made myself bankrupt. I know it is for the best but I can't help feeling really ashamed. My son has not been afected yet but I only filed my petition yesterday so have loads to sort out yet still waiting for OR interview and then there's the dreaded advert in the paper. I am off work sick at the moment because I cannot concentrate on anything. I think once the OR is out of the way and I know whats happening re bank accounts etc I will feel better.
Theresa |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 14 May 2008 : 12:41:23
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Claire/Tess - I bet if you were to ask all the mum's at the school gate how many of them have serious debt problems I bet there would be loads! You are the one's who are well on the way to sorting your problems out and being debt free!
I too had loads of time off work with stress because of money worries - you are not on your own!
So I reckon you hold your heads high - you have nothing to be ashamed of.
Take care
Vicki x |
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claire37
Junior Member
United Kingdom
189 Posts |
Posted - 14 May 2008 : 13:06:29
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Hi yes you are propley right about the mums but the feeling don't go away, all this feeling better being in thos situation is hard to come by. I am so frightened that I am going to have to sell the family home keep getting different views as i only own half the equity I don't know how they deal with my side. I want to pay on an ipp but have not heard a word from the trustee. I called and my trustee was unavailable and the advice i was given was papers are coming to you soon. still not got any.
tess i really know how you feel and i hope knowing that your not the only one it helps you a bit more to get through, The OS meeting for me was not to bad just have to put your cards on the table and be strong
claire |
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This big mess
