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lost hope
Starting Member
United Kingdom
28 Posts |
 Posted - 28 December 2009 : 16:27:26
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hi guys...gonna be a bit of a long one but here goes!
basically my story:
im 23 and on the verge of going bankrupt!
my debt started when i was 18 and on a very low wage, owing various people money from being unemployed (xmas etc) and needed money for general living i took out my 1st credit card!(they gave me a £5000 limit) was great at first as had that to fall back on...but as the limit came and the interest grew faster than i was even spending i ended up getting a second card to help pay off the original one... n e way in the end i took out a loan to cover every thing and just have one monthly outgoing on the debt, however for one reason or another (payments were to high per month) and i become relying on my cards again...one big circle!BUT the banks would still through offers at me and make it all look very appealing....forgetting to tell me the interest and how much it would all cost!well back in 2008 i was living on credit cards (working full time) but only being able to pay minimum payments etc my debt was spiralling out of control! so i went to a debt advise company who advised me to take out an IVA, ALTHOU i have absolutly NO assets at all!
I feel i have constantly been giving wrong advise and all i have wanted is the correct advise for me and that will help not make other people more money and get me deeper in trouble!
I found out later this year that the best thing for me to do is go bankrupt!
i've had more advise from agencies...but now i really need there help i cant get hold of anyone...so gonna do it alone...
just need a little help how do go bankrupt on your own, i have filled out all the relevent forms etc just what now!?! and is there really a light at the end of the tunnel from goin bankrupt?
Thanks for reading this as i no its not short ;) i just want so genuine help and advise!
thanks
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debtinfo
forum expert
2826 Posts |
Posted - 28 December 2009 : 16:32:43
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| firstly are you paying the IVA, and have you missed any payments |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 December 2009 : 16:36:37
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How much is your total debt? This will determine whether BR is the best option. If it is less than £15k then a DRO may be better.
Forget the agencies. There are some very good one's out there (Reviva UK and Jone Giles who both post on here) but there are also a lot of cowboys who are just interested in making some money out of your problems.
If your debt is more than £15k and you have no assets (a car worth less than £2k is ok) then BR could well be the best option. The first thing you need to do is contact your local court (http://www.hmcourts-service.gov.uk/HMCSCourtFinder/CourtList.do) You should contact them and find out the procedure for declaring BR. Some have an appointment system and others just let you turn up on the day. If it is an appointment system then it can take 4 weeks or more for your appointment.
The forms are located at http://www.insolvency.gov.uk/forms/englandwalesforms.htm You need forms 6.27 and 6.28 and there is a guidance form as well for more information.
It's probably easier to complete the forms online - http://www.insolvency.gov.uk/doitonline/doitonlinemenu.htm and then just print them off once you have completed them.
You will need 3 copies of the 6.27 and 6.28 forms to declare BR except at the High Court where you only need one copy. Don't sign the forms before you go to court as they need to be signed in front of the bankruptcy clerk. The BR fee is £510 or £522 in London.
If you are currently in an IVA then you will need to let this fail (3 missed payments) before you can declare BR. You should also speak to your IP to let them know you are going to fail the IVA. After the 3 missed payments you should get a certificate of failure from the IP and, I think, some courts like to see this before they will declare you BR but you can check this when you contact the court regarding the BR procedure.
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lost hope
Starting Member
United Kingdom
28 Posts |
Posted - 28 December 2009 : 16:38:06
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yes i entered the IVA last november, but from october this year i have stopped paying the payments as i had to move out of where i was living into rented accomindation so can not afford there payments!
i have informed the company, and received a letter to say that my IVA is failing! will the court accept this? as they say it will take 3 months for the cert to be ready and i cant wait that long!! |
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lost hope
Starting Member
United Kingdom
28 Posts |
Posted - 28 December 2009 : 16:40:56
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with interest etc it is nearly £30,000 debt!
i have a car that is worth no more than 500? will my car be safe? |
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debtinfo
forum expert
2826 Posts |
Posted - 28 December 2009 : 16:44:20
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| What do you use the car for, is it essential or a convenience, if it is essential and needed for your employment then it will probably be exempt from the bankruptcy |
Edited by - debtinfo on 28 December 2009 16:45:29 |
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lost hope
Starting Member
United Kingdom
28 Posts |
Posted - 28 December 2009 : 16:47:07
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| i use my car for work!im a nanny and have been employed as 'nanny with use of own car' is in my contract! |
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debtinfo
forum expert
2826 Posts |
Posted - 28 December 2009 : 16:50:06
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| That sounds good to me, with the low value of the vehicle and the nessesity of use, i think you would have a good case for keeping it compared to others i have seen, all things are a decision for the OR though (will appeal to the court) |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 December 2009 : 16:51:33
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First of all, just because a person has no assets it doesn't mean that they shouldn't choose an IVA. Many people do so as they want to pay back as much of the money they borrowed as possible.
You would need to speak to the court to find out if they will accept the letter from your IP, or if they need a certificate of termination. If you have to wait for that it will give you time to save the BR fees.
If the car required in your contract then I can't see that the OR will have a problem with you keeping it - they don't want you to lose your job.
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/
29 IPA payments made, 7 to go - in single figures! |
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lost hope
Starting Member
United Kingdom
28 Posts |
Posted - 28 December 2009 : 16:57:41
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i know but its a big part of it aswell, thing is i was quite happy paying my iva payments so my creditors could receive some of the balance, but i dont think they will get as mush as i though when first took out the iva.
Also as mentioned i had to move out the family home and therefore renting now so cant manage the repayments!aswell as bills etc, i am literally scrapping by on pennies now!
i am very lucky in having the bankrupsy fees paid for as somebody is helping me!so i am ready to go now, it has not been an easy decision....
i think my car should be safe, as it has problems and im just running it to the ground!but its nice to hear that from someone else!!thanks for all your advise!its nice to know theres people who wanna help and not getting any thing out of me for doing it! |
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debtinfo
forum expert
2826 Posts |
Posted - 28 December 2009 : 17:01:20
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| no prob, feel free to ask as many questions as you want. As skippy says, phone the court and ask them amout the certificate, also ask what system they use, some you have to book an appointment some you do not |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 December 2009 : 17:03:36
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Sorry, the first paragraph wasn't a pop at you, it was a general observation as a lot of people get letters from unscrupulous 'bankruptcy assist' companies telling them they have been misold an IVA as they don't have assets but this is rarely the case. These companies only want to make money from you, unlike the companies who post on here.
Give your local court a call and find out what they need and whether you need to make an appointment - they may well be happy with the letter, but you don't want to waste your time going if you need more from your IP.
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/
29 IPA payments made, 7 to go - in single figures! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 December 2009 : 19:25:23
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Hi Lost hope
cant add much to what has been already posted
lots of people on the forum either secret readers or posters will understand your plight (I got the T shirt as well)
our thoughts are with you, post away and look forward to taking positive steps to get control back of your future
regards Richard |
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lost hope
Starting Member
United Kingdom
28 Posts |
Posted - 28 December 2009 : 21:39:03
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thanks debtinfo....will phone court tomorow!
skippy no worries i know it wasnt a pop...i had those letters...its what got me thinking it was the wrong option for me! but didnt go through them!
thanks aswell rich...its not nice going through it is it!!gotta admit im so worrid how its all going to plan out!
bvut thanks to you guys...im feeling bit better thank you! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 28 December 2009 : 21:57:07
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Hi Lost hope
which court are you planning to go BR in, perhaps pone of us can help with court procedure
Head up and TIME to move forward
Richard |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 28 December 2009 : 22:13:16
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Hello Aneeta
Welcome to this forum.
As so many have already given you good advice, I cannot add much.
It seesm to me that as a nanny, you will need your car - I know the mileage that you can log up - one of our daughters was in child care/nannying for 11 years - she has just changed now and is in the health service.
Seems that you are coming to the view that BR is right - it does appear to be. BUT, make sure first.
As has been suggested, call the local county court to see what the process is and if you need more guidance/suggestions, post back - do not rush it and then think why did I do this!
I see you are in rented accommodation. Is that in the private sector? What I mean is it a fixed term AST that you have?
Is your rent up to date? Is there anything in the tenancy agreement about becomming bankrupt - not trying to scare you, simply asking as some do have restrictive covenants.
If not, and your rent is up to date, you should have no problems whatsoever.
Post if there are any issues that relate to your accommodation and I will be happy to run through them with you
Relax, and take a step at a time. Regards, Richard x
"There are no problems - only solutions..." |
Edited by - Housing on 28 December 2009 22:15:19 |
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need overall help and a shoulder to cry on
