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 bankruptcy postbag for july
 Bankrupcy Advice
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Junior Member

329 Posts

Posted - 29 July 2008 :  15:34:43  Show Profile  Reply with Quote
RV02 have this company stated what you get for your £8000??
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Junior Member

United Kingdom
195 Posts

Posted - 29 July 2008 :  15:59:24  Show Profile  Reply with Quote
they have said they will take me through the whole process and also deal with any future communications with creditors if needed. Also I can phone them anytime if needed for advise.

I just want o make sure BR is the right way and toi find out whether it is as easy and troubled free as it was explained to me. I always belived that BR is the last resort as it will have bad consequences for my future. And also does this affect my baby when she grows up uin regards to any credirs or future employments etc etc. Sorry to ask silly questions:-)
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Junior Member

329 Posts

Posted - 29 July 2008 :  17:01:19  Show Profile  Reply with Quote
This is something that the OR and if appointed a trustee do after BR so there is no need for this company.
The forms itself are simple enough to do.
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Junior Member

United Kingdom
327 Posts

Posted - 29 July 2008 :  17:36:31  Show Profile  Reply with Quote
rv02. have you discussed the possibility of an IVA with anybody?
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Junior Member

United Kingdom
220 Posts

Posted - 29 July 2008 :  20:06:32  Show Profile  Reply with Quote
Hi rv02 - I am not an expert but personally think that unless you have a complicated financial history, I wouldn't pay to go BR. Your situation sounds v similar to ours. My husband and I went BR last Thursday. The forms were simple to use and we did them on line on the Insolvency website. We got advice from this forum and the experts are really helpful. We are also in negative equity with a secured loan and high unsecured debt. As we cannot afford to pay the mortgage and secured loan any more, the house will be repossessed at some point and any shortfall will be included in BR. However, if you want to keep your house and can afford the payments, then there should be no problem with this.

We will hopefully find a property to rent from the small ads as they don't always do credit checks.

We have a twelve year old daughter. The only repercussion I can see our BR will have on her is an appreciation of where money comes from, which she didn't have before! We are looking forward to budgeting and living within our means.

Bankruptcy is not the easy option, but for some people it is the only option, as in our case (my husband took voluntary redundancy in December thinking he could just walk into a job, but unfortunately this was not to be). If my husband had found a job, we would have looked at an IVA at some point.

We have our interview with the OR next week and will keep everyone posted.

P.S. - I agree with the previous post about talking to someone re an IVA. Melanie Giles could help you with this.
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Helpful Advice
Average Member

United Kingdom
646 Posts

Posted - 29 July 2008 :  22:41:50  Show Profile  Visit Helpful Advice's Homepage  Reply with Quote
Evening All,

Coming at this from a Bankruptcy Specialist point of view there are many pitfalls with declaring ones Bankruptcy and although the OR & Trustee can be very helpful do not loose sight of the fact they are licensed to work in the creditors best interests not yours!!!

That being said £8000 seems high, but I guess it would depend on the intricacies of your case weighed against the potential savings.

There are many and varied rules and regulations with insolvency a great deal of them aimed at the protection of the creditors therefore not widely publicized as the same rules can be reversed in favor of the Bankrupt.

It would be interesting to see a case study of two similar cases on the forum one paying for an assisted Bankruptcy and one handling the case themselves comparing both cases after discharge.

Kind Regards,

Brett England

Bankruptcy Specialist

England,Jackman & Spacey

WebSite www.ejands.co.uk

View my personal story & blogs at:

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Junior Member

United Kingdom
212 Posts

Posted - 02 August 2008 :  17:18:50  Show Profile  Send Helen030166 a Yahoo! Message  Reply with Quote
Hi we have just declared ourselves bankrupt and the company that helped us charged us £250!!! (thats for the both of us)they do my partners accounts as he is self employed so we needed help in that department for the BR forms, having said that they were only able to put down what information we gave them and we had to sign a declaration to the fact that they held no responsibility for anything that was incorrect on the final draft as we had to do a draft copy first and alter anything that needed it. However, they were very helpful, gave us lots of advice and we were able to phone them anytime if we werent sure of anything, so i felt it was worth the money! £8K seems an awful lot of money to me!!!

Thanks for your Help,Helen x
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