Newbie considering BR - a few questions

chelseabun_3 · 9 October 2008 at 11:16AM

Hi all,
I've been reading the threads on here for a week or so - you guys are SO helpful! It's such a relief to know I'm not alone!

A bit of background - we've got a house which is about £10k in negative equity. We've had to move to be near my parents, so have rented out the house, and are renting a house ourselves. The mortgage and rent are both in my name only, as I have a stable job and good credit rating (at the moment, anyway!:o) OH has been self employed for a few years, but due to relocation, business is not building up as we thought it would, and debts have mounted hugely. All debts are in OH's name only.

OH has a job interview today (he's there right now!!) We have come to the conclusion that BR is the only realistic answer if he doesn't get the job. I've done the Debt Remedy on CCCS, and they say BR is the only way to go. OH would be the one to go BR, bless him.

I'm trying to do a SOA at the moment, but am getting really confused with how much of housekeeping, bills etc (all the joint things) to put down for his SOA. Do you just halve them all, or put all down and include my contribution?

I'm sure I'll have loads of other questions, but my head's spinning at the mo, and I'm really worried he won't get the job. If he does get it, we'll still be looking at an IVA or equivalent.

Thanks all for reading this. You really have helped me see there's a light at the end of the tunnel - and it's not a train!!;)

chelseabun_3 · 9 October 2008 at 12:17PM

Hi again,
Sorry, I've just re-read my 1st post, and it wasn't a good intro at all, and sounds like I'm being patronising to OH, which wasn't what I meant at all! Brain not working very well at the moment. I keep thinking of loads of questions I need to ask, then when I log in on here they all go out of my head! I'm off work with stress at the mo -- wonder why??:o

The debts are all jointly ours, but are in OH's name as we thought that would be the only way we could then get a mortgage (in my name). We've both been so worried about our debts for such a long time, and we both think BR is going to be the solution, if he doesn't get the job today.

Just remembered one question - my OH owes one of his brothers about £6000, and wants to transfer this debt to a credit card so he can pay his brother back. If he goes BR, I think the OR won't like this one bit, and will go after his brother to get the money back. Am I right in thinking this?

If I post a SOA on here, will you folks have a look at it for me? Shall I put a joint one on here before doing OH's?

Thanks for reading! CB

lxpeanut · 9 October 2008 at 12:25PM

sorry can't really answer your questions just wanted to say hi and wish your OH good luck in the interview. Put you SOA up and the good people on here will advise you.

peachyprice · 9 October 2008 at 2:49PM

HI CB,
If it's just your OH going BR you need to put all the household bills down as a whole plus his own personal bills, i.e his mobile, haircuts, prescriptions etc. You then put your contribution to the household bills down, not necessarily your whole wage.

And yes, you're right, the OR won't like putting £6k on a CC just before BR one little bit, and could go after his brother. But they cannot make your OH's brother pay it back if he doesn't have it.

Hope the interview goes well today.

HTH

chelseabun_3 · 9 October 2008 at 4:14PM

Hi all,
Thanks for your messages Peachy and Peanut - much appreciated. Unfortunately OH didn't get the job, so we are putting things in motion for BR.

Both a bit shell shocked, have stopped crying now tho, and looking at options. Have found out from the finance co that he might be able to keep his car (needed for work), and I might be able to buy it from the OR for him. That would be great!

Main question - what do we do now?? We're looking at closing our joint account and transferring the household bills to my account. Is this the right thing to do? OH is going to open a Co-op account. Is there anything else practical we need to do right now?

Thanks for your help! CB

dalip · 9 October 2008 at 4:22PM

Yes ring one of the debt helplines and have a chat with them. The judge will ask if you have taken legal advice and may delay your petition if you haven't. Ring your local court and find out what system they operate for bc,some are drop in's other are by appointment and at the minutesome courts are booked for several wks. Aslo ask he court how many copies of your OH SOA they want,again this can vary from 1-3.

Oh and welcome:D

chelseabun_3 · 9 October 2008 at 4:31PM

Thanks Dalip! I've already spoken to CCCS, but will get OH to phone them today or tomorrow. He may need a bit of time to come round to the idea - he hates using the phone!!:rolleyes: Doesn't mind me doing it for him tho.

Will find out which court it is and phone them.

Presumably the SOA for court needs to include OH's accounts (!!:rotfl:!!) as he's self employed (but not earned any take home for yonks).

Will take a look at the very useful stickies at the top of this board!

Thanks folks, CB :T

peachyprice · 9 October 2008 at 4:33PM

Hi again CB, sorry to hear about the job, what a bummer.

With regards to his car, is it on HP or loan? If it's an HP agreement then OH doesn't own it until the last payment is made, in which case it's not considered an asset by the OR, so you won't have to buy if from them.

chelseabun_3 · 9 October 2008 at 7:09PM

Hi Peachy,
Thanks for your concern. The car's on HP, but the finance co said they wouldn't repossess it if it wasn't worth their while (ie if they couldn't sell it at auction for a reasonable price). Insolvency Helpline said the OR would have an interest in it. I'm really confused now!

If the OR has no interest in it, would I be able to negotiate with the finance co myself to buy it? (When I phoned them I didn't give OH's name or details - just a general enquiry:p!!) From the sound of what they said, they might be open to that if they thought they wouldn't get as much by auctioning it.

Re bank accounts, if OH opens a Co-op account, can he transfer his direct debits to it before going BR, or does that need to happen after?

Thanks for your help folks! CB :T

deedee_3 · 9 October 2008 at 7:20PM

If the car is on HP then the OR will have no interest in it as it does not belong to your DH. If the HP company are going to let you keep paying the HP then put that amount on the SOA. It will not be a problem.

get_me_out · 9 October 2008 at 11:03PM

HI and welcome

I opened my Co - Op account before BR, had my tax credits go in but no dd's out. But as long as they are in his name only then I can't see a problem.

Newbie considering BR - a few questions

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free