Going to bite the bullet. We lost. REPRIVE????

skylight · 26 March 2006 at 7:40PM

My bad news is that is looks like we are going to have to go bankrupt.

We vaguely toyed with the idea last year but did voluntary arrangements instead as after investigation we decided it was something to try to avoid. All has gone well for the entire year - but the year now is up, half the creditors are refusing to take lowered payments any longer (despite begging and in two cases I do mean literally. I have NEVER begged for anything in my life) and my boss told me Friday that there is to be no more overtime for me as of now - so I cant pay the debts off anyway with the reduction in salary even if I wanted to!!

OH still does't have a job (not for want of trying) but after "family issues" and being too stressed out and losing his last job, he wants (needs) a less responsible job - being a worker rather than a manager - and he is now over qualified for almost everything!

IVA is not possible - we dont have any assets, no money to pay for one anyway and now we can't pay it back even if we wanted to.

The good news? I Feel almost relieved. Strange, I know, especially as I never "really worried" about them in the first place. I obviously did and didn't know it.

Tr@cker · 26 March 2006 at 8:01PM

Some insolvency practitioners add their costs to the IVA and its my understanding if you can pay between 100 and 200 per month you can get one. Its puzzling your creditors wont accept lower payments as they'd surely get less, maybe a lot less if you went bankrupt (?)

lynzpower · 26 March 2006 at 8:02PM

Aww Charlotte, I dont really know what to say, but massive hugs to you. Seems crazy your creditors wont accept is as Tr@cker said.

skylight · 26 March 2006 at 8:07PM

Thanks to both.

I dont know why either. Halifax, MBNA (they are the worst ones!) and Westcot but I had trouble with them both last year too. MBNA are trying to kid me that it doesn't matter if I go bankrupt as they can still chase me. I did respond by asking when the last time they checked the law was!

Halifax just went quiet when I suggested bankruptcy and confirmed they could not accept my payment as offered.

Perhaps they both thought I was joking? Yeah - Ha ha funny.

kevker · 26 March 2006 at 8:11PM

Don't worry, once you go bankrupt, no-one can touch, apart from the OR. If they try, they are breaking the law. From the sounds of it, I think it's probably best for you. The new rules were created for people like you, and you'll find it's a great (Huge, Massive) relief. Keep up updated on how it goes, but there's really nothing to worry about the process.

Broken_hearted · 26 March 2006 at 8:12PM

Halifax told me that once your year of bankruptsy is up they can chase you again. We owe them over £3,500. The £500 is charges they put on while we were making the agreed monthly payments.

skylight · 26 March 2006 at 8:17PM

I have checked out Insolvency Helpline and National Debtline's websites and am worried about the judge NOT accepting our petition! We haven't been fraudulent but have been very stupid over the years in borrowing more and spending more, but then our income was 3 times what it is now and we could "afford" it!

I will be phoning them to talk to an advisor tomorrow, just to go through our options again. I suppose that I want it confirming from a third party before we make the final leap.

davels · 26 March 2006 at 8:24PM

It's extremely rare that a judge will not accept your petition. It just doesnt happen, really

D

skylight · 26 March 2006 at 8:27PM

Broken_hearted wrote:

The £500 is charges they put on while we were making the agreed monthly payments.

They did that to us too!

All barr 2, slapped late charges and non-payment charges and interest etc while sorting them out! Swines. Really helpful.

Jaelor · 26 March 2006 at 8:32PM

Hi there - I know how you feel Charlotte. I've been kicking against bankruptcy for over a year now, but, since the arrival of my little boy and family pulling out of looking after him and having to pay for childcare, its my only option. I know its drastic and it upset me greatly at first, but now I feel quite positive about it in away - its a chance to sort ourselves out, learn from our mistakes and never, ever get in this situation again.

From my own research - basically, it seems that if you owe more than £750 when you stand in front of the judge and you have no way of paying it back that day then they will accept your petition. I've also never heard of a creditor being able to pursue you for payments after your discharged - think they are just trying to put the wind up you. Also, on the IVA front, I've also been told that if you have one accepted, it would be very rare for it to be under £200 a month.

Keep us posted on how its going

Addicted2Chocolate · 26 March 2006 at 10:18PM

Broken Hearted, this is absolute rubbish they cannot pursue a debt after discharge, otherwise what would be the point in bankruptcy?!

Broken_hearted wrote:

Halifax told me that once your year of bankruptsy is up they can chase you again. We owe them over £3,500. The £500 is charges they put on while we were making the agreed monthly payments.

Going to bite the bullet. We lost. REPRIVE????

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