Can I become bankrupt?

myothercarisaferrari · 2 August 2009 at 4:02PM

Please excuse me if I sound daft, but I'm so confused.

I've got around £5k of debt (1 loan, 1 credit card to the same company) and a few other bits.

I get calls, letters, emails, people at the door all the time asking for money I don't have and now I'm at breaking point. I had two letters yesterday saying doorstep collectors were coming to my door within 72 hrs to take my goods. I;ve tried phoning but they do not open until tomorrow. I'm at work, OH is off and I'm terrified he will let them in.

I can't actually cope with it anymore. I have tried to get my payments down but they won't accept it. I have tried lending money from dodgy loan companies but I can't afford their fees, I have spoken to CCCS and Payplan and because my debts aren't over £7k they can't help me. I don't speak to my parents to lend money and my OH has debts so can't take any other loans. I can't remember the last time I slept through the night or ate a meal without that horrible sick feeling.

i have no assets, I've sold everything possible.

Please please can someone give me advice. I know going bankrupt with mess my credit up, but frankly it already is and it can't get any worse.

Who do I contact and how long does it generally take?

sorry, I'm frantic with worry x

McKneff · 2 August 2009 at 4:08PM

Please try not to worry, sit down, have a cuppa, and wait for some help on here.
No one can just come into your house and take your possessions away until after you have been to court and there is a judgement against you.

if youve sold everything of value they cant take anything, can they.
Do you own your own house.
While your waiting put up an SOA on here, it enables people to help yu much easier.

Just chill and wait.
Regards
Annie

myothercarisaferrari · 2 August 2009 at 4:09PM

Hi Annie, the mortgage is in my OH's name. Our TVs/sofas etc were gifts from his parents.

sorry if i sound like a drama queen but I can't cope with this anymore x

skylight · 2 August 2009 at 4:15PM

Right. Lets look at whats important first.

The letters from the debt collectors - do they actually state they are going to take goods?? I would be surprised if it does (it possbily states that along with other potential courses of action, designed soley to scare you). What stage are these debts at; as in have you been to court and you have defaulted on the associated CCJ?? Or, is it just a debt at this point?

I am going to guess the latter - its just a debt collector (DCA). They have no rights to enter your home at all, and even less rights to remove goods. Does your OH know about the debt? Its unlikely that any DCA will even bother to turn up as it costs them too much money, money they are not likely to recoup. If on the off chance they do turn up, you and your OH need to tell them to eff off. Be blunt. Eff Off and slam the door on them. Nothing else. THERE IS NOTHING THEY CAN DO TO YOU. They cannot hurt you, nor can they send you to prison. They cannot call the police, they can do nothing. They have no power over you at all. NONE.

You sound as if you are at the end of your tether now. If you are unable to pay the demands but the DCAs will not entertain a reasonable payment plan from you, then BR is one course of action.

As you said, your credit file is screwed anyway so a BR is not going to make it much worse.

Going BR is as simple as filling in the forms, getting the fees together and going to court.

McKneff · 2 August 2009 at 4:21PM

Quote - I am going to guess the latter - its just a debt collector (DCA). They have no rights to enter your home at all, and even less rights to remove goods. Does your OH know about the debt? Its unlikely that any DCA will even bother to turn up as it costs them too much money, money they are not likely to recoup. If on the off chance they do turn up, you and your OH need to tell them to eff off. Be blunt. Eff Off and slam the door on them. Nothing else. THERE IS NOTHING THEY CAN DO TO YOU. They cannot hurt you, nor can they send you to prison. They cannot call the police, they can do nothing. They have no power over you at all. NONE. Quote

go skylight go !!!!! :T

CLAPTON · 2 August 2009 at 4:51PM

there isn't enough information to give proper advice

1. Post up an SOA ..format here

http://www.makesenseofcards.com/soacalc.html

2. Unless you your creditors have been to court for a CCJ and also obtained an enforcement order then they have no powers to take anything from you.
If they actually come to the house (relatively unlikely) then just tell them to go away.

3. Once you have posted up the SOA we will be better placed to help you.

4. can you clearly say which debts are your OH and which are yours and which are joint on the SOA.

5. can you confirm your name isn't on the deeds of the house?

dvs · 2 August 2009 at 5:53PM

Depending on your circumstances, a Debt Relief Order (DRO) may be suitable. It's similiar to bankruptcy but costs less and has different requirements. As Clapton says, we'd need more information before saying if this was even an option for you. So go to the link Clapton posted and copy and post the information on here. You will also need to seek advice from the Citizen's Advice Bureau or one of the debt counselling service.

fiveyearplan · 2 August 2009 at 7:13PM

Hi MOCIAF. Please try not to worry. As said above, it is a good idea to list all your debts, OH's debts and joint debts and also your income. Here is a link to SOA calculator.
http://www.makesenseofcards.com/soacalc.html

It may be that you have several options so please give the information requested above and we can try and help.

myothercarisaferrari · 2 August 2009 at 7:38PM

Thank you so much everyone, I am not as stressed now.

I know is says I have money left over, but I don't for some reason, I don't know where it goes. I rarely go out, but sometimes I get the train to work which is £11 a day:eek:

Clapton, the house is all in my partner's name, incl. the deeds. The only thing we have related to the house in my name is a 'declaration of trust', plus the gas, leccy and TV are in my name x

Everything else is split 50/50, apart from pet isurance which I pay. I haven't posted my parnter's income as he pays nothing towards my debts. He knows about them but they are mine and I don't want him to have anything to do with him.

I pay him £430 pm which includes my half of the mortgage, my half the council tax/phone bill/water rates etc

Household Information[/b]
Number of adults in household........... 2
Number of children in household.........
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1022
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1022
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 430
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 5
TV Licence.............................. 11
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 120
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21.58
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 30
Holiday................................. 20
Emergency fund.......................... 0
Total monthly expenses.................. 735.08

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
loan...........................3674......40....... .0
council tax....................564.52....0.........0
gas bill.......................463.31....0.........0
Total unsecured debts..........4701.83...40........-

Monthly Budget Summary
Total monthly income.................... 1,022
Expenses (including HP & secured debts). 735.08
Available for debt repayments........... 286.92
Monthly UNsecured debt repayments....... 40
Amount left after debt repayments....... 246.92
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -4,701.83
Net Assets.............................. -4,701.83[/

If anyone can give me an idea of how to get the ball rolling, I'd appreciate it. Or will I get laughed at as I know there are people worse off than me?

myothercarisaferrari · 2 August 2009 at 7:43PM

I have just looked at the link for a DRO as well - I have a car that is SORN that sold on ebay but the buyer never turned up. Its a N reg clio and worth about £250, would that count?

myothercarisaferrari · 2 August 2009 at 8:10PM

and are my work likely to find out?

Can I become bankrupt?

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