A few BR Questions

DramaQueen29 wrote: »

Although i have been completely against BR for one reason or another, at the moment myself and my partner are getting increasingly overwhelmed by all this debt.

i would have to stop training for my chosen career but im thinking this is nothing compared to being out of debt.

We were going to set up an IVA however Ive just lost my job and The thought of 5 years paying out over £750 a month is kind of daunting

But I have a few questions Im hoping can be answered..

1. When they assets can these be every little thing you own thats not eg a cooker or sofa? for instance we have two pc's for work would they take those?

2. We do not own a house and have sold off anything of any value, i have an engagement ring and my grandmas ring, probably sounds silly but do they litterally take every item of any worth?

3. Also i take it HP goes back and goes in with the BR? we only have two means of transport the car is literally falling apart and is about to die and we cannot afford to repair it - the only other thing we have is the motorcycle on HP which is OH only mode of getting to work - we live to far for buses etc and he has to travel is there anyway of keeping that?

4. once delcared BR - do baliffs call? if so where are they sent from?

5. Can you get a debit card on a basic bank account or keep the one you have? or would it be a case of hainvg a cash card only.
Im having trouble getting an account now and the only one i have has a loan/overdraft and CC associated with the company.

6. Do you tell the court all your debts or do they advertise it so creditors can come to them, MY OH has some debt thats been passed on but he doesnt know who too...these creditors refuse to help..

DramaQueen29 wrote: »

Although i have been completely against BR for one reason or another, at the moment myself and my partner are getting increasingly overwhelmed by all this debt.

i would have to stop training for my chosen career but im thinking this is nothing compared to being out of debt.

We were going to set up an IVA however Ive just lost my job and The thought of 5 years paying out over £750 a month is kind of daunting

But I have a few questions Im hoping can be answered..

When they assets can these be every little thing you own thats not eg a cooker or sofa? for instance we have two pc's for work would they take those? on the bR forms I have filled in - I simply put in the assets section - 'basic houselhold goods - worth approx £600'. No one turns up at your home to do an inventory and this is pretty much what the goods would sell for at auction. You do not have to list everything indivisually that you own, unless they are worth substantial amounts..


We do not own a house and have sold off anything of any value, i have an engagement ring and my grandmas ring, probably sounds silly but do they litterally take every item of any worth? see above - I know of someone who had a £4k engagement ring taken off them... so unless yours are of substantial value you need not worry

Also i take it HP goes back and goes in with the BR? we only have two means of transport the car is literally falling apart and is about to die and we cannot afford to repair it - the only other thing we have is the motorcycle on HP which is OH only mode of getting to work - we live to far for buses etc and he has to travel is there anyway of keeping that? car seems to be safe... the bike, well the OR may not be interested in it, especuially if your OH needs it for work purposes, but the HP company can repo if going BR - check the agreement, however, this very very rarely happens unless you are behind on the repayments.

I have a business although i have done nothing with it since summer last year and most likely going to close it as it was an ebay thing and most i took in was £3k over the year i wasnt working what would happen with that? dont know about this... probably nothing to worry about

Things like broadband and phone contracts do you give up those too or are they taken away as we have 3 yr business contracts? If they are for work purposes, then maybe ok... depends from OR office to OR office..

As we are living together but not married would each others pay be taken into account for our own BR eg would i have to pay soemthing after BR if my OH had spare income? BR is individual... On the income side you only put your income.. but as you live with someone it would be expected that you only contributre 50% of the houshold expenses...
I do not claim benefit as he is earning to much..
In other words are we treated seperately.

I have two ponies due to my finiances these are looked after by my mum but in my name - one has an illness which can be treated but can be expensive therefor cannot be sold - the other is from a resuce centre so i am not allowed to sell him - How would this be looked at? if their with my mum theyre not a cost but also not an asset as they have no valuenew one on me... cant see it being a problem if they are both pretty much knackered... definately would be a problem if they are thoroughbreds..

Is it easy to get work after being declared BR? shouldnt be a problem unless you apply for a job in one of the sectors that are barred frok BR - accountants, bank staff etc...

once delcared BR - do baliffs call? if so where are they sent from?no bailiffs, BR gets rid of them not starts the process of

Can you get a debit card on a basic bank account or keep the one you have? or would it be a case of hainvg a cash card only. Coop cashminder basic bank account is generally seen as the best and easiest to open
Im having trouble getting an account now and the only one i have has a loan/overdraft and CC associated with the company.

Do you tell the court all your debts or do they advertise it so creditors can come to them, MY OH has some debt thats been passed on but he doesnt know who too...these creditors refuse to help..Put on the form as much and as many as you know about.. All debts (with exceptions) which accrued prior to the BR date are included whether or not they are on the petition, if you forget some, dont worry

Also if i wasnt working ehen declared BR and then got a job do i tell the court in case i have to pay anything?You would need to tell your OR - not the court... as a rise in income may mean an IPA

I think thats it for now sorry if theres loads Im sure Ill think up more LOL

thanks in advance

Would it best