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About to go Bankrupt. Need help with SOA please
Hi everyone, Just for a bit of backstory. I had a business and a decent paying job in 2020 but after a series of bad money management and poor investments, it's finally come to bite me. My business owes around 52k (limited company) and my total personal debts tot up to £42,800. I have been on a DMP for a number of months…
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Bitten the bullet
Today I have finally bitten the bullet. Paid the money and submitted the application. I came to this forum a bit late but I did speak with stepchange. I feel relieved but anxious about whether it will be accepted. It says they will run a credit check but my score is currently good. It has already warned me that there is…
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Just to say there is light at the end of the tunnel!
To summarise, due to a financially controlling (now ex-) husband running up joint debts then deserting, I had to go through bankruptcy, divorce and house repossessions (yes, plural- they were included in my bankruptcy but still got all the paperwork and harassment, my ex occasionally paid money towards the mortgages to…
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Bankruptcy and expenses help
So bankruptcy has been on the cards for a while now. I’ll start at the beginning. I made cakes for a living and back in 2019 I decided to buy a business so that I could sell supplies, make cakes and even have a little coffee/cake shop, all incorporated. The lady I bought the business from had everything in ordered. Had it…
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Small business after bankruptcy
Hi All, My husband and I declared bankruptcy in 2018. Since then we've remained debt free. Through our jobs and freelance work we've saved enough money to launch a small business. We're all set to launch on December 3rd. One of our final tasks is to get public liability insurance. We need this to be able to sell our…
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Nearing the end of the 1st year
So I was made bankrupt on the 26th of Oct 2022, that year is coming up soon and my credit report still shows defaults on my report and no bankruptcy. Is this normal? Does it change after the 1st year? Can someone also explain if there are things I need to do in October? If there are things to expect etc please?
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Bankruptcy unable to sell proeprty
I have had my flat on the market for nearly a year. I’ve had 2 buyers drop out and my fixed term has now ended, I am unable to afford the mortgage as it will double. I have taken advice and believe bankruptcy may be the best option. The property is negative equity anyway so I’m not worried about keeping it. Does anybody…
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Is my post-bankruptcy mum's money now safe?
My mum was bankrupt in 1998. She assumes it is discharged after all this time but does not have any paperwork. We cannot find her on the Insolvency Register. However when she tried to cash in a pension pot of £35k in 2017, the pension provider informed the official receiver who then claimed it all and she never saw it. I…
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Bankruptcy affected by cash in hand earnings prior to applying?
Long story short...I've been sitting on a pile of debt for a number of years and been an ostrich about it by ignoring it because the thought of facing up to it gives me severe anxiety, but I need to sort it for my own mental sanity and to be able to move on with the life. I currently owe the bank approx £50k for a…
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Civil National Business Centre claim form (United Utilities)
Hi I have received a claim form from UU via Civil National Business Centre. I need to respond to it today and I do owe the money they are requesting. I am just wondering if there is any advice on the best way to respond to it? Possibly to slow the process down?
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End of my IPA...
Evening folks, My final IPA payment is due at the start of September. Once that is made, am I meant to inform/contact anybody? Still have another year of a BRU and was wondering the same when that ends? Thank you
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IPA
Hi Firstly, apologies if I get some of the terminology wrong but I need some more advice please. My Brother had his Bankruptcy Order granted on 02/08/2023 and has been contacted for a cpl of pieces of further information but not much. Today he received an email which said after reviewing all the information they saw no…
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I feel stuck!
Sorry if this is the wrong place I just don’t seem to know what to do, I’ve sought advice from different places - basically I owe around £7.5k in total, £3500 is council tax arrears , it was £5000 but I’ve been paying £200 a month through debt recovery company and I feel I’m constantly playing catch up as once I’ve paid…
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Council still taking money out of my benefits (After Bankruptcy) who do i contact? x
Hi. I was signed off from bankruptcy about 4-5 years ago due to a partner taking out three loans in my name and vanishing (long story). 7 months ago I received a letter telling me the council would be taking money out of ESA due to an overpayment in 2012. (I went BR in 17). I spoke to CAB who said I should write two…
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Bankruptcy company shares
Hello, I hope everyone is well. I help some help and advice. Myself and my business partner have a 50/50 split in a company. He is about to close down another company he has and look at personal bankruptcy. He wants to transfer his 50% to his wife before and then file for personal bankruptcy. He is a essential part of the…
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6 Years Later.
Hello. Just thought I'd pop on and say as of today my Bankruptcy order is off my credit history. Time has flown by and I am now in a much better financial position than I was 6 years ago. The help I received from this group has been absolutely fantastic and was a godsend. So for anyone about to declare bankruptcy, do your…
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Bankruptcy and mortgage
Hi All, Looking for some advise please. I was made bankrupt many years ago and during this process my ex brought my shares in the property. Now many years on I am still on the mortgage and TR1 however i have been trying to get off this. I now understand that my ex owns the whole property as she brought the shares and I am…
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Bank Account Confusion
Hello, my brother is looking to become bankrupt but we're a little bit confused about how to manage the bank account situation. He has a current account with Natwest which has a fully utilised £2000 overdraft which his salary gets paid into. He also has a Basic Co-op Account with £50 in it. When he takes the step should he…
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Is Bankruptcy right for me?
This matter is no longer in need of responses. Thank you to those who did reply.
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Old debts prior to bankruptcy made new
Hi all. Bit of background...when my Dad passed away it was found in his Will (made in 2007) that I, but not my 2 brothers, should repay any money out of my inheritance (a third of his half of the house). My youngest brother is an accountant and is executor for my Dad's Will as well as my Mum's and is financial LPA should…