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What are my options?
Hi, I'm considering my options - Have been online with Stepchange and the three options were 1) DMP, 2) IVA and 3) Bankruptcy, I'm thinking bankruptcy might be my preference given I have no assets and would like to be debt free and fresh start by 46. Whole host of reasons for my situation (£93+k) in debt, I'll not list…
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Seeking Advice on Bankruptcy and Relocation
I’m an EU citizen who has been living in the UK for the past 15 years. I’m planning to marry my girlfriend, but after reviewing the high costs of the UK partner visa, I’ve decided not to go through with it. Spending over £10,000 in visa fees over the next five years doesn’t make sense to me, especially since the UK no…
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Partner filing for bankruptcy & remortgage
Hi, I would really appreciate some advice as am getting worried and stressed about this! My boyfriend has recently moved in, he does have debts and is looking to file for bankruptcy soon as won’t be able to pay back what he owes. He pays for bills etc into my account each month. I am worrying that when I come to remortgage…
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Bankruptcy questions
Hello Everyone I am going to declare myself bankrupt following advice from Stepchange. I am trying yo get all the info they require to get breathing space before my actual bankruptcy. I am on UC and PIP living in housing association property. I understand that this should be a straightforward bankruptcy and I just need the…
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Bankruptcy 2nd Time with Questions
It looks like i will have to go bankrupt for a 2nd time went BR in 2016 both times family illness have just made it impossible to get out of about £40 grand in debt in council property i work full time take home about £2400 per month my wife can't work and gets pip and we get child tax benefit and Universal Credit which is…
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HMRC bankruptcy and loosing our house
My husband has HMRC arrears as sole trader we had been in a payment arrangement and then they asked for an amount we couldn't pay and basically (their words) they cut the ties and closed us down took away the equipment and our chance to earn and pay back and sold it all at auction. After a mental health breakdown we have…
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Bankruptcy or Lump Sum Iva?
My situation is I am 67 ,in receipt of a State Pension,( £9,000.00 pa) . I am Builder ,but physically now only able to do small jobs, a couple of days a week. I owe currently £50 k to HMRC ,£10 k in Vat,and £ 8k to Barclays in a BBL. Over the years, I have had a few jobs go sour on me and lost a lot of money. I personally…
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Property Charges
Hi, I hope I have the correct section. Please accept my apologies if not. I have roughly £172k of debt secured against a property that is worth £140k to £165k the house needs roof repairs of roughly 10k the and the £165k valuation is if the roof was repaired based on 2 local estate agents valuations. My mortgage is £145k…
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Life after discharge - 13years later
I wanted to share this here to give a tiny bit of hope to people who are in the thick of it right now. I declared myself bankrupt in 2013 after 6 years of struggling, hiding, burying my head in the sand, abject poverty, and personal tragedies. I found this forum extremely helpful at the time and I was a frequent lurker but…
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Merged: Previous owner - debt letters
This discussion has been merged.
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OR notifying Landlord of bankruptcy
Hi everyone, My partner was made bankrupt at the beginning of this month. We rent privately in an assured shorthold tenancy. We received a letter today with our address but our Landlords name, which I only realised after opening and reading it. The letter was notifying our LL of my partners bankruptcy and requesting a copy…
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Just applied for bankruptcy
I submitted my application for bankruptcy today. I know the agency have 28 days to make a decision, but could anyone let me know of the actual approximate timescale? Days? Weeks? I have had a letter from a bailiff saying they will be visiting at some point, and am worried that they will turn up in the next couple of weeks…
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Wife possible bankruptcy/DRO?
So never thought I’d be typing in this section but here goes so we had a visit from a lady yesterday and it was from HMRC turns out my wife hasn’t paid or filled in any tax returns for the last few years to the amount of 20k!!!. Now putting aside I’m going to have a sit down and talk things through with her she has no way…
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Troubling Trust Deed - Potential Scandal?
My case highlights what I believe to be a systemic problem in how Trust Deeds are being sold, administered, and overseen, which risks leaving vulnerable people trapped, exploited, and paying more than they ever owed in the first place. When I entered the Trust Deed, I was put under significant pressure by the referring…
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Bankruptcy worries
Hello. Likely to be going bankrupt in the next few weeks. Absolutely terrified. My debt is massive and the reasons for it complicated and traumatic. Probably facing a BRU as well unless my OR is sympathetic to what has happened to me and why I have made the decisions that I have. This is all extremely shameful and scary…
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Historic bankruptcy and demand letters
In 2009 my house was repossessed and 40k was owed to RBS mortgages after it went to auction. I declared myself bankrupt 2009 and the RBS mortgage was included in the BR. I was discharged in 2010. Following this RBS continued to reported to the CRA’s I owed them the money. In 2015 I complained to the financial ombudsman…
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Bankruptcy Questions
Hi All, I would love some non-judgmental opinions & advise :-) I’ve got myself in a financial pickle I’ve got interest only mortgage, which is currently sat at £150,000 & properties it’s worth less than £100,000, with lest then 10yrs remaining on the mortgage! I got in trouble with the mortgage awhile ago and I accumulated…
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General questions and worries for bankruptcy..
Hi there, I'll be going bankrupt later this month after discussions with Business debtline etc, but I won't lie - I'm absolutely terrified of going bankrupt and what's to come with it to the point I am crying 24/7, on meds to try and help, not eating so I've lost over 3 stone in a couple of months.. I've spent months upon…
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Insolvency/Bankruptcy
Order states "Currently bankrupt: Automatic discharge will be 25/7/26" (ONE year from Order. I thought bankruptcy lasted 6 years. What if total debt has not been repaid inside 1 year?
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IVA - Mortgage Shortfall
A family member entered an IVA in 2015 (mainly due to two properties in massive negative equity) Both mortgages shortfall were included in the IVA and the banks came into procession. Santander sold their property, made the shortfall unsecured and closed the IVA in 2021. Birmingham Midshire defaulted the mortgage and never…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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