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Life insurance and buy back?
I was declared bankrupt in June 2018. OR wrote last week about buying back the beneficial interest in my life insurance policy. It will cost £50. I'm a bit confused though: - Is it worth buying back to life insurance policy? I've had it for about 9 years. - Can I not just cancel the policy and get a new one? Or would this…
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Bankruptcy for Mum and SOA Help Please
Hi Guys, Your help would be much appreciated please. I called the national debt line regarding my mum's debts and the person I spoke to advised bankruptcy as she has no assets, rents and is not planning to buy a house, her debts are high and her income is low. I have completed a SOA below, but I am not sure if this is done…
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Trust Deed and Self Employment
Hi, It is looking increasingly likely I will be forced down the route of a Trust Deed due to an impending tax issue. I currently run a small catering business, i operate as a sole trader, which employs three people - two part time and one fulltime. The business is profitable outside of this isolated tax issue and theres no…
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Sale of flat during bankruptcy
Hi all....I am in the process of selling my flat (Joint owned with wife) . A creditor has put a final charging order on property which I will pay on sale leaving me with very little for my share of equity. The same creditor has also petitioned for bankruptcy!!! If I am made bankrupt before sale of flat what are the…
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Inheritance after Discharge
Good Morning, After doing some research over the weekend, I wanted to just double check something.. In 2008 I went bankrupt and was discharged in 2009. Unfortunately a relative died in 2018 and I am one of the executors of the will and due to inherit some money. We are due to sell the probate house and the solicitor we…
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Close to Bankruptcy
Hi, I am not sure if this is the right forum to place my questions, but I am desperate. I have just had the High Court Baliff (The Sheriffs Office)turn up on my door step for the first time over a £4500 dept. I had managed to pay £3800 of it last week direct to their office which left £700 . That was all the money that I…
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Forced bankruptcy
Hey, Can anyone help? Council tax arrears. Been summoned to a sequestration hearing on 10th December. What happens from there? Does everything get froze from there or does it take some time? We receive some benefits, do they look into that or do you just advise benefits are claimed? Will it take sometime from when it’s…
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Sequestration question
Hello I am considering applying for sequestration. I am a disabled veteran and receive a war pension and state benefits as I am unable to work. I receive a carers allowance which goes towards providing me with personal help and assistance with jobs around the home I can’t do myself, I top this up from my pension and…
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Car Insurance for ex-bankrupt?
Hi all I was discharged from BR over 3 years ago i have been insured by direct line for years, and have just automatically renewed year on year and paid monthly, so my BR has never come into play as they have never had to conduct credit checks- however problem now is i am unable to renew with them as they are becoming so…
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Car Ownership
I was recently declared bankrupt and my mum has offered me the use of her car. If I registered the car in my name would OR start hassling me about the car, my mum has a sales receipt to prove she is the true owner? The problem I have is the insurance on the car is considerably more expensive if I am the main driver and my…
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can anyone advise...
my ex husband went bankrupt in 2015, discharged in 2016. The house was the only asset so this went, his business was protected as made into a ltd company 10 months before being petitioned for bankruptcy, he only has one share in said company the rest were given to his parents. They took over the day to day running during…
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Council tax and tax query
Evening all! Just a quick query, when i spoke to a lady at the insolvency service who went through my expenditure with me (was a different person to my OR) she said that my council tax payments would be stopped for 3 months and also i wouldn't pay any tax, i'm sure she said i didn't need to forward the payments on to them,…
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Help!!
Hey ii am new to this forum. Trying to build up the courage to file for bankcrupcy. Both me and my wife are in a major crisis so we would Both have to file for bankcrupcy. Would we have a ipa put in place. I will submit my soa. Thank you Household Information[/b] Number of adults in household........... 2 Number of…
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Ex partner Bankruptcy and shared home
Hi. My ex partner has defaulted on 3 debts now. 1 credit card at £8600, 1 at £1500 and an unpaid bill of £120. I didn't know about them until i tried to remortgage the house we have as we had split up and i was going to leave. The mortgage advisor said her credit card is at stage 6. I'm not too sure what that means. How…
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Soa
Statement of Affairs and Personal Balance Sheet Household Information Number of adults in household........... 2 Number of children in household......... 1 Number of cars owned.................... Monthly Income Details Monthly income after tax................ 1468.69 Partners monthly income after tax....... 315.04…
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Advice please
Recently declared bankrupt, has been going through for the last couple of weeks.I have a basic bank account with santander that has a top up debit card, i naively thought that as it is a basic account with no money owed to santander that it would be ok, but it seems that they have frozen the account, im now left with no…
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Credit card
Could any body advice once out of Bankruptcy which is best credit Card to apply for?
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Mortgage after Bankruptcy - hope after the crash
Hi all. First post here, but I've read threads on this forum over the past 18months and I promised myself I'd write a post if I ever had good news to share which hopefully might give someone else hope. Long story of course... Some years ago, due to massive losses as a result of the economic crisis and our family…
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Advice on Allowances?
Hi All Am attempting to build a budget to present to the OR in preparation for going bankrupt at the end of the month. Is their a reliable source of allowances for living expenses. I've downloaded the spreadsheet from the insolvency service website which is vague putting it mildly! I am not out to max out the allowances…
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Bankruptcy and Will
My brother went Bankrupt in June 2019. My question relates to my mum's will. She is only 72 and is unlikely to be going anywhere soon however her Will currently names both myself and brother as beneficiaries (of a very small estate). If she were to pass away before my brother is discharged, would the OR take any money to…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
