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General Bankruptcy Query and Assets (Car)
Hello all, I am trying to help a friend think through his options to resolve his current financial crisis. He is in a bad place and whilst I know a lot about DMPs, I know very little about other debt solutions such as Bankruptcy or IVAs. My advice to him, first and foremost, was to seek advice from National Debtline - but…
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Being chased for debt on mortgage shortfall after repossession and 7 years after bankruptcy?
Hello, I am looking for advice from anyone who can help. 7 and a half years ago (Mar 12) I was declared bankrupt. I stopped paying my mortgage and informed my mortgage provider that I was handing back the keys of the property. Having done this my house was repossessed and subsequently sold. I have just now received a…
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Pension lump sum after discharge
I have a friend who was discharged from sequestration in Scotland over two years ago. She is now eligible to draw a pension lump sum and income but is worried that this will be taken by the Accountant in Bankruptcy. She did not pay any contributions during her sequestration because she was on benefits. She called the AIB…
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Bankruptcy and savings
Hi. I spoke with Stepchange last week and they said my only option is bankruptcy as my income is so low. My question is, I have about £1400 in a savings account which I’ve had as an emergency fund in case the car blew up or such like. Can I take this out and keep for living expenses once I’m bankrupt? Also, through work I…
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Interesting article in Debt Camel this week
Debt Camel has a guest post by Dr Joseph Spooner, (Assistant Professor of Insolvency Law at the LSE) on the Case for Transparency in the Standard Financial Statement. As we know, trying to find out the actual figures used for calculating reasonable living costs or allowances for people undertaking bankruptcy, IVA’s or…
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CRA & Defaults
Hello, I have 2 weeks left of my BR. I have around 6 accounts on my credit ref agency’s. I just wanted to clear something up, so I am not confused. Since the BR order all 6 have been marking me down as default with 1 being a late payment. So for the last 11 months each month they are all adding another default for that…
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6 years post-bankruptcy
Hi all I remember reading this forum incessantly in Nov/Dec 2011 when I was applying for bankruptcy and found everything so useful. I also found it a lifesaver reading positive stories of people after bankruptcy so I wanted to share my own. After 14 years of financial abuse I left my husband and was also left in 25-30k of…
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Heading Towards Bankruptcy - Please Help
Hi I ended up in debt to the tune of around £23,000. I had a credit card, the payments were too high for me to afford so I got a 0% credit card, transferred over the balance, couldn't pay, got another 0%, transferred balances over, had to use the credit card as I couldn't afford to meet the payments and so it snowballed. I…
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DRO- question about budget planner
Hi, I’m curious, I’m doing my DRO budget planner, living expenses etc. and I’m not sure if few payments towards the debts which I’m paying monthly are included in budget planner? I know I have to have 50 pounds per month left. Does those payments which I’m making monthly are included or not ? Thanks and sorry for my…
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Developed Vetting & past bankruptcy
Anyone out there gone through Developed vetting for government roles or could advise on it? I have a question, I was discharged from Bankruptcy fifteen years ago,( was related to running a company as a sole trader, it was personal insolvency, wasn't a limited liability company, ) Presumably, this will exclude me from…
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House and Bankruptcy
Ok so I have posted on here previously but not regarding this question so just hoping for some advice. My ex-wife has gone bankrupt due to huge gambling debts of over £110k. We have a joint mortgage and also a 2nd charge loan. I love out and am now renting, however the ex hasn’t been paying the secured loan so I’m moving…
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Get a mortgage now or wait?
Hi all, I was made bankrupt back in 2013 due to a small number of loans and credit cards. We had to sell our house as a result and have been renting ever since. As we pay an extortionate £1100 a month in rent (standard for where we live) we would love to own again as soon as possible. We have £20,000 deposit and according…
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Pension income post sequestration in Scotland
Circumstances: I was forced, due to requiring a lung transplant, to retire from the business I owned with two other guys almost 3 years ago. After I left they ran it into the ground and the company went under in April last year. I was sequestrated last November due to having to forfeit on two joint and several personal…
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Company applied to be struck off the companies house register(voluntary liquidation), offices shut,
I have purchase some CCTV equipment from a CCTV selling company in Watford who have sold completely different poor quality product. The company now applied to be struck off the companies house register(are going into voluntary liquidation). I have obtained a CCJ (County Court Judgement ) against them – but how do I get the…
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Confused by Step Change Advice recieved
As advised by CAB, Business Debt Line and my Creditors I made contact with Stepchange regarding my current financial situation. As it stands my situation is quite complex but I am not totally convinced the advice I have received is the best for me long term, I have ended up feeling even more confused/ worried about my…
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Bankruptcy Suspended Indefinitely and Death.
Hi all, I hope you can help. A friends parent passed away a couple of weeks ago and it has come to light they were bankrupt in the early 00,s. The discharge has been suspended indefinitely as notes say they were not complying with the OR and or terms of bankruptcy. Currently no will has been found and other parent is still…
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Credit 'scores'
2 years post bankruptcy and a credit builder credit card on the go (with a low limit). Just had my latest Noddle/Credit Karma credit report and it's gone from 555 to 507 in the space of a week, yet nothing has changed! It was 555 for weeks and weeks and now suddenly it's gone down by 10%, yet literally nothing has changed.…
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Ex Wife gone Bankrupt
Hi all I have recently split with my wife after I discovered she had been a secret gambler and had gambled away £118k. We own a home and our son lives at the property with her (I moved out 5 months ago). She has gone down the bankruptcy route much to my annoyance as now my sons home is at threat from her actions. I am…
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Interview in the morning
I have got my face to face interview tomorow and am now really panicking about being it, i have filled in my questinaire book and it has left me quite a large deficit, will this be a problem?
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Land Registry AP1
Hi Guys Received the AP1 from the OR and not sure what to do with it? Is this an easy process to transfer my property back to me or should I seek legal advice? Also confused on the fees I have to pay HM Land registry? Advice appreciated :)
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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Most recent: Hoping to apply for a DRO by Thymeforchange
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