Thinking of BR but so many questions. Please help!

hanspan_3

I'm in a debt management plan with Payplan but am really struggling to make the payments and I'm about to lose my current job which comes with live in accomodation.

I've got a new job lined up but with the extra outgoings of rent, council tax, utility bills etc.. I'm gonna go under. I live with my boyfriend but the debts are all mine from before we met (about £25.000). He helps me to pay my debts but is starting to resent me for it and who can blame him.

I just want to make sure that if I do go BR, he won't be dragged into it. We have a car registered in my name worth about £6000 and the only other thing we have of any value is a TV that we bought 6 months ago for £1000. I had a huge tax rebate to pay for it.

Can I transfer ownership of these two assets over to him before BR in exchange for all the contributions he has made to my debts? Or is this a big no no. We need a car to get to work and the TV is the only thing I've ever bought not on credit!!!

If anyone is clued up on this sort of thing please can you get in touch?
Thanks
XXX

Summer1969

hanspan wrote: »

I just want to make sure that if I do go BR, he won't be dragged into it. We have a car registered in my name worth about £6000 and the only other thing we have of any value is a TV that we bought 6 months ago for £1000. I had a huge tax rebate to pay for it.

Can I transfer ownership of these two assets over to him before BR in exchange for all the contributions he has made to my debts? Or is this a big no no. We need a car to get to work and the TV is the only thing I've ever bought not on credit!!!

If anyone is clued up on this sort of thing please can you get in touch?
Thanks
XXX

Hi there, I am no expert by any means. Just gone BR myself but will help where I can.

Have you spoken to PayPlan about the situation? Also give the CCCS and/or National DebtLine a call, both are extremely helpful.

It is a big NO NO to transfer over anything just before you go BR, the car may have to go because of its value but if you give a good case why you need it, for work for example, there is a chance. But as I said, someone will be along to clarify. The tv, not too sure, the general consensus seems to be they are only after huge plasma things which cost a fortune but I don't know what the cost cut off is.

Other people, with much more knowledge than me will be on later or in the morning to help you. Just wanted to say you are not on your own and keep posting.

dalip

hanspan wrote: »

I'm in a debt management plan with Payplan but am really struggling to make the payments and I'm about to lose my current job which comes with live in accomodation.

I've got a new job lined up but with the extra outgoings of rent, council tax, utility bills etc.. I'm gonna go under. I live with my boyfriend but the debts are all mine from before we met (about £25.000). He helps me to pay my debts but is starting to resent me for it and who can blame him.

I just want to make sure that if I do go BR, he won't be dragged into it.If all dbts are in our name then no he wont get draged into it. But when working out if an IPA is vaible they will take into consideration he CONTRIBUTION TO HOUSEHOLD EXPENSES. We have a car registered in my name worth about £6000I am no expert on cars but think you may loose this and the OR may then give you £2,000 towards another and the only other thing we have of any value is a TV that we bought 6 months ago for £1000.No they won't be interested in this I had a huge tax rebate to pay for it.Apart from the tv do you have a paper trail of where the rest went?You will undoubtedly be asked where it all went!

Can I transfer ownership of these two assets over to him before BR in exchange for all the contributions he has made to my debts? Or is this a big no no. We need a car to get to work and the TV is the only thing I've ever bought not on credit!!!NO WAY

If anyone is clued up on this sort of thing please can you get in touch?
Thanks
XXX

A summer says ring payplan and explain,as well as one of the free debt helplines in my sig. Any more questions don't hesitate to ask.D

hanspan_3

Thanks guys! I will get in touch with payplan and those helplines tomorrow.

Gutted about my car but I guess its the only way I'm gonna get out of this mess. I'm sure people have to make bigger sacrifices than that. I feel really guilty now as my boyfriend just pointed out to me its only a car! I guess I'm being a bit sellfish especially when I think of all those people who have to give up their homes. This website has really helped me to put things into perspective.

Yeah I've got a paper trail. It all started when I was at university. I was young and very irresponsible. I just couldn't say no to going out all the time and buying new clothes etc... and it just snowballed from there. For some reason credit was so easy to get hold of. I managed to get three student accounts all with hefty overdrafts and student credit cards and then even with all this debt I was then offered a loan when I finished!

I'm not blaming the banks. It was entirely my fault and now I need to stand up and take responsibility.

I must add that I've always worked and I never took any of this credit thinking that I wouldn't be able to pay it back. I just don't know where it all went wrong.

I'm only 27 and feel that if I don't go BR and get a clean start, then by the time I've struggled to pay everything off (if I ever do) then it will be too late to do the normal things in life like get married, buy a house one day and start a family. I don't want to waste my life.

Thanks for the suppotive messages. I will keep posting on here. I don't feel so alone anymore, I guess I'm gonna go for it!

shadowdragon

Your Student loan (if you have one) from the SLC will not be included in the BC.

Dez-Titute

hanspan wrote: »

Thanks guys! I will get in touch with payplan and those helplines tomorrow.

I'm only 27 and feel that if I don't go BR and get a clean start, then by the time I've struggled to pay everything off (if I ever do) then it will be too late to do the normal things in life like get married, buy a house one day and start a family. I don't want to waste my life.

Thanks for the suppotive messages. I will keep posting on here. I don't feel so alone anymore, I guess I'm gonna go for it!

Hi Hanspan,
not sure buying the house is a good idea but go for the rest of it

DEz

hanspan_3

yeah I know I can't include my student loan. I juat look at that like tax and national insurance. It comes out of my wages automatically every month and probably will do forever!

As far as buying a house goes. I'm talking in about 10 years time so hopefully I'll be financially sorted by then!

Miss_Ratty

Hey there, I just wanted to post to say that you are not alone. I was in exactly the same situation as you, irresponsible spending plus a split from my partner meant that I had 32k worth of debt, and i'm only 27 too. My new partner is very supportive of me, but couldn't help financially, and why should he, as the debt is mine! I sought advice, and on the 4th July went to court to file for bankruptcy. I'm worried I might lose my car even though its only worth 1k, but i need it for work. Other than that, I think this will have been the best decision I ever made. I too want to think that i'll be able to start a family and live comfortably one day, and I'm on the road there now!

Wishing you the best of luck, and definitely give those debt charities a call - and keep us posted!

cs101

Hanspan---Go for Bankruptcy route which is the best decision u will have made.

Miss-Ratty---You wont loose your car as it is less than £2000.

dalip

Sorry cs101 check your facts please,not beng nasty. The OR has in the past on this forum been known to take a car worth £400. You have to fight for your car and a lot depends on the OR at the time of interview ect,and what you need it for.
Sorry ratty not trying to put a damper on things but do not assume because the car is worth less than £1,000 the OR will not be interested.D

shadowdragon

dalip wrote: »

Sorry cs101 check your facts please,not beng nasty. The OR has in the past on this forum been known to take a car worth £400. You have to fight for your car and a lot depends on the OR at the time of interview ect,and what you need it for.
Sorry ratty not trying to put a damper on things but do not assume because the car is worth less than £1,000 the OR will not be interested.D

Agree, mines worth less than 700 but i might loose it because I dont work, and if theres a cheaper alternative than running a car (public transport), I would imagine if the difference in you having or not having an IPA would be the cost of running a car, you would prob loose it.

It is a very grey area with cars, look at all the posts about it and all the different outcomes, theres no definitive answer!!!