Really in debt and stressed

indebtandworried

Hi everyone

Well I have finally quit my job, the stress levels were getting ridiculous and it has been causing me to drink quite heavily. I have to go back today to hand back their property (phone, laptop) and that's it, I am free at last.

I have registered for a number of agencies and am looking for any work that can tide me over while I decide what to do with my career.

As a result I have cancelled all of my DD's to creditors, as we look to save up enough money for rent in a new property, and also our BR fees.

A couple of questions - do I need to tell the estate agents about my situation re. going BR?

And do I need to highlight this to recruitment consultants, I don't plan to go BR for a couple of months yet but does my new employer have to know?

Finally will the OR look badly on me leaving my job? The stress levels were causing severe problems at home and it wasn't a decision that was taken lightly, but my partner and I decided that it was for the best.

So much happening it seems - finding a new job, finding somewhere new to live and going down the BR route - it's good to know that there is a forum like this to help understand what is going on during the harder times.

Thanks all again for reading.

Dorothy56

Hi

No, you do not need to let future employers or estate agents know that you are planning to go BC. As long as you aren't going to be employed in a financial capacity that is one of the 'banned' employments within bankruptcy, you should be fine.

Best of luck with your new life - a real spring clean coming up. You will feel so much better once everything has been sorted out.

take care

Dorothy

indebtandworried

Hi Dorothy, thanks for your reply. My main concern I guess is with estate agents, as I have heard that there could be a clause in our contract that will effectively dissolve it if we go BR. I was thinking of being honest about this and saying that we have, maybe 3 months rent to pay in advance plus a guarantor.

And can the OR have an opinion about me leaving my job? I have nothing to go into yet, I am going to temp for a while until I find my new career direction, but I would hate to think this will reflect badly on me.

peachyprice

Hi Indebtandworried,
Well done on making that huge step, it must have been a hard decision, but at the end of the day your health and family are more important. The OR will not tell you off for this, it's a choice you had to make.

Concerning the EA's, some tenancies do contain BR clauses, but they are usually worded that the 'may' end the agreement if you go BR. this is more to protect LL's if the BR owes them money for rent and they want to get rid of them. It's unlikely that if you are ideal tenants paying rent on time that the will excercise this right. At the time of taking out the agreement you will not be bankrupt it's not necessary to tell them unless you want to.

indebtandworried

Thanks peachyprice, that's really useful. Will the OR automatically inform the landlord if we go BR? I guess if so it is then down to us to negotiate with them, we have always made sure that the mortgage/rent has been paid before anything else as a matter of priority. I guess we don't want to have to move and then be forced to move again, especially if we fall in love with the place we move to!

I have another thought (sorry as I am not at work I am making the most of the time I have on here!) - we have stopped paying our credit cards etc. to save for BR fees and were going to save for a larger deposit to rent, in case BR becomes an issue. If we decide not to tell them now that we are going BR, and keep back some money to offer as a rent advance if the LL has an issue when we do go BR, do we need to declare this "safety net money" to the OR? I am concerned they will say that we must put it towards paying our debts and I am mostly concerned about keeping a roof over our heads!

peachyprice

You can ask the OR not to tell them, but it's another grey area, some OR's say they are obliged to, others are happy not to if your rent is up to date, unfortunatley it's a bit hit and miss.

As for the money, I wouldn't mention it. There are lots of costs involved in moving, they're not going to make you account for every penny you spent on the move. Just don't take it out of your account in large chunks.;)