Seriously considering going bankrupt ! Help!

Rylynn

Yes he could still take it, and can you say that the trade plates and extra insurance do not cost more than just the insurance on your car would be?

You have to consider this from the ORs point of view, he will want your expenditure down and if it means you losing the trade plates then he will say so., as I take it you have to pay for the trade plates, they are not given away for free.

I see from your other post you are a HGV driver, and I take it this is with an agency, can you not get work for a company? on a regular basis of hours per week etc?

Whatever you do do not sell the van, or the OR will want to know why you did if you then go BR and what you did with the money, sad I know but true.

I know this may sound naff, but you say you have a 2 bedroomed house can you not let the other bedroom out, it was just a thought on my part.

RL

Jayen4

Yes,I have to pay for the trade plates (£96.25 per year). Having the trade insurance IS cheaper than insuring 2 vehicles seperately. (£460 this year).
As for working for a company......I couldm't afford to do that. The agency work pays rather more (£12.75 p.h after 6 p.m)....most of my hours are after 6 p.m. plus,you always get around 200 people applying for anything advertised.
As for renting a room out....2 problems there... 1: I would have to spend more money to set it up and 2: I think that I'm too far down the line now for that to work. Wouldn't want to take a tennant on only to have to throw them out,when the house gets re-posessed ! Wouldn't be fair on them,would it ??

Rylynn

Okay so you will be looking to rent somewhere, you need to go and look at the prices, as you will need a deposit as well as a months rent in advance, from Rubies thread on here the deposit was one months rent plus £100, and this was with an estate agency. You may like to look in your local paper to see if any private landlords are letting in your area. I take it that you will only need a one bedroomed place, not sure if you have pets or smoke but some rentals do not allow either.

You also need the £500 to go BR with, so take that into account as well.

If you stop paying all but your main bills, ie electric, gas, water, council tax, insurance on cars etc hopefully you will save enough for the BR fees and to rent somewhere.

Understand where you are coming from on the work, if you get more with an agency then it is better for you, but not so on the fact you do not know what you will get each week, but as I say I do understand.

Surely you car insurance would not cost you £460 a year.. hell that is too much if it is!

RL

Jayen4

Well,most places around here will cost around £450 per month,so if they want that + 1 month in advance +£100 and I need £500 for BR,then I really am up s**t creek !! :eek: . Unless I max out the CC and my overdraft facility AND stop paying everything except the essentials,then I can't even afford to go bankrupt !!
What am I gonna do !! (Mr Mainwaring) ??:D

Plus,will landlords rent to BR's ??

I think that the 2 vehicles together worked out at around the £950 mark,on last renewal..as against the £460 on 'trade' insurance.... I would need the van for moving all my things anyway ??

Rylynn

Okay so the rent is around the same then as the mortgage.

Okay NO do not max out on all the CCs. If you decide to go BR and stop paying the mortgage and all the cards etc how much per month would you save.

If you have an overdraft you need to move banks, and soon, get a co op account set up but ONLY a cash minder, do not be tempted into anything else, you can then tell the OR you set this up prior to BR for the bills DDs and wages. If the co op offer you this and that say no I am going to go BR.

Move you money into this account and stop all the DDs, move the essential ones to the co op account.

BUT before you do any of this PLEASE phone one of the numbers on here the judge will ask on day of BR if you have taken advice and what you were told, if you say NO, he could send you away, and YOU lose the £500 so it is imperative you take this advice and soon ie MONDAY.

Once you have the advice you can then plan a course of action.

I can only go on the information I was given prior to IVA and that was to move my bank account, stop all DDs move the ones to the new account that were imperative to be paid, ie utility bills and council tax. It had got so bad that if my wages went in they bank may take them all to pay off the overdraft leaving me with zero. BUT you need to take advice for your own case and then act on it.

This site is wonderful and people here will help you Jeff. I know what it is to feel alone and down, and wonder what the hell to do next.

So as I have asked what would you be left with if you did not pay the debts and mortgage for a month?

RL

Jayen4

Hang on...back in a few minutes. I'll go check..... was in the kitchen getting something to eat....;)

Rylynn

Oh I was also doing that, fish is still frozen though so another very late meal.. still not going to bed early I dont sleep that well!

Jayen4

Rylynn wrote: »

Okay so the rent is around the same then as the mortgage.

Okay NO do not max out on all the CCs. If you decide to go BR and stop paying the mortgage and all the cards etc how much per month would you save.

If you have an overdraft you need to move banks, and soon, get a co op account set up but ONLY a cash minder, do not be tempted into anything else, you can then tell the OR you set this up prior to BR for the bills DDs and wages. If the co op offer you this and that say no I am going to go BR.

Move you money into this account and stop all the DDs, move the essential ones to the co op account.

BUT before you do any of this PLEASE phone one of the numbers on here the judge will ask on day of BR if you have taken advice and what you were told, if you say NO, he could send you away, and YOU lose the £500 so it is imperative you take this advice and soon ie MONDAY.

Once you have the advice you can then plan a course of action.

I can only go on the information I was given prior to IVA and that was to move my bank account, stop all DDs move the ones to the new account that were imperative to be paid, ie utility bills and council tax. It had got so bad that if my wages went in they bank may take them all to pay off the overdraft leaving me with zero. BUT you need to take advice for your own case and then act on it.

This site is wonderful and people here will help you Jeff. I know what it is to feel alone and down, and wonder what the hell to do next.

So as I have asked what would you be left with if you did not pay the debts and mortgage for a month?

RL

O.K. So..... the mortgage,personal loan and CC payment add up to £1087 per month. Renting a place would cost the same as the mortgage (roughly),so deduct that....say £637 per month that I can save on the 'major' stuff....
Already stopped the next motgage payment. Too late to stop the CC payment for this month,so.... As I said,already got an appointment coming for CAB.....
Will set up new account with Co-op on monday ?? What else can I do ??

Rylynn

Well what else you can do, is stay calm, dont get over stressed, easier said than done I know.

Okay, you need to save 2 months rent plus £100, I think that is about right, but check out your local paper. On do they rent to BRs, well if you look around some do. The CAB will advise you on the house.

So in all you need approx £1400, rent deposit and BR fees. The money you save on the mortgage get this saved DO NOT spend it. Another month of not paying the mortgage and the other ones will give you that amount that you need.

I think you need the advice from the CAB, but do ring one of the debt lines, they are free, they give excellent advice and can steer you in the right direction.

I am trying to think whose thread I read on renting who was going to move after the BR, will look around for it and put a link in here for you.

From my understanding it takes time for them to reposses the house, but remember until they do you are liable for council tax on it. When you move out you let the council know it is empty and you get I think 6 months of not paying it, but check all this with the CAB.

I know there is something you must not sign from the mortgage people it is to do with any shortfall in the property, but as I do not own a house I do not know much about this, someone else here will though.

Try to re look at your expenses, ie outgoings not the debts is there anywhere you can cut down, or anywhere you have not put enough against, as your SOA, I&E is important.

Have you got a printer it may be an idea to take a copy of your SOA or write it all out for your appt with the CAB, it helps to go prepared, also have copies of all you can in relation to the debts.

RL

Jayen4

Well... Thank you so much,Rylynn...you've been so helpful.
I will scrutinise my SOA but I'm not an extravagant spender by any means.

I tend to hold it all in for a while,then I have a bit of a panic,then pull myself together again. Don't know what's going to happen when they discover all the DD's stopped.....probably armageddon !! Does it get bad,with everyone hassling you ?? If that's the way it goes,I may just 'lose it' with some of them !
What should I say to my (current) bank when they start asking questions ?? Should I tell them I'm going bankrupt ??