Bankrupt Today 22.09.08

Eternal_Optimist

It's the least I can do when people were so helpful both to me and to my friend before me. Hope all is going well with you, Rylynn

strawerry2603

thank you to all the lovely encouraging messages, feel so much better today than I did yesterday.

Knowing there are others out there who can give advice and cheer me up too would be fa, however being completely new to this no idea how to create a new thread!!! d'oh!!! anyone help me there!!!!

well it is the weekend and heading out tomorrow for a well earned night out, with my very very supportive partner. hope you all have a fabbbbbb weekend

San xx

Eternal_Optimist

To start a new thread, Strawberry, go to the main board where all the bankruptcy threads are listed and just above this list, on the left hand side, there is the 'new thread' button....just click on that and away you go :T

dodo50

i want to go through LILA but where do i start? where do i get forms if i want to do it myself? how long did it take from filling out form to start?

coolcait

dodo50 wrote: »

i want to go through LILA but where do i start? where do i get forms if i want to do it myself? how long did it take from filling out form to start?

Hiya dodo

I always recommend that people go and see their CAB or local authority advice office before they take a final decision on what they need to do. And, as far as I am aware, the money adviser will also help in completing the form.

I think it's particularly important for you to get that advice, given some of the points you've raised here. The money adviser might be able to give you some more detailed guidance than we can.

I think you need to look at the position with the car too. Is it on a loan, or HP? If you own it, then it's an asset worth more than £1000, so you wouldn't be eligible for LILA.

dodo50

thanks for reply. the car i'm not sure about as i bought in a car showroom and they arranged the finance, however ge capital have sold the debt to a asset link capital and their letter advises ' pers motor loan plus' and if i don't pay money now they will either:

recover the vehicle for sale at auction (i'll be liable for any shortfall)

recover the full balance by enforcement of a judgement on an asset or property

instruct bailiffs to seize goods up to the value

i thought when i bought car and paid about 3/5 that it was just a loan but now i think it's a sort of hp but not sure?

Eternal_Optimist

dodo50 wrote: »

i want to go through LILA but where do i start? where do i get forms if i want to do it myself? how long did it take from filling out form to start?

First of all I agree with Cait...get some advice first of your local CAB...they can also access the forms and help you fill them in....this is important as if they are not filled in correctly you could forfeit the £100 admin fee the Accountant in Bankruptcy charges to process your application.
The AIB website will provide you with all the downloadable forms too:

http://www.aib.gov.uk/

It took me about two days to fill in the forms, mainly that was getting creditor info, addresses...that kinda thing.
I sent forms back on 5/9/08.....got another form(17) to fill in and return and was declared bankrupt on 22/9/08

Eternal_Optimist

that the AIB website also has details of phone helpline which you can use if you have any queries about the forms etc. I actually contacted the helpline a few times over some questions I had about forms and also to find out how my application was progressing and the staff couldn't have been any more helpful so please don't hesitate to use the help available.

dodo50

thanks for advice. i have a car which i presumed was on hp so waiting for them to take it back but the agreement doesn't say the exact words 'hire purchase' only ' credit agreement regulated by the consumer credit act 1974' the purpose of the loan is mentioned i.e. a motor loan and details of the car.

i have used it but cant anymore just sitting in car park.

however having read on forums something about early payment and if i have paid half i can return it then there is nothing on it about that, only if i dont keep the car, fail payments or go bankrupt i will have to pay the whole loan.

if this is not hp then i wouldn't be allowed to go bankrupt so should i sell it? worth about 1400

also i had a small endowment last year which i cashed in 1500 but i used it to buy sofa and household goods i needed inc a tv. what would they say about this?

Eternal_Optimist

dodo50 wrote: »

thanks for advice. i have a car which i presumed was on hp so waiting for them to take it back but the agreement doesn't say the exact words 'hire purchase' only ' credit agreement regulated by the consumer credit act 1974' the purpose of the loan is mentioned i.e. a motor loan and details of the car.

i have used it but cant anymore just sitting in car park.

however having read on forums something about early payment and if i have paid half i can return it then there is nothing on it about that, only if i dont keep the car, fail payments or go bankrupt i will have to pay the whole loan.

if this is not hp then i wouldn't be allowed to go bankrupt so should i sell it? worth about 1400 You would need to seek advice on this...I'm not sure on this one

also i had a small endowment last year which i cashed in 1500 but i used it to buy sofa and household goods i needed inc a tv. what would they say about this?[/quote As long as you have no single asset worth more than a £1000 you are ok, you aren't asked for specifics if you go the LILA route as to previous expenditure....check out the AIB website and download the forms and you will see the kind of info they require