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Possible Bankruptcy? Advice Please

paulmorrisjcp
Posts: 19 Forumite

Hi Guys,
A small amount of back ground info would help i guess. Im a 25 year old from Newcastle who is currently in approximately £7500.00 worth of debt to 6 creditors. £2500 of this debt is from an unsecured loan which i pay at a rate of £233.43 per month (no payments missed).
The rest of the debt is made up of a stupid credit card i took when i was 18, an overdraft from a closed Halfiax Bank account, and various other amounts from things like failing to notify the DVLA of a change of ownership in vehicle which has built up,so its approximately at about 7.5k in total. I think i did the normal trick of burying my head in the sand for 5 years and ignoring things, not opening letters, dodging calls etc. Ive recently started to try and approach things and am looking for a way to sort this fiancial mess out. But Halifax have applied through a DCA to make me bankrupt. I received this letter about 3 weeks ago, and as yet i havent done anything about it (stupid i know) other then stress out and lose sleep.
Can anyone with experience explain the implications of this if i am made bankrupt? I live at home with my mum and have no assets what so ever other then my car which isnt worth much and i travel 60 miles a day to and from work so do really need it. I have no savings and have an income of £1100.00 per month. I already have the Coop cashminder account and an account with Norwich and Peterborough which only has a cash card so no overdraft or credit facilities. So for my circumstances what would be the implications of bankruptcy?
Hope someone can help me
thanks very much
Paul
0
Comments
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Sorry but I find it hard to believe that you are being made bankrupt by Halifax. I know their policy is not to make anyone bankrupt. and if they are making you BR then they should have done to me long ago given I owe them probably ten times the amount that you do? Are you certain it is the Halifax through this DCA?
I think there will be very little implication apart from possiibly an income payment order given your income each month and the fact that you do not have to pay a mortgage or rent and associated costs. if your car is worth less than £2500, you probably will be able to keep it. as you already have a basic coop account, you can probably keep that too.
Best thing to do is get advice from cccs or national debtline about your situation and then post up a statement of affairs on here for some expert advice.BSC #215/No.1 Jan 09 Club0 -
Hi there,
it is definately Halfiax that have imposed the order through a company called 'CapQuest Debt Recovery Limited' and it states on the letter a 'statutory demand for bankruptcy' for the amount of £1736.43.
Whether or not Halfiax, as the original credior have sold this debt to capquest and its subsequently them who are applying for bankruptcy i dont know, but its definately because of a debt owing to Halifax. The main thing i was worried about was losing the car, as i really would have no way to fulfil my job commitments. but it is definately worth less then £2500.0 -
paulmorrisjcp wrote: »Hi there,
it is definately Halfiax that have imposed the order through a company called 'CapQuest Debt Recovery Limited' and it states on the letter a 'statutory demand for bankruptcy' for the amount of £1736.43.
Whether or not Halfiax, as the original credior have sold this debt to capquest and its subsequently them who are applying for bankruptcy i dont know, but its definately because of a debt owing to Halifax. The main thing i was worried about was losing the car, as i really would have no way to fulfil my job commitments. but it is definately worth less then £2500.
It sounds silly but I wish the Halifax would make me BR. I know its not what you want probably but for me I know it's coming, just that I have to pay the fees for it whereas Capstone have saved you the money then. I think Halifax have probably sold it on as having worked for them, I know they don't go to the expense themselves of making someone BR.
If you do get advice from the CCCS etc and then you can complete a statement of affairs at makesenseofcards and post it on here. Then some nice experts will tweak it and tell you what you are allowed for expenses and the rough amounts.
Im sorry I don't have the links or numbers but you can find them in the sticky's at the top of this board.BSC #215/No.1 Jan 09 Club0 -
paul
SDs should never be taken lightly but they are a favourite Crapquest frightener. They cost nothing to send out and sound serious.
It would cost Crapquest £1500 ish to make you bankrupt and they would not get a penny of that back, or by the sounds of it a penny f the original debt. They bought that debt for not a lot, so it is most unlikely that they would spend so much money getting nothing back.
Have you reclaimed your bank charges on this account? That would probably make a big dent in the value of the debt.If you've have not made a mistake, you've made nothing0 -
paul
SDs should never be taken lightly but they are a favourite Crapquest frightener. They cost nothing to send out and sound serious.
It would cost Crapquest £1500 ish to make you bankrupt and they would not get a penny of that back, or by the sounds of it a penny f the original debt. They bought that debt for not a lot, so it is most unlikely that they would spend so much money getting nothing back.
Have you reclaimed your bank charges on this account? That would probably make a big dent in the value of the debt.
I originally claimed charges back from Halifax when the whole bank charge thing was first coming to light. I claimed for approx £780.00 but they offered me £380 to settle. because i was scared it might actually go to court, and because i was only 20 and didnt really know what i was doing i accepted it. I didnt think it would be possible to claim again for the same account.
I have to be honest, after receiving the letter on the 6th october from CapQuest i have heard nothing else from them.0 -
Hi
Keep an eye on it but I would be more worried about the DVLA fine if I were you.If you've have not made a mistake, you've made nothing0 -
sorry paul to hear your trouble have you asked to crapquest a true copy of your CCA ? if you had and they had defaulted on your request then you have a big advantage to set aside your statutory demand .
another thing don't talk to crapquest other the phone they are bullies and keep everything in writing so if it goes wrong then you will have proof ! .BSC number 1830 -
Hi
Keep an eye on it but I would be more worried about the DVLA fine if I were you.
The DVLA fine is taken care of. i have used money i had put aside for xmas presents to pay that off today. I suppose i just caved to the threat of them sending a collection van around to seize goods and because i live with my mum didnt want that at her door (altho she knows fully about my situation)0 -
UPDATE : The statutory notice of bankruptcy from Cap Quest debt recovery was actually a scare tactic. i wrote to them advising that they had ignored my previous letters and correspondence offering a repayment plan but yet they still sent me threatening letters threatening bankruptcy saying i hadnt contacted them. I got a reply in the post this morning saying that my accoutn had been passed over to there external debt agency 'ScotCall' so i shall be sending them a letter today0
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