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Need Advice!

After nearly 3 years of being on a DMP with CCCS,we have now decided to go bankrupt.This is not by choice,it's because my husband lost his job on friday and even though he is straight out there looking for another,I think it is highly unlikely he will find one that pays the same as his old job.

We are in private rented,so we have no problems there(already spoken to landlord).
We have 2 cars,one is paid for and is worth around £1000,but will need to sell this to pay BR fees(hope this is allowed).
My main worry is our other car.It is still on HP,worth about £2800,but has £4500 outstanding on the finance.This would be our only form of transport for both of us,as living in a small village public transport is very limited.
Would we be allowed to keep the car on finance or would going BR mean we would have to hand it back?We have about 15 more payments to make of £305 per month.

All standing orders to creditors have had to be paid this month as I didn't have enough time to cancel them as they go out Monday,but these will be the last payments made.How long before Creditors start sending CCJ's and bailiffs around?

Also we owe family members money,can this be included in BR?

Comments

  • hello im a newbee but about the car have you checked your aggreement as some have a br clause in them anyway. im not sure whever you will be allowed to allocate £305per month to pay it, they might make you give it back. and some people on here have been allowed to buy a car for around £1000 if it is deffinatly needed. if they say its not needed you will have to give it back

    as for the creditors im asuming its things like non priority bills ie credit cards loans, utility bills

    if youve just paid one lot off bills then they aint going to realise till a few days after the next payment should have been payed so prepare yourself for a mass of phone calls and letters. but they normally chase you for a few mths then sell them to a debt collectors they then have it for about a month then sell them on. it normally goes through at least 2 debt collectors before they think about court action. then if it does go to court and you get a ccj you will have to default on that before a bailiff will come to you.

    so youve got a few months yet
    If you want to see the rainbow ,you gotta put up with some rain
  • as for including your family into br. most people on here are paying their family back separate just not telling the OR as they may not get all their money back form you if you include it in br and you are not allowed to favor 1 creditor over another. so just keep quiet
    If you want to see the rainbow ,you gotta put up with some rain
  • JCS1
    JCS1 Posts: 5,331 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    If the OR has no interest in the car (i.e. no equity) then it's down to the HP company. But, as the payments left total £4,575 an option would be maybe to return the car on HP, get any monies left inclued in BR, and use the money saved to buy a cheaper car you would own outright?

    I understand what you mean though about living in a rural area, my car was in the garage for 2 days this week, and even though I could get lifts to and from work, I couldn't do shopping after work, go the gym, etc. No public transport - unless you count the school bus..............
  • All of my creditors have already passed my accounts onto DCA's,so how long would I have before they went down the CCJ route?

    Also I have read that BR effects your utility bills,would this mean I wouldn't be able to continue to pay by direct debits?
  • it will still take a few months for them to even think about a ccj as it costs them money to do it i think, and most of the time they dont like to a if the try for a ccj and the judge confirms you can only pay them say a silly amount like £1 a month then it will take the forever to get their money back.

    im not so sure on the utility bills as if they are still getting their money and aint a creditor then they are fine with it
    If you want to see the rainbow ,you gotta put up with some rain
  • Unless you owe your utility providers money then you just carry on paying as normal. If you have arrears then they will be included but your supplier may want to install a prepay meter.
    Namaste DeeDee x
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