Bankruptcy

cd02

well now i'm just waiting for a call from payplan.. i heard they were good so thought i'd speak to them first and take it from there.. if i go down the bankruptcy road i'm still nervous that it won't go through and how it would effect my girlfriend living with me, she's scared they might take her stuff etc..

Addicted2Chocolate

if you go bankrupt it will only affect the girlfriends credit rating if you have any laons laons or accounts. if you have no financial associations it wont affect her. The OR will not claim any of her possessions. Any major items purchased recently may require documnetary evidence that sdhe provided funds eg car. But furniture and electrical goods over 2 years old woudl not normally be looked into.

cd02 wrote:

well now i'm just waiting for a call from payplan.. i heard they were good so thought i'd speak to them first and take it from there.. if i go down the bankruptcy road i'm still nervous that it won't go through and how it would effect my girlfriend living with me, she's scared they might take her stuff etc..

Addicted2Chocolate

questions for you smokey. Was your car on finance eg hire purchase or lese? if yes then the OR would have written to the finanace co, checked that the amount outstanding is less than cars value, and then if yes whetehr the agreement continues is up to the finance company. So it is not the same as when a bankrupt owns a car....

smokey112 wrote:

We where declared BR on 27/10 last year

All of our debts including nearly £10k of council tax/poll tax where taken into consideration.

We did not lose any of our household goods - TV's, Computers, DVD player etc

We still have our car (new in 04) - but due to type of agreement we have been allowed to keep as travel expenses and custody arrangements for OH kids meant we needed car - we could not have sold car and been given money to buy new car - I guess every case is different

I would say it was the best thing we done - no nasty letters from our creditors - most of the mail we get now is offering us loans LOL. MBNA still have not grasped the point as we keep getting letters from them asking to contact them to settle with a FF offer - yet the creditors meeting was in Dec.!!

HTH
Ang
x

smokey112

Hi AD2C

I am not sure what type of finance agreement it is - the car is nearly 2 yrs old - I know it would have been different if we had owned the car we would have had to have sold it.

Looking at my post - it didnt mean to come across that we got to keep the car just because of our travel needs - sorry if that was the case.

I don't know if our OR contacted the finance company - he knows who the company is of course as this was included in our SOA and was on the SOA presented at the creditors meeting on 22/12

Sorry for any confusion

Ang
x

Addicted2Chocolate

thanks for clearing this up that the car was on finance, there is a lot of confusion about cars and bankruptcy!

smokey112 wrote:

Hi AD2C

I am not sure what type of finance agreement it is - the car is nearly 2 yrs old - I know it would have been different if we had owned the car we would have had to have sold it.

Looking at my post - it didnt mean to come across that we got to keep the car just because of our travel needs - sorry if that was the case.

I don't know if our OR contacted the finance company - he knows who the company is of course as this was included in our SOA and was on the SOA presented at the creditors meeting on 22/12

Sorry for any confusion

Ang
x

jellycat40

Well i finally had an interview with an Ip last night. Face to face. She tells me that if I don't need a car for work then I can't keep my car. Even if it is only worth a small amount. It seems that if you talk to someone face to face they tell you the truth. Up til now I have been told that i can keep my car. £2500 in value.

Apparently I may be able to have a car when I return to work in 6-9 months but at present the car will have to go.

I am not looking forward to telling the kids.

Louise :eek:

Conor_3

leneth wrote:

hi everyone i am also going bankrupt, tomorrow, just trying to finish the forms and get everything together.
do i include a catalogue purchase, a bed, do you know what will happen about it?
i am really worried about the whole thing at the moment, so any good advice would be welcome, can't wait til it is all over.

Yes you do include that if there's outstanding finance on it. Basically, if there's an outstanding amount on anything, it gets included. That's the idea - you're handing all of your finances over to the OR up to the date of bankrputcy to give you a clean slate.

You'll still keep your bed.

Honestly, you'd be surprised at what doesn't get touched.

cd02

what happens if i miss an outstanding debt off my paper work, say a loan or store card i've forgotten about ?

Conor_3

cd02 wrote:

what happens if i miss an outstanding debt off my paper work, say a loan or store card i've forgotten about ?

If you remember about one, contact the Official Receiver.

When they write to you, you have to forward the letter to the Official Receiver. If they phone you, you have to tell them you've been declared bankrupt, give them the case number and the contact details for the OR dealing with you and they have to deal with him.

You cannot correspond with them as the finances are not yours to make a decision on any longer. In effect, when you go bankrupt you have surrendered control of your finances to the Official Receiver.

Even if you get contacted years after you have been discharged from bankruptcy about a debt that was taken out prior to being declared, you have to refer them to the Official Receiver in the manner I explained above.

You are liable for all debts taken out after the date of the bankruptcy order, even though you may not have been discharged. SO NO GETTING MORE CREDIT.

cd02

Thanks for that Conor