is bankruptcy for me?

csi1976

Hi all, I've finally admitted I have a problem with my debts. I owe roughly £24,000. I have done a financial statement on the cccs website but am considering going bankrupt. I don't like answering the land line phone infact its actually unplugged and has been for quite some time I just using my internet phone instead where no creditors know the number. Always coming up with excuses why I havenb't answered the phone. If someone knocks on the door I'm a nervous wreck. I just can't live like this anymore. My salary has been halfed recentley as just had a baby ( I know not the best time to bring a little one into the world) and on maternity leave. I'm not paying any bills as the bank keeps giving me late charges. Had one the other day for £210!!! how can they get away with charging this. Also the bank (Natwest) as I have a loan with them if I miss a payment they stop my account and I can't get to my money. In the process of opening a Coop Cashminder account. The postman must be sick of coming to the house we get a least 2 letters a day from the creditors.

I just want to ask a few questions:

I live with my partner were not married and the house and mortgage is in his name. Will it affect my partner if I go bankrupt?
Will I lose the car?
If the car is registered to my partner can they touch it?
Does my job get affected? I work in the car trade as an adminstrator.
Will they find out I'm bankrupt?

Thanks
csi

skylight

csi1976 wrote: »

I just want to ask a few questions:

I live with my partner were not married and the house and mortgage is in his name. Will it affect my partner if I go bankrupt? Depends. If you have "invested" any money into the house - extension, etc - notable £ks etc. Plus, it depends how long you have been together. But normally no, you would not affect his house. BUT you may affect his credit rating if you have any joint debt together. Any joint debt will fall soley to him.
Will I lose the car? Depends. On HP?? Or owned outright? Plus how much is it worth and will you need it for work when you go back?? (YES you will - even if you change your mind at a later date....)
If the car is registered to my partner can they touch it? Is it registered to him now?? If so, how long has it been this way. DO NOT register it in his name now. You will be accused of hiding assets.
Does my job get affected? I work in the car trade as an adminstrator. Probably no, But check your employment contract to see if there is a clause.
Will they find out I'm bankrupt? Not unless you tell them. You will be in the local paper though and they may read the small ads.

Thanks
csi

Hope this helps a bit.

DaveBrum_2

If you have gone thru the online financial stats on the CCCS website, try contacting their bankruptcy team once you have a client number for them.

csi1976

Thanks for the advice. We've been together for 12 years there is 2 things we have in joint names. Bank account with an overdraft facility of £3500 and a personal loan £15000 which we now owe £5500.
The car is on HP only has 11 payments left worth about £4000. Will need this to get to work when I go back. Car is registered to me so better not alter the V5. But we do need a bigger car would that look bad if I swopped it and put the new car in partners name. Or would it just look like we've paid the car off?
With my wages and benefit gets paid into the new account I've set up will this account be closed or seized as I've read in articles this may happen if this is so how do I get my money?
Thanks

maxmycardagain

any joint debts pass 100% to your OH if you go BR and he doesnt

any sole but secured debts do not get written off

after 12 years together it could be claimed you have a significant interest in the property as a common law partner

csi1976

Significant interest in the property what would that mean? We've only lived together for 5 years would that alter anything? Should I not put that we've been together that long? Can the OR prove we've been together longer?
On the CCCS website in my SOA it will take us 11 years to pay back the debt with us living on disposable income of £300. My partners wage will likely decrease more as he is a builder. So I've decided to go bankrupt as most of the debt is in my name. We'll be able to sleep better at night I've survived on hardly little money since 2005 when the debts were getting bad. Was doing OK till the credit crunch.

skylight

Does the property have any equity in it?? If it has none, or little then don't worry yourself about the property interest. After living together for 5 years, you will have "contributed" in some way, so the OR may decide that you have an interest in the property. If so, you would have to argue your percentage interest in it - if you co-owned it would obviously be 50%, but you could work out what you have contributed - for decorating etc and the like. And then that % is compared to the equity and you may have to pay that amount (like 15% of the equity for example IF the OR decided you had that amount of interest in the property - so no equity means no problem). If that makes sense????

As to the car - HP is a problem. Most HP contracts stipulate that they will take the vehicle back if you go BR. Read the contract. Legally the car is not yours, its the HPs company's. If there is a BR clause in it, then call them and ask what they would do in your particular situation. With only 11 payments left, they may well let you keep the car and pay the money. Then it would be up to the OR if you could be allowed to pay that amount of money per month in your SOA. Yes - it will look bad if you swap it now and put it in your OHs name. But do this a few months after BR if you want to.

What sort of new account do you have? A Co-Op cashminder is unlikely to be closed for example (very BR friendly company), but some banks do close basic accounts. Tell your OR after BR that you need to keep your basic account for day to day stuff and BR was the reason you opened it - there should be no problem. Most of us do not have a problem at all.