Confusing, complicated situation, help gratefully received please - New SoA posted

deedee_3

You will need to check whether it is a loan or HP as that is important. Let us know tomorrow. It is not a given that you will loose the car. I am not an expert in this area so I will leave that to others to answer. Obviously as it is not owned outright ignore my advice on selling it

Right am off to bed before my assistant has apolexy with me. Should have gone an hour ago :rolleyes: . Will check in tomorrow on you.

BlueIsTheColour

deedee wrote: »

You will need to check whether it is a loan or HP as that is important. Let us know tomorrow. It is not a given that you will loose the car. I am not an expert in this area so I will leave that to others to answer. Obviously as it is not owned outright ignore my advice on selling it

LOL yes, dont worry I will ignore that, I will post again tomorrow when I have found out the correct info about the car, but from most things I have read it seems that the car would go, but wouldnt offer anything to my "estate" due to how much is owed on the finance/hp, would this amount then be included in the BR too? Am sorry for seeming so stupid but my brain is fried with all this, and I dont know what to do for the best....

Thanks for helping

coolcait

Umm, I could be barking up the wrong tree entirely here, but your user name makes me think you're a football supporter?

Now, I'm no expert (even though I'm a bit better with the offside rule ever since I read the email which translated it into shoe shop terms ) but I know of an English team and a Scottish team whose supporters might sing 'blue is the colour'.

Long story short (and moving away from football) there are differences between the English system and the Scottish system in terms of bankruptcy and so on, so if you can tell us which side of Hadrian's Wall you're on, people will know what they need to take into account when they're giving you their views.

I hope this made sense to you!

peachyprice

willsandolly wrote: »

Hi Peachy

Was just reading your advice to Blueisthecolour. You said they would be better off declaring a repayment mortgage on their form as then there wouldnt be excess money left over thus meaning they wouldnt have an IPA to their creditors for 3 years???

Better for you as you wouldn't be tied into paying an IPA to your creditors for the next 3 years;)

My question:

I am currently unemployed and preparing to go bankrupt. Would i be better to wait until i get a job before i go Bankrupt. Obviously at the moment i have no money coming in but they may base my case on what my income may be when employed and keep me on an IPA for 3 years????

Does my question make sense?!!

Hi Wills,
They'll only base your case on your actual circumstances, not what might happen in the future, if you go BR while unemployed you wouldn't have to pay anything into an IPA, if you do get a job it would only be based on the job you get, not a job you might have got. So if you get a little part time job and still don't have enough income to have a surplus of more than £99 you still won't get an IPA. If you get a high flying job with £50K salary the IPA will be based on that. A lot of people use the time while BR to change career as it's probably the only time in your life where being on a lower wage is a benefit.

BlueIsTheColour

coolcait wrote: »

Umm, I could be barking up the wrong tree entirely here, but your user name makes me think you're a football supporter?

Now, I'm no expert (even though I'm a bit better with the offside rule ever since I read the email which translated it into shoe shop terms ) but I know of an English team and a Scottish team whose supporters might sing 'blue is the colour'.

Long story short (and moving away from football) there are differences between the English system and the Scottish system in terms of bankruptcy and so on, so if you can tell us which side of Hadrian's Wall you're on, people will know what they need to take into account when they're giving you their views.

I hope this made sense to you!

You are indeed up the right tree, it does refer to my football allegiance, that being Everton, and I am based the English side of Hadrians Wall

Thanks for taking the time

debt_doctor

HI,

Before you choose what to do you MUST clarify the position with the developer ( preferably without their knowledge). Is this a secured loan or not ? You need to check the agreement and / or do a land registry search to discover if a charge has been made against the property. If it is secured then you are certainly in neg equity and all the above would apply.

If it is an unsecured loan then your liability will be written off in BR, the whole liability falling to your partner. Does it have a BR clause which says the amount will become immediately payable if a borrower becomes BR ? This could force your partner in to BR also.

If it is an unsecured loan then according to your figures you have around £ 9000 equity, which is probably half yours.

Check the agreement very carefully.

Best

DD

BlueIsTheColour

Thanks DD, I will check what paperwork I have when I get it back, from what I remember its very sketchy tho. I have been meaning to do a land registry check for ages, will google that to find out how to do it.

I have also found my paperwork for my car, its a fixed term loan agreement over 60months and I have paid 21months so far, but the car is also in negative equity, so not sure what happens with that either....

Thanks to everyone for their advice so far, its been really helpful, and most appreciated.

peachyprice

Hmm, not great news I'm afraid, the loan will go into your BR same as all your other unsecured lending, and the OR can seize the car as an asset. If you need a car for work they can then give you money to buy a cheaper one.

BlueIsTheColour

So my car would go, but somehow they would give me money for a new one, cos I do need a car for work, its about 90mins on the bus each way otherwise, but obviously have no money available to buy one.....

Hmmm, maybe I have to struggle through on a DMP, although CCCS did mention IVAs too, but from reading about these, it doesnt sound good, I wish I knew what to do......

Thanks peachy

tigerfeet2006

Could you save like mad, cut all your outgoings to the bone and get a car off ebay, autotrader, local ads etc. for about £500 before you go BR?