Bankruptcy Questions

jo1655

Hi,

I am new to this forum, I have read some of the threads but wondered if someone could answer some of my questions. (I apologise if I am repeating questions previously asked).

Background: I entered into an IVA in Aug ’05 and made my monthly payments no problems until April ’08 when my full time job turned into part time therefore reducing my wages by half, after contacting my Supervisor it was agreed to stop my payments until a new full time job was found, the creditors agreed the payment break, however I am still yet to find a new job and one of my creditors has agreed the payment break until end of January but if the payments are not resumed they have requested the IVA be terminated. My Supervisor has said if this happens they will assist me in petitioning my bankruptcy using some of the funds currently held in my IVA estate.

I lost my job last week and although I am hoping one of my pending job applications will come up trumps and offer me a new job before the end of the month, I think I have to prepare what may happen.

I have just changed bank accounts to a Abbey National basic cash card account (as my previous bank would not stop calling me at ridiculous hours offering me products) will I be able to keep this new account or will I have to change again?

I have an O2 mobile phone on contract and I am tied into the contract until Aug, will I have to change to pay as you go?

I am the registered keeper for insurance purposes for the car I drive, however my parents paid for the car and it is theirs, can this be taken off me?

How long from completing the forms do you wait for the court date?

What is the process for the meeting with the OR?

Does the OR credit check you to get the information re creditors or is it just the information provided by me on the forms?

What information/paperwork will I need to provide them?

I have no assets, property or savings, the only thing available for the creditors will be the money which is held in the IVA estate, which I think is approx £14k (the Supervisor will no doubt deduct further fees from this after my bankruptcy fees are taken out) how long are you generally bankrupt for prior to being discharged if you have nothing to give?

Thank you in advance.

k2nga

Hi jo1655,

Im afraid if you go BR you will have to change accounts again. Unfortunately Abbey is not a BR friendly company and you will need to apply for a Co-op Cashminder account or a Barclays Card Cash account.

As for your mobile if your not in arrears and you want to keep it just dont put it on the forms as thats what i did. Dont tell them you are BR if you go down that route and like me they will just upgrade you when you contract runs out as they will not credit check and existing customer. Changing to another company however would be a problem so you may find yourself stuck with O2 for a while.

If the car was bought by your mum and dad and they can prove that it wont be a problem at all but dont forget the OR is normally ok with you having a car for work or looking for work anyway as long as its not worth more than £3000.

Call your local court and ask then about petitioning for BR and ask them what system they operate. Some courts offer drop in and some appointment only and sometimes appointments can be far ahead as they can be really busy just at the moment.

After you have been to court you will be called by the OR but dont worry about that just now.

You will need to list down every creditor that you wish to be included in your BR. They wont know you debt unless you tell them so ensure you have everything on the forms as if its not included in the BR you might get a nasty surprise in a years time.

BR last for one year although it will remain on your credit file for 6 years from the date you are made BR. You can sometimes get an early discharge this is usually if you are an easy case and also if the OR's have time to do it.

Hope this helps a bit.

dalip

jo1655 wrote: »

Hi,

I am new to this forum, I have read some of the threads but wondered if someone could answer some of my questions. (I apologise if I am repeating questions previously asked).

Background: I entered into an IVA in Aug ’05 and made my monthly payments no problems until April ’08 when my full time job turned into part time therefore reducing my wages by half, after contacting my Supervisor it was agreed to stop my payments until a new full time job was found, the creditors agreed the payment break, however I am still yet to find a new job and one of my creditors has agreed the payment break until end of January but if the payments are not resumed they have requested the IVA be terminated. My Supervisor has said if this happens they will assist me in petitioning my bankruptcy using some of the funds currently held in my IVA estate.

I lost my job last week and although I am hoping one of my pending job applications will come up trumps and offer me a new job before the end of the month, I think I have to prepare what may happen.

I have just changed bank accounts to a Abbey National basic cash card account (as my previous bank would not stop calling me at ridiculous hours offering me products) will I be able to keep this new account or will I have to change again?Might be wise to change to co-op or barclays as abbey are not known to be bc friendly

I have an O2 mobile phone on contract and I am tied into the contract until Aug, will I have to change to pay as you go?No you can put your mobile contract into the bc pot or pay any extra over what the OR allows for mobiles out of any surplus.

I am the registered keeper for insurance purposes for the car I drive, however my parents paid for the car and it is theirs, can this be taken off me?i think you would be ok but not an expert so would need that to be confirmed by another member.

How long from completing the forms do you wait for the court date?would depend how busy your local court is.You could ring and ask what the waiting time is and what system they operate for bc

What is the process for the meeting with the OR? Usually the OR will ring you at home and do the interview. Nomally takes 1hr upwards.

Does the OR credit check you to get the information re creditors or is it just the information provided by me on the forms? The OR will contact all our creditors

What information/paperwork will I need to provide them?usually the last 12-24 months statements,anything you don't have they can get themseves.

I have no assets, property or savings, the only thing available for the creditors will be the money which is held in the IVA estate, which I think is approx £14k (the Supervisor will no doubt deduct further fees from this after my bankruptcy fees are taken out) how long are you generally bankrupt for prior to being discharged if you have nothing to give?BC last for 12mths unless by some stroke of luck you are given early dicharge and this can be any time aftr 5mths.

Thank you in advance.

Hope that helps a little. Aything else just shout.Dx

jo1655

Thanks for the advice.

I'd best get on to the Co-op and open an account as 5 of my creditors in the IVA were Barclays accounts inclu current account so doubt they'd have me back!!