2 x lost jobs for us !

mr_&_mrs_2

Firstly Hi All

Not sure this is in the right place, could someone move it for me please if it isnt...

Ok we seriously need some help...

I lost my job christmas 2007....I used my time and money to re-train and i became self employed in Oct of last year, obviously very new business and although the business is paying for itself its not enough of a wage to cover the whole family..... 1-dependant/3-over 18's

O/H lost job on monday, no redundancy pay - nothing.....

We have contacted all the usual peeps...we have holiday of 3 months for the mortgage...

We have very lttle equity and our credit rating is not the best, we have very high interest c cards and 2 loans....Whilst O/H was employed we were ok.

We wernt holidaying and driving flash cars and all that nor were we irresponsible with money....

We are stuck as to which way to go with all this at the moment...we are not earning enough money for an IVA......

I have contacted everyone and advised that i cant pay them...i have canx most of the DD's as i dont want bank charges on top of it all...

I have a question regarding the big B....If the house gets r/possd we will desperatley struggle to pay off the shortfall and this may lead to the big B....

What would happen to my business, im a sole trader in rented premises.....I am the only one earning a little bit of money and i really dont want to give up trying...

Thanks in advance for any help ...

k2nga

Hi,

Really sorry to hear what has happened and as you can imagine this board is hearing it all to much.

In terms of your current bills i would pop along to the CAB and see if they can help you a bit as they are likely to write to your creditors for you thus giving you a little less stress.

I would them give the national debtline a call they are really good and who i used when i hit the wall with my situation. They wont tell you want to do but will explain your options and i think BR might be the way forward but you will have to have taken info from a professional anyway before a judge will let you go through BR anyway.

I believe that continuing as a sole trader will be down to the OR and i guess they would not have a problem with it but it is likely they would not allow you to have credit accounts as you are not allowed any more than £500 credit whilst in the BR for 1 year. Im sure someone else with more experience will know more than me on that.

The best thing i think you have done is face it and and the best advice i was given when i realised that BR was my only option was to get it done asap so you can put it all behind you and move on with your life and for you concentrate on your business.

Good luck

mr_&_mrs_2

Thanks for that...We have contacted the helpline and have made an appoint with the CAB....

I really dont see any way out at the moment....

Have I done the right thing by contacting everyone and canx DD's except the house/car insurance and household bills??

We really cant pay anything...I dont have any business debts or accounts i am just really worried that they will close me down....

k2nga

Yeah well done you are certainly doing the right thing by trying to sort and i would be really surprised if the OR closed you down as i see no reason why they would and you are entitled to earn a living even as a BR and not only that it not like its easy to out down your tools and walk into a job at the moment.

robsimps53

you are taking the right steps for advice and i think you will do just fine.

When you go bankrupt the OR will normaly give you the chance to buy the benefical interest in your property rather than a repo

mr_&_mrs_2

How does that work then .... havent read up on that one yet ....

tigerfeet2006

Have a read of this from the Bankruptcy Help sticky.

Your home/property.

• What will happen to my home? (IS) (pdf)
• FAQ - Bankrupt's Home under the Enterprise Act (IS)
• OR's Case Help Manual - Family Home
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

mr_&_mrs_2

thank you, i read some of that today

Have spoken with debtline and they advised B/R as an option to us

Im not sure how we need to start ....

Should one declare before the other ....and should this be before the house is reppo/d or after?

I cant sleep with all this stress !!!!