The diary of the bankrupt

headoutofsand

MyMoneyTime wrote: »

:eek:

OMG - they are not my employees!!! I just happen to be an office manager who processes the wages!!

Thanks Tobiwan for making that comment!

OH is reading all the posts, its just I'm better at typing!

He knows he will lose the scooter, just wondered if anyone had any similar experience, ie can you sell it privately before or do they not take kindly to that, surely you are just raising money?????

Apologies for my mistake MT. I must of had too many last night after the OR call and read the whole post the wrong way. Again I apologies wholeheartedly for my drunken blunder:o

peachyprice

MMTsOH wrote: »

As far as the scooter goes, I know that I will have to lose her, but when you take a heap of rusting metal and revive it to former glory, it tends to leave an impression on your soul. On the grand scale of things there is no contest between losing her and the welfare of my family. But as an enthusiast I would like to see my scoot sold to the right type of person. All I was wondering was, if I sold her before the BR would this be frowned on?, could I keep her and take my chances that she would not be ripped away from me?, or could I have an active part in the selling of her when the time comes?.

.

MMTsOH

Hi MMT's OH,

Could your dad/familymember/friend afford to buy it off the OR for you?


If you sell it before BR you will have to get the full market value and either pay the whole lot over to the OR or justify what you have spent every penny on.

If you can get someone to buy it from the OR you should be able to get it at a good price. The OR doesn't want your scooter, he wants the cash, so is therefore open to negotiation and will be happy to settle for a price that will mean he doesn't have to pay someone to come and collect it and auction fees when it's sold.

Once you're discharged you can then buy the bike back.

MyMoneyTime

headoutofsand wrote: »

Apologies for my mistake MT. I must of had too many last night after the OR call and read the whole post the wrong way. Again I apologies wholeheartedly for my drunken blunder:o

LOL - no problem - I'm sure it made sense at the time.

Hope your head wasn't banging this morning

MyMoneyTime

Evening everyone...

I shall try to make my entries a litter shorter - I can hear you yawning from here! OH takes on board the comment about starting a new thread about his scooter, ta.

Well I sorted the wages out at work - pretty stress free actually which is unusual.

I didn't discuss BR with anyone at work but I felt different today. Almost like are we giving up too soon. I guess its to be expected until you file the papers.

OH has his hearing on 3 April so we feel as if we would like to wait for the outcome on that before we take the plunge. Would going BR in the new tax year be a good thing, ie is the No Tax code a positive thing to have?

I guess all this depends on finding a rental property too although if he gets his job back, maybe we could risk BR in the hope of keeping the house. I will do a SOA based on his old wage this evening just to give me an idea.

When all is said and done we do owe lots of money with no hope of paying is back unless we find ourselves with a lump sum which is highly unlikely. Take for example a cc bill that arrived today - £8k debt, £40 min payment and £31.35 interest!. Most of the debt is on 0% as well.

:eek: I have just noticed the payment slip has Co-op bank on it - we have received our acceptance from them today - is that a bit risky? could MBNA have our cash?

OH wage turned up today and it wasn't as good as I thought - they had posted last months payslip to us yesterday so we got our hopes up for nothing!

Off to view a property tomorrow - one looks just right for us but the other is too expensive really. Going back to justifying rental, if we have secured a property before we go BR, can the OR make us find something else and lose our deposit and rent? The rental we are looking at is £600 and our secured debt monthly payment is £1,029 so we are certainly saving.

Anyway, enough from me, feeling a little fed up and sulky :cool:

I will start to post comments on other peoples threads soon as I am learning my way through all this. Nite Nite, sleep well x

MyMoneyTime

Just done a SOA based on OH keeping his job and after all the expenses are paid and the unsecured debts paid at minimum, we would have £84 left (checked it three times because it certainly doesn't feel like that!) In reality we wouldn't have this in our hand because there is £40 for pension etc.

In theory therefore, if he does get his job back, we could cut up the credit cards and make a real effort to put aside money for certain things just like the SOA breakdown.

However, this still leaves the fact we owe £19K on unsecured debt with no hope of paying more than the minimum. As two of our cc have the 'silly' minimum, ie the card mentioned above, it still looks bleak and if they decided to go back to a proper minimum like 2-3% we would be back on the BR train of thought.

If your SOA shows you can afford your debts, even if they are minimum, are you refused BR or can BR be a life choice and not just because you can't manage the payments? Its difficult when you think you could keep your house but you know the cc payments will go on for years and years.

Of course, OH may not get his job back and even if he does, they will be watching him like a hawk and if redundancy is ever suggested, no doubt he will be top of the list.



sorry about all the questions, I must try to keep on the diary theme!

MyMoneyTime

I'll keep it short because I am grumpy.

Couldn't concentrate at work and feel completely overwhelmed about the whole BR thing and the timing of it all.

We have to wait until next Friday before we can decide because if OH gets his job back then on paper we can afford our debts. Minimum payments at stupid rates maybe but I don't suppose that matters to a Court.

We viewed a house today that we adored so that puts my mind at rest - I could leave my home and find one that I liked just as much. However, at some point you will have to leave I suppose if the LL sells when the market gets better so you are heartbroken all over again.

Ain't life a troublesome thing :rolleyes:

Heyho, still no forms from the Court.

If he keeps his job, I guess I will have to skip off to a board that deals with cc debt and the best way to deal with it.

Tobiwan_Kenobi

You do know you can complete the forms online rather than waiting for hard copies?

MyMoneyTime

I shall leave the diary for now because we are in limbo.

The papers arrived today so at least we know what to expect.

The house we looked at has been taken but I'm sure there are others if we need them - anyway, I want to keep mine!

This time next week we will know if OH has a job or not so I shall no doubt start posting again. In the meantime, I shall lurk and have a read.

Good luck to you all in your futures and thanks so much for all the advice - you really have helped.

MMT and OH