advice needed

tiredandfed_up

ok here goes my partner is looking at going bankrupt within the next few months his credit has been great but 2 months ago got into a sticky postion so took out a bigger loan from his bank he paid off all his credit cards etc but due too rent etc and my car messing up and loads of other things getting in the way hes now maxed his cards out again so cant affors too keep the payments up plus hes now had a 10% drop in his wages due too the firm struggling and maybe looking at redundencies anyway hes bought me a car on one off the credit cards for 5300 but i needed a reliable car due too me being disabled he has a car a h reg nissan gtir but he needs it as he has very early starts for work e.g 4am etc and theres no public transport at that time we have two kids one 17 and 1 14 we havent a clue how too go about things or were too even start were scared incase they take our cars as there much needed we having nothing in our home thats worth other say 600 but scared they will take our furniture etc how and when should we stop struggling too pay credit cards loans etc how will he go about getting a bank account too get his wages paid into how much will we be allowed too have before they make us pay towards our crediters etc after bankcruptcy will he get hassle from bailifis etc as his mentle state isant that good anyway and he dont need it ontop of all the rest hes got racing through his head at night
ive also heard we could end up having too move out of our private rented house is this right?
all these questions and loads more going through our heads at the min
one final one does he get the papers now before hes even missed a payment ?
and once hes missed one payment will the bank start taking money out his bank from wages child tax credits etc too pay his loan and overdraft etc
please any advice is needed

magicgirl

i am sure there will be others to give advice in a bit but firstly, sorry for your situation. secondly, have you spoken to cccs or nationaldebtline? they are a good first port of call and do a lot to help in the short term and advise for longer term etc.. worth calling. good luck .x

Merry_Gentry

Hiya

FIrst of all, he needs to ring one of the free charities to get advice - CAB, National Debtline, CCCS. They will help him go through what he owes, and what is the best way forward.

If he decides to go bankrupt, and you are living in rented accommodation there should be no problem from the OR's perspective. However, you do need to check your tenancy agreement to see if there is a bankruptcy clause. If there is, it would probably be a good idea to speak to the landlord, explain that your partner is going BR but that you would still like to stay. If you are a good tenant, it shouldn't be a problem.

They won't be looking to take items from your home - unless you have a Picasso or two hidden in the loft. The cars, however, are a different matter. Because your partner bought the car on his credit card, the OR might view it as belonging to him. As such, and having two cars, he may well lose it. How long ago did he buy the car for you?

He should open either a Co-op or a Barclays basic account for his wages, etc to go into. Is the account you have a joint one? Does it have an overdraft, and if so, are you using the overdraft? Any debts that are joint will fall to you if he goes bankrupt and you don't.

HTHs to get started.

tiredandfed_up

hi he bought the car for me about 2 months ago on his card his car is his own and not bought buy the credit card etc we have no accounts in joint names etc i sold my other car too get the rent etc together for the house we live in now as we had no other way of doing it so he replaces my car buy getting it on his credit card

Waspeze

Here's the links for the above debt charities Merry and Magicgirl mention, if you need them

Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau

Merry_Gentry

tiredandfed_up wrote: »

hi he bought the car for me about 2 months ago on his card his car is his own and not bought buy the credit card etc we have no accounts in joint names etc i sold my other car too get the rent etc together for the house we live in now as we had no other way of doing it so he replaces my car buy getting it on his credit card

You may possibly lose the car - I can understand why you got rid of yours, and why he replaced it, but it could be seen as using credit when he had no means of paying it back. Also, with it happening so close to him going BR.

Definitely ring the numbers in Waspy's post - they are an excellent starting point.