Ask a CCCS counsellor a bankruptcy question

CCCS_Sue

guccigoo wrote: »

my husband has decided to go BR but the thing is he brings home a different wage each month. He wants to try and avoid an IPA but to do this he will have to ask his work if his overtime can be paid as extra holiday instead of extra income. As part of his job he cannot get out of doing extra hours. If he done this would the O R allow this? thankyou

Hi guccigoo

I would think that this would be unlikely. It is something you would need to discuss with the OR.
I have attached a link to a leaflet which expains about IPAs and how they are worked out in more detail.

http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/ipoipa.pdf

Regards
sue

CCCS_Sue

unluckyinmoney wrote: »

Hello, i am new to this and a first time poster so not sure if i am doing this correctly. I have added SOA hopefully filled in correctly.

Some questions to ask.

All debts in my name apart from one loan in my partners name, he is paying this loan but is does come out of a joint account, how does this stand in Bankrupcy?

I have taken advice from CCCS what would happen with his loan and the joint account which is overdrawn by £2000.00 when it is only myself applying for bankrupcy?

We have 2 cars both of which are registered in my partners name and have always been. i pay both car insurances/tax/cost from my account as i am main wage earner, can i continue to do this if i were to go bankrupt?

My partner has his own business which with hard times at the moment hes not making enough profit apart from the money to pay the loan previously mentioned and company costs.. If i go Bankrupt would the OR thinks it was strange that he doesn't pay towards household costs?

I am so confused and really struggling to get my head round everything, i would so appreciate any help.

Thank You




Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 800
Partners monthly income after tax....... 0
Benefits................................ 1028.98
Other income............................ 0
Total monthly income.................... 1828.98
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 348.16
Management charge (leasehold property).. 0
Council tax............................. 76.39
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 33.61
Telephone (land line)................... 0
Mobile phone............................ 15
TV Licence.............................. 12.18
Satellite/Cable TV...................... 18
Internet Services....................... 42
Groceries etc. ......................... 600
Clothing................................ 90
Petrol/diesel........................... 150
Road tax................................ 27.5
Car Insurance........................... 54.23
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 20
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 21
Buildings insurance..................... 0
Contents insurance...................... 21.37
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 60
Haircuts................................ 25
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 30
Total monthly expenses.................. 1774.44

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly.. .APR
TSB LOAN.......................14626.....339.3.....0
MBNA CREDIT CARD...............2639......60........0
TSB CREDIT CARD................2556......60........0
FAMILY.........................3000......10....... .0
ADDITIONS CATALOGUE............533.29....20........0
TSB OVERDRAFT .................1000......0.........0
BARCLAYS CC....................1817......40.89.....0
MARKS AND SPENCERS CC..........1525.94...38.14.....0
Total unsecured debts..........27697.23..568.33....-

Monthly Budget Summary
Total monthly income.................... 1,828.98
Expenses (including HP & secured debts). 1,774.44
Available for debt repayments........... 54.54
Monthly UNsecured debt repayments....... 568.33
Amount short for making debt repayments. -513.79
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -27,697.23
Net Assets.............................. -27,697.23
Created using the SOA calculator
Reproduced on Moneysavingexpert with permission, using IE browser

Hi unluckyinmoney and thank you for your message

The official receiver will always consider your views about what is 'reasonable' or necessary spending for your circumstances.

You will be asked to provide details of your partner's income, as it is assumed that your partner will contribute to the household expenses.
You will also be asked to provide details of payments you get from any other member of your household who contributes to household expenses.

If all the debts are in your name only, and not joint, then your partner should not be affected.
However, if your bank account is in joint names, the bank can ask the joint account holder to pay all the money owed.

If you have already had an appointment and we have recommended bankruptcy, and you would like some further help and advice, you can call our bankruptcy team. If you need the number, please send me a PM and I will email it to you.

I have had a look at your budget, and it does seem to be fine.


Regards
Sue

carpenter79

hi, i was made insolvent in 2008 and my bankruptcy was discharged after 6 mths. i keep getting hasteld and bombarded with debt recovery letters saying i still owe money even though i thought these debts were wiped out with my bankruptcy. one of them is for thames water, i have since moved from london back to wales and they are telling me that no utility bills are wiped during bankruptcy. is this true? or are they just trying to get money from me when they shouldnt? if it isnt true how can i get these companys to stop sending me letters because when i receive them it doesnt do my blood pressure any good!! hope you can help....

philnicandamy

carpenter79 wrote: »

hi, i was made insolvent in 2008 and my bankruptcy was discharged after 6 mths. i keep getting hasteld and bombarded with debt recovery letters saying i still owe money even though i thought these debts were wiped out with my bankruptcy. one of them is for thames water, i have since moved from london back to wales and they are telling me that no utility bills are wiped during bankruptcy. is this true? total rubbish! or are they just trying to get money from me when they shouldnt? if it isnt true how can i get these companys to stop sending me letters because when i receive them it doesnt do my blood pressure any good!! hope you can help....

have a read here this will help...

https://forums.moneysavingexpert.com/discussion/677875

fermi

philnicandamy wrote: »

have a read here this will help...

https://forums.moneysavingexpert.com/discussion/677875

The water company is unlikely to have placed a default on your files, so the "stop chasing or else" letter may be better.

http://forums.moneysavingexpert.com/showpost.php?p=32917679&postcount=8

carpenter79: Did they put it in writing that the debt wasn't covered?

If they did, then that should certainly be forwarded to both your former OR and the Trading Standards dept local to Thames. It could well be a case of attempting to obtain monies by deception/fraud.

debtinfo

CCCS_Amanda wrote: »

Hi Devonlass,

If you were to pursue Bankruptcy a second time the court may extend the amount of time that you spend in Bankruptcy through a Bankruptcy Restriction Order. It would not be forever but could last up to 15 years.

If you are on a DMP all of your credit facilities have to be included on a DMP. The only exception is a credit card that is in an individual’s name, but cleared in full monthly with payments from a company via expenses.

We do not normally allow for savings without a specific purpose and they have to be absolutely necessary. It is very difficult to get agreement from creditors if savings is included on a budget.

I would recommend that you give us a call on our helpline and book an appointment to speak to a counsellor about your concerns. The helpline number is 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. If you do decide to call us, please have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process.

Regards,
Amanda

Although this may be true in certain circumstances, in this case because the previous bankruptcy was prior to 2004 it will make no difference at all to how the current bankruptcy is handled

dibbydog

Hi

I am new to this and hope I am posting this correctly and in the right place - apologise if not.
I
I have a couple of questions in relation to completing the Bankruptcy forums.

In regards to assets, are pets classed as an asset?

In regards to section 7 - Can I allow for Pet Insurance when completing question section 7. This is a cost I would have covered previously by way of a credit card should something happen, but if I go bankrupt, this wont be an option.

This would also be the case in regards to Contents Insurance.

Can I allow for my gym membership?

Also in regards to question 3.4 - I have 3 pensions, although only 1 is being paid into.
All 3 pensions have been work benefits and have only ever been paid into by Employers, do I class Employers payments as payments paid in by me?

In regards to Section 4, I had a joint mortgage with my now ex partner, the property has however been reposed and sold by Northern Rock at a loss - presumably the debt left would be treated as an unsecured debt?

Thank you for your advices in advance.

CCCS_Sue

dibbydog wrote: »

Hi

I am new to this and hope I am posting this correctly and in the right place - apologise if not.
I
I have a couple of questions in relation to completing the Bankruptcy forums.

In regards to assets, are pets classed as an asset?

In regards to section 7 - Can I allow for Pet Insurance when completing question section 7. This is a cost I would have covered previously by way of a credit card should something happen, but if I go bankrupt, this wont be an option.

This would also be the case in regards to Contents Insurance.

Can I allow for my gym membership?

Also in regards to question 3.4 - I have 3 pensions, although only 1 is being paid into.
All 3 pensions have been work benefits and have only ever been paid into by Employers, do I class Employers payments as payments paid in by me?

In regards to Section 4, I had a joint mortgage with my now ex partner, the property has however been reposed and sold by Northern Rock at a loss - presumably the debt left would be treated as an unsecured debt?

Thank you for your advices in advance.

Hi and thank you for your message

I have answered this for you in Private Messages today.

Regards
Sue

breezerockz

Hi

very quick question,

i have been ill for 7 years. unable to work.

owe alot on credit cards and a big loan.
wont go into it, but i was earning a decent wage and was paying off debt easily.

however, when i became ill, i tried to keep paying, but could not. was advised by solicitor to stop paying and get them to make me bankrupt. noone ever has.

my worry is that, i am on incapacity benefit. and need every penny.

what happens to the IB ? my mother is worried i will have money taken off me.
i have no assets and no savings. (a different story to when i was working)

i am in scotland. moving to isle of man in july im not paying for move.

any info would be great. id prefer to go bankrupt before i move.

thanks

CCCS_Sarah

breezerockz wrote: »

Hi

very quick question,

i have been ill for 7 years. unable to work.

owe alot on credit cards and a big loan.
wont go into it, but i was earning a decent wage and was paying off debt easily.

however, when i became ill, i tried to keep paying, but could not. was advised by solicitor to stop paying and get them to make me bankrupt. noone ever has.

my worry is that, i am on incapacity benefit. and need every penny.

what happens to the IB ? my mother is worried i will have money taken off me.
i have no assets and no savings. (a different story to when i was working)

i am in scotland. moving to isle of man in july im not paying for move.

any info would be great. id prefer to go bankrupt before i move.

thanks

Hello,

Thank you for your message.

It’s unlikely that a creditor would make you bankrupt if you have no assets as they would have nothing to gain. If you were on benefits, these would not be stopped if you went bankrupt.

I would recommend that you have an appointment with the CCCS and then we can help you complete a detailed budget and look at your options. If bankruptcy is your best option then we will discuss the process with you and let you know your next steps.

If you would like an appointment, please call 0800 138 1111.

Sarah