Ask a CCCS counsellor a bankruptcy question

shinobi101

Hi. I'm thinking of going bankrupt with £43k debt and just over £30k gross income.

My wife has just got a student loan for tuition fees and living costs. She will get a loan of around £8000 a year for living costs, which of course she has to pay back.

Does her student loan for living expenses count towards income for purposes of my IPA?

chatsworthbuccaneer

Hello, I think this is the right place to post so here goes. Ive just got off the phone to a man at Debt Help Direct who has recommended me for bankruptcy. I am currently in the process of handing back the keys to my flat which is in negetive equity, that will leave me with roughly 15000 worth of shortfall to pay, i owe 2500 to a finance company for a bed and about another 1200 in other debts. The guy on the phone listened to all this and suggested bankruptcy. He said it will cost £1300 approx and i can pay it in installments of 225 for 6 months. Im hust worried now, have i done the right thing? Does anyone else have experience of this company? Help

tigerfeet2006

DO NOT PAY ANY ONE TO HELP YOU WITH YOUR BANKRUPTCY

NEVER, EVER, EVER.

Ring one of the debt charities listed in my signature and get free, professional advice.

You can do this by yourself with the help of a charity and the folk on the main board. The BR fees are £600 and that is all you need to pay. Tell these shysters where to go.

chatsworthbuccaneer

thanx for quick reply. tried ringing cccs, kept ringing off. Spoke to debt help again and asked them to delete my bank details which they said theyd do. am now calling national debtline to see what to do.

Ex_Bank_staff_&_claiming

Dear All,

I am looking for some help. I have a default on my file for £155 to Look Again which was then sold to ACTO. I have spoken to look again who claim its nothing to do with them, so I contacted ACTO, who advised due to mitigating circumstances i.e. family death abroad they would remove however they will not send a letter to confirm which concerns me.

They claim they cannot offically do this i.e. remove a default so they will remove it with at their end. This has caused a slight alarm as I know there are 3 agencies and ideally you should write to each to correct information

However I would like to open a business account shortly and I am concerned this is going to hold me back.

Once a company agree to remove this can you tell the other credit agencies that they have agreed to remove this and send a copy of your file without a letter from the debt company (in this case ACTO)

Once I apply for my business bank account will the bank go ahead with this information I give them or will they only believe me with a letter from them?

CCCS_Sue

0scar123 wrote: »

This is my situation. I am 76 years of age and in receipt of State pension, pension credits and council housing benefit.
My total income is about £600 per month.
My credit card and overdraft debts total £7000, and I am currently making repayments of £200 per month which is one third of my income and means that I have no hope of reducing my debts in the near future.
My utility payments (gas, electricity and water) are in the region of £130 per month. Virgin cable (phone, TV) is another £40 per month, leaving very little remaining for groceries, etc. Holidays are out of the question.
My car is a 12 year old Corsa worth about £400 and I have no other assets.
I am now seriously considering bankruptcy as the only way out of this mess.
My question is, in view of my current financial state, how much would I have to pay in court fees, etc?
Can the bank touch my state pension income?
Your reply appreciated.
0scar

Hi Oscar and thank you for your message

There may be other options you could consider before you go down this route.

To answer your questions,the fees for bankruptcy are £600 but if you are on a low income or on benefits, then part of this fee can be waived, and you would pay £450.

When you initially go bankrupt your bank account will be frozen, but you are allowed to take out money for everyday living costs.

I would recommend that you call us for an appointment to discuss your situation with one of our debt counsellors.
The counsellor will explore all the options available for your situation.
To book an appointment with one of our trained counsellors you would need to contact our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.

Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards
Sue

CCCS_Sue

shinobi101 wrote: »

Hi. I'm thinking of going bankrupt with £43k debt and just over £30k gross income.

My wife has just got a student loan for tuition fees and living costs. She will get a loan of around £8000 a year for living costs, which of course she has to pay back.

Does her student loan for living expenses count towards income for purposes of my IPA?

Hi shinobi101 and thank you for your message

If her student loan is for her living expenses and costs whilst studying, then you can show this on the expenditure sheet.

I have attached a link to a booklet from the Insolvency Services website which gives you further information on IPAs and how the payments are worked out etc.

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

If you would like help in preparing a budget, then you can call free for an appointment to speak to one of our counsellors on 0800 138 1111.

Regards
Sue

shellyk1

Hi, Please can someone give me advice on a few things. I have just completed online forms and booked at apointment to go Bankrupt. At the moment I am claiming JSA and have been for about 12 weeks. I am actively seeking a job and hope to get one soon. My 1st question is - when I filled in the forms i took into account my JSA so when they ask me for a income order will this agreed amount then change when I get a job. Will I then have to pay all the extra money I earn to creditors. Also do they take into account all the money my partners earns due to us having a joint bank account?? Also our car is regeistered in my husbands name - can they make us sell it, its worth about 6k??? Thanks

CCCS_Sue

chatsworthbuccaneer wrote: »

Hello, I think this is the right place to post so here goes. Ive just got off the phone to a man at Debt Help Direct who has recommended me for bankruptcy. I am currently in the process of handing back the keys to my flat which is in negetive equity, that will leave me with roughly 15000 worth of shortfall to pay, i owe 2500 to a finance company for a bed and about another 1200 in other debts. The guy on the phone listened to all this and suggested bankruptcy. He said it will cost £1300 approx and i can pay it in installments of 225 for 6 months. Im hust worried now, have i done the right thing? Does anyone else have experience of this company? Help

Hi chatsworthbuccaneer and thank you for your message

The fee for bankruptcy is £600. If you are on a low income or benefits, then this can be reduced to £450
You do not need to pay anyone else to help you go bankrupt!

Sorry to hear you have had problems getting through to us at CCCS to discuss your debt situation.

We are experiencing very high call volumes at the moment.

The free helpline number is 0800 138 1111.

Lines are open from 08.00 until 20.00 Monday to Friday. It may help if you call early in the morning.

All our help is completely free.

Alternatively you can visit our online debt advice facility called Debt Remedy. Debt Remedy would assist you in completing a financial statement and you would be provided with tailored advice on the best way to deal with your situation. This link will take you directly to Debt Remedy www.cccs.co.uk/ref/drcu

Regards
Sue

CCCS_Sue

Ex_Bank_staff_&_claiming wrote: »

Dear All,

I am looking for some help. I have a default on my file for £155 to Look Again which was then sold to ACTO. I have spoken to look again who claim its nothing to do with them, so I contacted ACTO, who advised due to mitigating circumstances i.e. family death abroad they would remove however they will not send a letter to confirm which concerns me.

They claim they cannot offically do this i.e. remove a default so they will remove it with at their end. This has caused a slight alarm as I know there are 3 agencies and ideally you should write to each to correct information

However I would like to open a business account shortly and I am concerned this is going to hold me back.

Once a company agree to remove this can you tell the other credit agencies that they have agreed to remove this and send a copy of your file without a letter from the debt company (in this case ACTO)

Once I apply for my business bank account will the bank go ahead with this information I give them or will they only believe me with a letter from them?

Hi Ex Bank staff & claiming.

Thank you for your message.

The creditors do not have to remove a default from your credit file once it has been applied.
It will remain on your file for six years from the date of the default.

If they did agree, you would need to get it in writing and then send this letter to the credit reference agency so they could update your file.

If they are not willing to send you a letter, then it sounds as though they are not willing to remove it.

Regards
Sue