Ask a CCCS counsellor a bankruptcy question

cd36uk

I am in the process of applying for a debt relief order, the intermediary I am using has advised me to make affordable repayments to my creditors; I have completed a SOA and this has calculated pro rata amonts accordingly.
I have been making these payments (some of my creditors accepted my payment offer short term, others are refusing to accept, but I make the payments regardless)
I have been told to save the £90 fee for the DRO but this is difficult when my spare income goes to the creditors.
I feel like its 1 step forward and 2 back when I manage to save £10 here or there but then I am short of money for household expenses and need to use that money.
Other people have said they are not making payments at all but my intermediary said I should.

jasondm

more info on what the insolvency accept as outgoings i have seen the allowances that the national debtline
print in the info packs
i would like to know where the insolvency guidelines are published. actual min and max amounts for all in the list.
what is acceptable per month? emergencies. gift birthdays christmas
other ???
is there a official website where the insolvency are guided to look in more detail.. any common outgoings that people can put on there form but dont usually.. i know you have to put down what your own personal circumstances are but need extra help.

philnicandamy

have a look here..BUT these figures are a guide only!! people have been in a fair bit of hot water in the past when they copied the figures word for word

best to put what you currently pay out a month for living expenses really

http://bankruptcyandlivingwithit.co.uk/HouseholdExpenditur2010.htm

StepChange_Pavan

evenstar2009 wrote: »

hi everyone

i'm about to start a new job and at the same time have got the tax code request info from the OR's solcs - do i need to tell my future employer about the BR as they'll find out when the zero tax code comes in won't they? My current employer has been fine about it all but this is a new one and i don't want to start off under a cloud (its not a finance job its a council job)

Any advice would be great

thanks

;0)

Hi Evenstar2009,

Congratulations on the new job!

I would recommend that you check your contract of employment to ensure that bankruptcy won’t affect your job. If there isn’t anything in the terms of your employment then there shouldn’t be any reason why it would affect you.

Hope this helps.

Kind regards,
Pavan

CCCS_Sue

lolz84 wrote: »

hi, im needing a little advice on voluntary surrendor of my property for sequestration.

i have received papers in from a company acting on behalf of my mortgage ledgers stating they are a 'calling up notice' . Before i sign these and send them back i wanted to find out that there is nothing in the wording that could come back to 'bite me in the bum' so to speak!

1 part is an unsecured loan mandate stating >>>> 'i hereby authorize and instruct ...... to deduct from the net free proceeds from the sale of said subject (my property address) all sums sufficient to pay off sums due to Northern Rock together with any other expenses or other sums due. i declair this mandate to be irrevocable. >>>>>> Is this OK to sign and agree to??

2nd part >>>>> indemnity .... i hereby acknowledge that notwithstanding that i have signed the attached calling up notice i shall remain responsible for the property until such time as Northern Rock has entered ito possession of the property in terms of the relevant legislation. i undertake to free,relieve and indemnify northern rock in respect of any costs incurred by northern rock in resepct of the property attributable to the period fro the date of this indemnity to the date on which northern rock has entered into possession of the proerty.

I acknowledge that i was afforded the opportunity to obtain independant legal adviceregarding the terms of this indemnity prior to signing. >>>>>> IS THIS OK TO SIGN????

3rd part >>>>> take notice that northern rock requires payment of £......... together with interest thereon from the 22nd july 2010 subject to such adjustment of the principle sum and the amount of interest as may subsequently be determined secured by a standard security granted by you and (my ex partner) in favour of norther rock which standard security was registered in the land registersof scotland under title number........on the 18th jan 2006, and that failing full payment of the said sum and interest thereon subject to any adjustments as aforesaid, and expenses within 2 months after the date of service of this demand, the subjects of the secuirty may be sold.

i ...... above named hereby acknowledge receipt of the foregoing notice of calling up which foregoing is a copy of the notice and i agree to the period of notice being shortened to 1 month. >>>>> IS THIS OK TO SIGN???

Please can someone tell me that all this is ok to sign so that i can begin to file for my own bankruptcy.

x

Hi lolz84 and thank you for your message

I would strongly recommend that you seek legal advice,and get a solicitor to go through this with you.

Regards
Sue

StepChange_Pavan

LISAJTHOMAS wrote: »

My partner has been working for a small company for 12 years, about 2 years ago he was given 20 % share of the company. THis company is now going bankrupt. Is my partner liable for any debts and as we own a house together are the bankrupcy courts liable to take our assetts of the house into consideraton? I am going out of mind with money

Hi LisaJThomas and thank you for your message.

As a shareholder, you would not be liable for any of the company’s debts. However, you may lose your shares.

Kind regards,
Pavan

CCCS_Sue

distressedpleasehelp wrote: »

Have an appointment with the CAB next week to complete my LILA paperwork.
I have a few questions, I hope someone can help with....

Can I still work for a charity?

Does BR show up on an enhanced disclosure?

I live in a house my mum owns, she doesn't live there, I don't pay rent, would she have to be told?

If I owe the Co-op bank money through the BR will they let me have a bank account and insurance?

Will I have to cancel my DMP with payplan or will that just be cancelled through the BR?

My SOA shows around £100 spare a month, though I never seem to have anything spare! will I have to pay that per month to the BR?
Oh and once (if) they accept my bankruptcy does that mean they have done all their background checks etc and are happy with everything and the next time I hear from them should be the 6 month check?
After they accept the bankruptcy then the onus is on me to inform them of any changes or do they still do checks for the whole year?

I opened a Northern Rock basic bank account thinking that would be ok through the bankruptcy. Have I got that wrong?

Also can someone please explain the sequence the LILA happens....
I send off my form on the 13th and then?? When will I be made bankrupt, what sort of timescale is it?

If I'm refused bankruptcy, I loose my £100 but what would happen next??

I'm really worried here, haven't slept, worried sick, would really appreciate some help.
Thank you.

Hi distressedpleasehelp and thank you for your message

Looking into these questions for you and will reply shortly.

Regards
Sue

StepChange_Pavan

don240 wrote: »

Needing answers please help
I have been advised to go B/R by the CCCS (£47000 of debts including £25000 to N/Rock on a together mortgage). The secured part of the debt is 83000 & the house is worth 80-85000 (less at auction) are they likely to force the sale or will the value make it possible to keep it?

My wife & I have seperated but are in the same house at the moment, She will probably be living somewhere else by the time of the B/R
My wife will also have to go B/R due to the together part of the mortgage (she works part time due to childcare problems) so has little income. Will this affect what happens to the house?

I have a 5 year old car with a retail value of £2950 if I sold it I would get between £1695 & £2315 (£1995 part exchange) I work 23 miles from home & it is impossible to get in by public transport due to my start times (even if I could get in it is three buses with three different bus companys so the cost would be very high) is this enough to keep the car? would I lose it or have to replace it with something cheaper?

Also we have both opened Co Op cashminder accounts I dont think that these will be shut but how long will they be frozen for? as Mine has all the essential bills + my wages going in.

Hi Don240 and thank you for your message.

With regards to your house, it is unlikely they will force sale at this stage as from what you have said there is no equity to be realised. However, the OR has 3 years to realise any equity, so they may come back at a later date if the house price increases. If this were to happen, there may be other options that you could consider in order to keep the house.

If your wife goes bankrupt too, it would only mean that any equity would have to be shared between each of your creditors. However, this would only affect you if your house price increases.

With regards to your car, you would have to convince the OR that your car is essential as it is ultimately their decision. Sue has attached a link to another part of this website on post #1198 which gives you more information about what can happen to your car. (I’m sorry I’m unable to post links at the moment)

I cannot guarantee how long your accounts will be frozen for as it can vary. I would recommend that you speak to your OR as they might suggest that you have your income paid into another account whilst the bankruptcy is going through.

I hope I have answered all of your questions, but if not, we have a dedicated bankruptcy support team that will be able to help.

Kind regards,
Pavan

StepChange_Pavan

philnicandamy wrote: »

have a look here..BUT these figures are a guide only!! people have been in a fair bit of hot water in the past when they copied the figures word for word

best to put what you currently pay out a month for living expenses really

http://bankruptcyandlivingwithit.co.uk/HouseholdExpenditur2010.htm

Philnicandamy have already given you a good answer to this one. If you need any further help, just let us know.

Kind regards
Pavan

don240

CCCS_Pavan wrote: »

Hi Don240 and thank you for your message.

With regards to your house, it is unlikely they will force sale at this stage as from what you have said there is no equity to be realised. However, the OR has 3 years to realise any equity, so they may come back at a later date if the house price increases. If this were to happen, there may be other options that you could consider in order to keep the house.

If your wife goes bankrupt too, it would only mean that any equity would have to be shared between each of your creditors. However, this would only affect you if your house price increases.

With regards to your car, you would have to convince the OR that your car is essential as it is ultimately their decision. Sue has attached a link to another part of this website on post #1198 which gives you more information about what can happen to your car. (I’m sorry I’m unable to post links at the moment)

I cannot guarantee how long your accounts will be frozen for as it can vary. I would recommend that you speak to your OR as they might suggest that you have your income paid into another account whilst the bankruptcy is going through.

I hope I have answered all of your questions, but if not, we have a dedicated bankruptcy support team that will be able to help.

Kind regards,
Pavan

Thanks for that, one other thing what happens to paying normal houshold bills & would I be able to keep my mobile phone contract, internet & home phone?