Ask a CCCS counsellor a bankruptcy question

StepChange_Pavan

New_Kiwi wrote: »

Help!
We have got ourselves into a bit of a situation and are 18k in debt to a single debtor. We were paying off the loan without problem but had our house on the market with the intention of emigrating. When the house eventually sold, it went for 50k less than it was advertised at, which meant we had far less than we needed to complete the move and clear our debts. We are now in New Zealand but have the 18k debt still outstanding in the UK. We have some small savings but what we have is only just enough to pay the debt but this will leave us with nothing. We both have jobs but pay in NZ is less than the UK and we have little spare income once rent, utilities, food, insurances, etc are paid. We have been out of the UK for 7 months now (6 months for my wife).

My question is this, what is best for our situation??

Should we try an IVA? (can these be done by non residents)
Should we declare ourselves bankrupt? (what is involved)
Or should we just do nothing, as they have yet to find where we are (we don't intend returning)

Any help and advise would be great......

Hi New_Kiwi and thank you for your message.

Without knowing the details of your situation it’s difficult to say what will be your best option.

I’d recommend that you call +44 113 297 0126 to book an appointment with one of our trained debt advisors. It’s not a good idea to ignore the debt as it could get bigger and they may catch up with you eventually. 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.

Kind regards
Pavan

CCCS_Sue

jimmer950 wrote: »

Hi there,

In the eighties I took out a pension to mature in 2008 when I reach 60. The pension was closed down and paid up in early 1987. Later in December of 1987 my wife and I purchased a pub in Devon and all things were going well until the major/lamont period of crazy goverment interest rates arrived and property prices went down for the first time that I and also many others could remember. Eventually things got so bad that I was made bankrupt.The official from the Offical receivers office was very good and help me through the process and told me at the time that the small pension I had taken out was of no interest to them because of the time scale before it matured. The day arrived in 2008 when the pension policy matured and the forms arrived from abbey life for me to complete to get the pension. On one page a box asked me if I had been made bankrupt to which I ticked the yes box. They later informed me that they would not release the pension until given the green light from the O.R. It has taken over two years before I have finally received a letter from the OR stating that they are keeping the pension under the terms of the 1986 Insolvency act for the benifit of my creditors. This week when I contacted the O.R and told them that this was unfair as I had closed the pension down long before I had bought the pub and therefore was the value was not increased in the six years we had the pub. She said that as I had another pension taken out in 2003 and the value was more than 16K she could offer me the chance to buy back my own pension that is currently valued just over 12k for £5600.00. To say I am angry is putting it midly considering the pub that we owned was valued at £300k in 1990 and was sold by the Building society for 85K in 1993.

I have trawled various webs sites including this one and also viewed the 1986 O.R insolvency act and all that seems to say is about excessive pension payments paid in the period before you go bankrupt. Before I closed it down my monthly pension payments in 1987 were £25.00. I would not call that excessive.

I am sorry that this thread has been a bit long winded but I had to get it off my chest. All I am asking anyone is this ruling right and can I do anything about it.
kind regards

jimmer950

Hi Jimmer and thank you for your message

I have answered this in PMs for you as you send a message privately.

Regards
Sue

StepChange_Pavan

poorwifey wrote: »

on my credit report under the date of sequestrian it states nov 2011 as satisfaction date .what does that mean ?thanks

Hi Poorwifey,

Were you ordered to make payments towards your sequestration? Depending on when you were sequestrated it could be that this is when your order will finish and so the debts will be cleared (satisfied) by that date.

You could ask for clarification from your trustee or the credit reference agency.

Hope that helps

Kind regards
Pavan

bacil_uk

Hi,

i have explained my situation in thread forums.moneysavingexpert.com/showthread.php?t=2778810 i was just wandering if you can give me your view on this. I have spoken to your colleagues on CCCS line, but answer i got was that thay can not help since my major creditor is Austrian bank. So i was wandering if thats true and also if there is any advice you can give.

(sorry i cant post links - forum rules for new users)

Thanks

footprint_2

Hi. Why will nobody insure us for our contents insurance?
My partner now was declared bankrupt before we met and is currently paying moonbeever, has been discharged etc.
I am not bankrupt and my credit is quite good but I feel really sorry for my partner as he is kicking himself because i cant get insurance now.
Any companies that would be interested that you know of?

Thanks everyone.

poorwifey

CCCS_Pavan wrote: »

Hi Poorwifey,

Were you ordered to make payments towards your sequestration? Depending on when you were sequestrated it could be that this is when your order will finish and so the debts will be cleared (satisfied) by that date.

You could ask for clarification from your trustee or the credit reference agency.

Hope that helps

Kind regards
Pavan

pavan.
was never ordered to make payments.all went through quite smooth .was discharged in now 2009 .have phoned a couple of times just to check everything ws ok .
so does thatmean it will be off my profile then and then another6 yrs or 6 yrs from when bankrupt

thanks in advance
x

philnicandamy

its 6yrs from date of sequestration

sufferer

I've had a DMP with CCCS for 3 years - owe huge amount of money and to be honest CCCS have been very helpful. At every reveiw CCCS have suggested bankruptcy - I am in negative equity on my house, own a car worth less than £1k and have no other assets. I owe c£70k on c/cards, £90k on a secured loan and c£40k on a mortgage [just writing these figures down makes me feel ill].

The DMP is getting to be more and more difficult to maintain - I'm struggling for money for food/fares/basics every month - I'm a single mum with one 17 year who is still at school studying for A levels.

I'm 55 and earn a good salary c£45k pa but after paying my DMP,secured loan, mortgage and other priority debts have very little left. I've avoided BR because I couldn't face it but am getting close to seriously considering it as an option. My son hopes to go to Uni next year and we've been checking out the sudent loans etc - based on my salary he would receive very little in terms of financial support. I would be expected to contribute quite a lot - he really only can get to Uni if he lives at home but this limits his choice of Uni and even living at home I'd be expected to support him. I want him to be able to go and have a life!

Can someone offer me some advice about whether BR is the best option for me? Would the amount I need to support him at Uni be taken into account by the OR or am I better staying on a DMP [for the next 30+ years] and will my contribution to Uni be taken into account here.

The guilt over the possibility of jeopardising his future is killing me - I can't believe how stupid I've been - made some terrible choices in my life and now living with the consquences but it wasn't my sons fault he shouldn't have to suffer [any more than he already is] because of my actions.

What do I do??

StepChange_Pavan

bacil_uk wrote: »

Hi,

i have explained my situation in thread forums.moneysavingexpert.com/showthread.php?t=2778810 i was just wandering if you can give me your view on this. I have spoken to your colleagues on CCCS line, but answer i got was that thay can not help since my major creditor is Austrian bank. So i was wandering if thats true and also if there is any advice you can give.

(sorry i cant post links - forum rules for new users)

Thanks

Hi Bacil_uk and thanks for your post.

You are right that we are only able to help with UK debts. I’m sorry that we are unable to help you any further – it’s because we have to look at your situation as a whole, but can’t include debts from overseas as they have different laws.

Kind regards
Pavan

StepChange_Pavan

footprint wrote: »

Hi. Why will nobody insure us for our contents insurance?
My partner now was declared bankrupt before we met and is currently paying moonbeever, has been discharged etc.
I am not bankrupt and my credit is quite good but I feel really sorry for my partner as he is kicking himself because i cant get insurance now.
Any companies that would be interested that you know of?

Thanks everyone.

Hi Footprint and thanks for your message.

Unfortunately, this seems to be a common problem amongst people that have declared themselves bankrupt.

I can’t recommend any companies in particular but I’d recommend that you contact a ‘whole of the market’ insurance broker.

Hope this helps.
Pavan