Ask a CCCS counsellor a bankruptcy question

StepChange_Pavan

poorwifey wrote: »

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

Hi again,

As Philnicandamy have said, it should be 6 years from your sequestration.

Hope this helps
Pavan

amacuk

CCCS_Pavan wrote: »

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

Hi Footprint,

I got mine through Barclays no problem. They even paid out when I needed it. I just looked on their website and their eligibility list doesn't mention "Big B" and the full policy wording doesn't include it either. Good luck.

(I hope this isn't seen as promoting a product by others).

StepChange_Pavan

sufferer wrote: »

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??

Hi Sufferer and thanks for your post.

It’s likely that bankruptcy is your best option if this has been recommended at your reviews. It’s important that you have enough for the basics that you have mentioned such as food and travel and if your DMP isn’t allowing for this then this can’t be your best option.

It’s difficult for me to give you detailed advice without knowing all of your details, but if you call our Client Support team they will be more than happy to discuss this option with you. We also have a bankruptcy support team who will support you through the whole process.

With regards to allowances for your son, this would be entirely at the Official Receiver’s discretion and I can’t say if or how much you will be allowed. If you were to stay on a DMP, we would allow some money in the budget for your son. However, this may reduce the amount you would have available for yourself and your creditors, resulting in a far longer term for your DMP.

I really recommend that you call us for some detailed advice. That way we’ll be able to discuss all your options and hopefully put your mind at ease.

Kind regards
Pavan

bacil_uk

CCCS_Pavan wrote: »

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

Thanks,

just quick one then. If that foreign debt become UK CCJ would that change anything ? and also would that be covered by bankruptcy if i go BR anyway and list this debt ?

StepChange_Pavan

bacil_uk wrote: »

Thanks,

just quick one then. If that foreign debt become UK CCJ would that change anything ? and also would that be covered by bankruptcy if i go BR anyway and list this debt ?

Hi again,

Your Austrian debt would be included in a UK bankruptcy as all EU countries (apart from Denmark) recognise UK bankruptcy.

Hope that answers your question.

Kind regards
Pavan

bacil_uk

CCCS_Pavan wrote: »

Hi again,

Your Austrian debt would be included in a UK bankruptcy as all EU countries (apart from Denmark) recognise UK bankruptcy.

Hope that answers your question.

Kind regards
Pavan

Thank you again

ani_26

This may seem a stupid question, but i'm really worried. I'm moving in to privately rented accomodation, soon, and they are very respectable people, maybe with no experience of what i'm about to give them. I'm worried that my credit file, bankruptcy etc, will adversely affect the credit files of the property i'm moving to, for some time into the future, as well.. I'm just so worried about it, and i feel so guilty, but i had no alternative. I've been honest with so many people, to my detriment. Any information greatly appreciated.

Thanks Nohope

StepChange_Pavan

Nohope wrote: »

This may seem a stupid question, but i'm really worried. I'm moving in to privately rented accomodation, soon, and they are very respectable people, maybe with no experience of what i'm about to give them. I'm worried that my credit file, bankruptcy etc, will adversely affect the credit files of the property i'm moving to, for some time into the future, as well.. I'm just so worried about it, and i feel so guilty, but i had no alternative. I've been honest with so many people, to my detriment. Any information greatly appreciated.

Thanks Nohope

Hi Nohope and thanks for your message.

Credit files are no longer associated with the address to avoid problems like these, so you don’t need to worry that your bankruptcy will affect your landlords.

If you would like to read more about credit files and how they work, take a look at this credit explained booklet.

I would recommend that you read through your tenancy agreement too, just to check that your bankruptcy won’t affect you living there.

Hope this puts your mind at ease

Kind regards,
Pavan

Jane1962

Hi,

hoping someone can help me, my husband and I currently are in an IVA and we got a call from a company about going bankrupt... we paid the first installment but are unsure whether this is the right thing for us to do.
We own a house and have a mortgage and secured loan on it and I do not think there is any equity in the property. We both work for local government and are on decent wages. All the questions around going bankrupt seem to be aimed at people who are low paid or have no job and do not own a property and we have now got ourselves really confused about what is best for us to do. What would you advise?

sticks:

tordoff wrote: »

Please can someone advise me - I opened a basic bank account as entered an iva - a Co-Op Cashminder Account. I've since been unwell with depression and they tell me I went overdrawn by £1.61 and now the account will be closed, I don't know what to do as surely I will not get a bank account in my situation will I?

Hey

The Co-operative will only send a CM24 letter (notice to close) if you have been overdrawn on three separate occasions. If you speak to Managed Accounts they should be able to keep the account open.