Ask a CCCS counsellor a bankruptcy question

CCCS_Sue

wifeofapb wrote: »

i owe about 30,000 pound to various companies and i want to declare myself bankrupt, i have a DMP through cccs but i am really struggling as my tax credits have changed and my childcare has too it leaves me with nothing at all spare after bills to pay anything to my DMP.
my questions are how do i save the money to delcare myself bankrupt?
i have a hire purchase tv and washer which i still owe money on but i want to keep these after i go bankrupt can i transfer them to my partners name?
i have a basic account with lloyds that i opened for my dmp will i have to open another account?

please help any info greatly recieved

Hi wifeofapb and thank you for your message

As you are currently on a DMP, I would recommend that you contact our client support team for further advice regarding going bankrupt.
Bankruptcy is a last resort, and it’s advisable to discuss all your options first.

If you ring and explain your changes in circumstances, the counsellor will update your budget and look to see if your DMP is no longer an option.
If bankruptcy is your best solution, then we do have a specialist bankruptcy team who will be able to give you ongoing support regarding your bankruptcy and also discuss ways to raise fees.

When you go bankrupt your bank account is initially frozen. It would be at the discretion of the bank whether you could continue to bank with them after bankruptcy and you may need to look for an alternative basic bank account.
I have attached a link to a booklet from the Insolvency Services which explains your bank account in bankruptcy which may help;-

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

The following link gives more information on basic bank accounts

http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf


The HP would depend on how much you were paying each month and whether you could get cheaper. Are you sure that they are HP agreements?

If you are really struggling, then contact our client support team as soon as possible, and they will advise you how to proceed and will also confirm whether your TV and washer are on HP or not.

Kind Regards
Sue

wifeofapb

many thanks i will phone now:T

out_of_cash

hi,

i went br 2 yrs ago and have been told by OR that i must now sell house on the open market or they will force a sale,i agreed to this so i could keep a roof over my head a little longer and as especially as i was unemployed then and still are now.

my question is as i am applying to councils housing associations will i have made myself homless.

its my view that i had no choice but think they will see this all differently.

any advice most appreciated.

out of cash

nopottopi**in

Hi there,

Can you please tell me if your house is likely to be repossessed / sold by the AiB if you go bankrupt, even though there is no equity in it?

My house was valued last year when I entered a Trust Deed (which later failed) and it was proven to have no equity. But from what I read, and given that my mortgage provider NRAM were one of the creditors to reject the TD, I'm scared if going bankrupt will mean I will lose my house.

I was made redundant 3 times during the recession, each time with no redundancy wage due to length of service so was told to apply for the TD. When it failed I was then told I should apply for bankruptcy which I've put off applying for, as I am in a new role and have been trying to get back on track. But I haven't managed, and now have a Sheriff's Charge for Payment to deal with (within 14 days) and prior to that they put a decree on my house. So I think now I will have no choice but to go bankrupt. They need 2.6k or will arrest my wages / push me into bankruptcy. I do not have that money, they know this. And if they arrest my wages my mortgage situation will become even worse than it already is.

Many thanks

out_of_cash

hi,

no repo,

currently unemployed and needed to stay in house until sold via estate agents as i didnt want my ex to have to pay legal costs etc

i have 50k equity. all eaten up in OR admin costs or a big percentage is.

are you in scotland?

as i think things could be different .

cherrieschick

I lent an ex-partner £8000 last November 2010 which i took from a credit card as he had recently been made insolvent and had an idea for a business venture to get him back on his feet. It was on the agreement that he would make the monthly repayments on the card and clear it as soon as possible. He lost his scaffolding job in December and has not been able to get work since and now i am left trying to cover the repayments as he has no money. He has got very depressed and see's no work in the future and has told me this money debt is now my problem!! I am struggling to cover my own outgoings without this massive debt and i am hoping you can offer some suggestion as to what i can do please?

debtinfo

did you know he was bankrupt(is he bankrupt) when you lent him the money

cherrieschick

Yes i knew he had been made insolvent and lost everything he owned but was still willing to help him get back on his feet....stupidly!

cherrieschick

Would it be any different for me if i had'nt know?

StepChange_Pavan

out_of_cash wrote: »

hi,

i went br 2 yrs ago and have been told by OR that i must now sell house on the open market or they will force a sale,i agreed to this so i could keep a roof over my head a little longer and as especially as i was unemployed then and still are now.

my question is as i am applying to councils housing associations will i have made myself homless.

its my view that i had no choice but think they will see this all differently.

any advice most appreciated.

out of cash

Hi out of cash and thank you for your post.

I’d recommend that you contact Shelter as they will be able to advise you regarding your housing situation.

Kind regards
Pavan