Ask a CCCS counsellor a bankruptcy question

lon_2

Hello
Please can someone help me, i'm currently on a DMP with CCCS however due to my current situation its looking like it could take 30 years to clear my debts
i think my only option is going to be bankruptcy, i've been putting it off and putting it off trying to keep up with my DMP payments but having this debt is making me so unhappy and worried. How on earth can i afford the bankruptcy fees?
Thank you

System

lon wrote: »

Hello
Please can someone help me, i'm currently on a DMP with CCCS however due to my current situation its looking like it could take 30 years to clear my debts
i think my only option is going to be bankruptcy, i've been putting it off and putting it off trying to keep up with my DMP payments but having this debt is making me so unhappy and worried. How on earth can i afford the bankruptcy fees?
Thank you

Hi lon and welcome to the forum.

As you’re already a client of ours I would recommend that you give us a call. We have a specialist bankruptcy team that can help you through the process.

If you are on a low income or benefits it may be possible to have the fee reduced, there could also be other ways to have the fee paid such as specialist trust funds and grants but we would need to look at your situation as a whole to determine if you should apply for these.

I hope this helps.

Kind regards,

Mat

soupfortea

Hi,

my partners and my financial situation has been in the balance for a while now with a number of creditors between us and £12000 of debt. We have no assets to speak of, sefl employed with low income and recieve working tax and housing benefits to help us survive. we only just meet most our creditors demands paying a nominal amount of £5-£10 to each of them with no disposable income.

I recieved a call today saying that we are in breach of contract with a franchise we worked with and that we owe them £14000 and if we don't pay then they will employ there solicitors and sue us. There's no way we can pay or get the funds together for this.

Bankruptcy seems our only option but I was wondering should we wait for them to sue us or if we declared bankruptcy could they also sue us afterwards and we would still have to pay this huge debt.

thankyou

System

soupfortea wrote: »

Hi,

my partners and my financial situation has been in the balance for a while now with a number of creditors between us and £12000 of debt. We have no assets to speak of, sefl employed with low income and recieve working tax and housing benefits to help us survive. we only just meet most our creditors demands paying a nominal amount of £5-£10 to each of them with no disposable income.

I recieved a call today saying that we are in breach of contract with a franchise we worked with and that we owe them £14000 and if we don't pay then they will employ there solicitors and sue us. There's no way we can pay or get the funds together for this.

Bankruptcy seems our only option but I was wondering should we wait for them to sue us or if we declared bankruptcy could they also sue us afterwards and we would still have to pay this huge debt.

thankyou

Hi Soupfortea and welcome to the forum.

We don’t advise on business debts, you may need to seek legal advice or speak to Business Debt Line in regards the franchise debt.

However, we can look at the rest of your debt and advice regards bankruptcy as we have a specialist team that deal with this.

I’d recommend that you contact us on our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps.

Kind regards,
Mat

XYZ1000

Hello I currently am on a agreement with cccs, I have been advised to go for bankruptcy. I have a few questions as reading around the board, bankruptcy seems to carry on effecting you years later for insurance ect and other people that live with you.
Is that true?

Also my son who is a minor and has a account with Santander which would have my name on as a parent. Have read that they quite often will close this. Where can I get an account for him?

Myself I have a small amount of cash in my account as my wages were wrong for several months and have been back paided. Would the court take this money?
Many thanks

mummy75

Hi I am new and considering either BR or IVA ....

I have nearly £40k of debt, this spiralled quickly as I set up a new business last year which failed within 8 months. Bitterly regret it but now trying to deal with it.
I did not register the business as it was sole trader so never had to declare any profit as I never made any....
Hubby has DMP with CCCS already and I am trying to sort mine out.
I have one Court judgement already telling me to pay £1 per month to the creditor and am paying token payments.
I have a good salary which is from a new job, and will also get some fluctuating bonus payments every quarter. Of course I want to pay as much as I can and stop this hanging over me
Main concern is the mortgage which is in negative equity. Our fixed rate is due to come to an end next year and will go to a very high rate. What will be best for us?
How can we renew the mortgage when we are in such a bad financial state?
Any help appreciated as I don't want to be stuck with a very high rate mortgage and an IVA but not sure if bankruptcy is the best option. We don't have hardly any spare cash at the end of the month as hubby paying DMP and we pay lots in childcare and other high bills etc.
thanks

ineedcash

Hi
my marriage is all but over and its only a matter of time till my wife wants me to leave. I have around £30,000 worth of debt, dont know exact amount or even who too. If I have to leave I will lose my job also so with no income or home should I go bankrupt and start a new life elsewhere. we rent our home so no mortgage and the kids are now adults. Any advice where to go next would be appriciated.

System

XYZ1000 wrote: »

Hello I currently am on a agreement with cccs, I have been advised to go for bankruptcy. I have a few questions as reading around the board, bankruptcy seems to carry on effecting you years later for insurance ect and other people that live with you.
Is that true?

Also my son who is a minor and has a account with Santander which would have my name on as a parent. Have read that they quite often will close this. Where can I get an account for him?

Myself I have a small amount of cash in my account as my wages were wrong for several months and have been back paided. Would the court take this money?
Many thanks

Hi XYZ1000 and thanks for your post.

Bankruptcy will be on your credit file for six years and may affect you this way, there are also the normal bankruptcy restrictions that will stay in place until you are discharged. However, it should not affect anyone else unless they share a joint account with you.

The bank will likely close your son's account; the official receiver could allow you to access this money to open a new account for your son. Dependent on the bank they may allow the account to be reopened and for your son to continue to use it. Otherwise I’d recommend asking at your local banks and the Post Office to see what accounts are available.

In regards the money you have in your account it does depend on the amounts, the official receiver would make sure you had a balanced budget and that you could cover your costs. Money beyond this would more than likely be seen as an asset. In this case the money would come into the bankruptcy.

As you are already a client of ours I suggest you give us a call and speak to our specialist bankruptcy team who will have access to all of your information.

I hope this helps.

Kind regards,

Mat

System

mummy75 wrote: »

Hi I am new and considering either BR or IVA ....

I have nearly £40k of debt, this spiralled quickly as I set up a new business last year which failed within 8 months. Bitterly regret it but now trying to deal with it.
I did not register the business as it was sole trader so never had to declare any profit as I never made any....
Hubby has DMP with CCCS already and I am trying to sort mine out.
I have one Court judgement already telling me to pay £1 per month to the creditor and am paying token payments.
I have a good salary which is from a new job, and will also get some fluctuating bonus payments every quarter. Of course I want to pay as much as I can and stop this hanging over me
Main concern is the mortgage which is in negative equity. Our fixed rate is due to come to an end next year and will go to a very high rate. What will be best for us?
How can we renew the mortgage when we are in such a bad financial state?
Any help appreciated as I don't want to be stuck with a very high rate mortgage and an IVA but not sure if bankruptcy is the best option. We don't have hardly any spare cash at the end of the month as hubby paying DMP and we pay lots in childcare and other high bills etc.
thanks

Hi mummy75 and welcome to the forum.

It’s hard to give advice without knowing your exact situation. It might also be worth looking at a joint solution for both you and your husband together.

You’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps.

Kind regards,

Mat

System

ineedcash wrote: »

Hi
my marriage is all but over and its only a matter of time till my wife wants me to leave. I have around £30,000 worth of debt, dont know exact amount or even who too. If I have to leave I will lose my job also so with no income or home should I go bankrupt and start a new life elsewhere. we rent our home so no mortgage and the kids are now adults. Any advice where to go next would be appriciated.

Hi ineedcash and welcome to the forum.

The official receiver would need to see how you can support yourself during the course of the bankruptcy, so you’d need to have an idea of what your income and expenditure will be during this time.

We have a specialist bankruptcy team that can guide you through the full process and make sure you’re taking the correct course.

You’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm.

If you phone us it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

I hope this helps.

Kind regards,

Mat