Ask a CCCS counsellor a bankruptcy question

Gray-Fox

CCCS_Mat wrote: »

Hi Gray-Fox and thanks for your reply.

As your situation sounds complex I’d recommend that you contact our specialist bankruptcy team for some one on one advice regards your situation.

They should be able to help clear up an issues or questions you might have.

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

Cheers Mat. Just called them but I was told they're only open until 5:30pm!!!

Will have to try on Monday.

Thanks.

P.S. I heard from the OR today that they didn't accept my reasoning and have decided to take my bike. Is there anything I can do, i.e. appeal to a judge?

StepChange_Pavan

Gray-Fox wrote: »

Cheers Mat. Just called them but I was told they're only open until 5:30pm!!!

Will have to try on Monday.

Thanks.

P.S. I heard from the OR today that they didn't accept my reasoning and have decided to take my bike. Is there anything I can do, i.e. appeal to a judge?

Hi there,

The OR’s decision is usually the final say – you could discuss it with them to find out more information. There is a publication on the Insolvency Service website which explains more about what will happen to your bike and why: http://www.bis.gov.uk/insolvency/Publications

I hope you manage to get through to our bankruptcy team today – they are open 8-6. (It’s the Helpline that’s open until 8pm)

Kind regards,
Pavan

GoingUnder

Hi

I was declared Bankrupt in May. I have a nil tax IPA which will be starting this month and am waiting for details of my normal IPA to come through.

I have been offered a motorbike free by a friend. We have a car which was exempted by the OR.

My question is, if I accepted the Bike, would it then be an asset I would have to declare and then sell. If so, I might as well decline the offer to save the hassle. It is not high value hence the offer of a gift.

Many thanks GU

mamoonkay

How long does it take for any bank to give you loans etc? Once you have committed bankruptcy?

JCS1

Gray-Fox wrote: »

Cheers Mat. Just called them but I was told they're only open until 5:30pm!!!

Will have to try on Monday.

Thanks.

P.S. I heard from the OR today that they didn't accept my reasoning and have decided to take my bike. Is there anything I can do, i.e. appeal to a judge?

You can try writing a letter to either the Assistant Official Receiver or Official Receiver assigned to your case, though I suspect the examiner will already have discussed your bike with the AOR.

Gray-Fox

JCS1 wrote: »

You can try writing a letter to either the Assistant Official Receiver or Official Receiver assigned to your case, though I suspect the examiner will already have discussed your bike with the AOR.

Lol yeah it was the ACTUAL OR who wrote the letter to me.

Poor_Churchmouse

Hi there

We are currently 6 mths into a dmp and are finding it increasingly hard going. My hubby is suffering with stress/depression from dealing with the strains of balancing the money (or lack of!) and I am starting to think it may be easier for us if at least him were to go br.
We desperately don't want to lose our home so I need to ask the following questions and if anyone can at least give us a clue to the answers that would be fab!

1) We owe £131,000 on the house and we paid £146000.00 for it 5 years ago. The market has slumped as we all know and the house could do with a couple of grand spending on it. In order to keep the house, we'd have to get a relative/friend to buy out the beneficial interest to avoid the forced sale - how is the beneficial interest calculated? is this something the OR finds out or do we get independant valuations? We could probably raise (by borrowing from family) a max of £7000.00 but that would be it.
2) Would they actually expect all of the BI if it was just my hubby going BR or is there some respite as my name is on the mortgage too?
3) I believe you also have to make payments for 3 years after discharge - are these payments payable in the 12 months you are officially br? and, how are those payments calculated?

I know br is not the easiest option but for the sanity of my hubby we at least have to look into it and have had no joy whatsoever from CAB or Payplan.

Thank you!!

Antispam

2pegs :spam:

kezxx22

I have decided to go BR (no other option)

Other than try to raise the funds to actually do it I have another query...

Approx 2 years ago I transferred my interest in a house I owned with my partner over to him via the solicitors. However, my name is still on the mortgage. I did not receive any money doing this because I owe my then partner lots of money hence signing the house to him when we split. There is no equity in the house at all & needs work done on it.

If I go BR will the OR try to get money from the house/my ex? I dont want to cause problems between us. Surely if there is no money in the house the OR wont be interested?

Kerry:(

Tom_Tit_2

Hello.
Hope this is correct place to post.

Current situation.

Joint homeowner
Mortgage=£85,000 (up to date)

House value = approx £185,000

Equity = approx £100,000

No savings or pension.

Credit card debt (in my name only, not joint) = approx £45,000

No arrears. (Yet)


Self employed and work is drying up.

Only way I pay credit card bills seems to be by using another card.

Struggling to pay.
Want to do something before I start going into arrears or missing payments.

Do I sell house and pay debts off. Leaving us with £55,000 to carry on but no home to live in? Will be difficult to get another mortgage as self certification seems gone and I haven't got the income to borrow again. Will have to rent.

Do I borrow £45,000 on my/our mortgage but this transfers a sole unsecured debt into a joint secured debt?

Do I sell house and realize £100,000 equity? Then rent, and then approach card companies with a repayment schedule more suited to my income but with no property assets. Would my £50,000 'cash' share of the house sale be taken off me?

Hope this is clear enough and thanks for any suggestions.