Ask a CCCS counsellor a bankruptcy question

laurlou

How long until the DMP is set up after sending Signed agreement and relevant documents based on past experiance?

Just wondering as I wont be able to make token payments when payments are due if the DMP payment is due same month.

I try to cal but always seem to be on hold for a long time.

Just an approximate answer will be fine 1 week? 2 week? 3 week?

thank you

System

sarahlouise1979 wrote: »

Hi,
I will try and keep this brief!
Live in shared ownership flat, it's on the market (can't rent it out as shared ownership), for £58k (my half). Mortgage outstanding is £64k, so in negative equity.

Have decided to give the keys back as I need to get rid of it ASAP (moving in with partner) and I have other unsecured debts of around £18k, then I will probably go bankrupt.

Have a few questions regarding all of this, hope someone can help please:
What is the actual procedure for handing the keys in? Am I ok to sign paperwork to say that I'm handing it over and that I will be liabe for the shortfall? (as i won't yet have gone bankrupt)

Can i file for bankruptcy straight away after handing keys back?

I will be moving in with my partner, and paying him towards mortgage, bills etc, are we ok to split all the bills roughly in half and I pay him a set amount per month?

What are the maximum allowances for things like petrol and food?

What about the fact that my car is fairly old, what amount can I put in my SOA to cover car maintenance?? And what if the car dies?! If all my income is accounted for, how can I replace my car?

Think that's everything for now!

Hi and thanks for your message.

The procedure for handing the keys back would vary from lender to lender, it is sometimes as simple as taking the house keys into a nearby branch.

In regards the bankruptcy we have a specialist bankruptcy team that should be able to give you more advice and help you put together a budget based on your new living arrangement, I’d advise speaking to us prior to handing the keys back or petitioning for bankruptcy.

The Official Receiver would look at your actual expenditure rather guidelines in regards to petrol, food and motoring costs.

I’d recommend that you call 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

issy0503

Thanks Matt, BR hearing is now Feb 14 as he didnt have a notice of termination from IVA, there is a meeting of creditors next week, apparently they might make him BR.

IwtbDebtfree

Hi, have posted a message in the Mortgages forum, and been pointed back here as a newbie posted who has been watching the forums for a while....!!

My question is this, I currently have an outstanding CCCS DMP, which I have been on for a couple of years, and look like I have another couple of years to go (18 months at current rates), however I am looking to try and reduce my mortgage(s) by remortgaging down to a single mortgage, which I think would then give me more a month to speed up the CCCS DMP payment plan.

However a couple of questions come up, firstly under the terms of the CCCS DMP am I even allowed to ask the mortgage advisors to review my case, as it could be deemed asking for further credit....

Secondly I am being stupid trying to do this anyway.... and lastly which I think I now the answer to, should I look to pay off the CCCS DMP plan with money added to the remortgage, in the hope that I can get full and final settlement agreements with my creditors....

Theres a lot there but any advice would be greatly welcomed...

Mike
IwtbDebtFree (I wanna be DebtFree)

Oldzskool

I'm pretty sure I'm going to go bankrupt in the middle of April. All my credit cards are maxed out and my overdraft is to the hilt at the end of every month. All my debt is credit card or bank overdraft.

I stopped my direct debits for minimum payment to my credit cards this month so I am now on my first default with them all. Each of them are ringing me several times a day and I am not answering their calls.

What is the consequence of this action and is it the best course to take? Should I speak to them and tell them what I'm planning? Or should I just ignore them for the next 3 months??

I need 3 months to save my bankruptcy fees and mid april will be the time when I've hopefully got them saved.

sarahlouise1979

CCCS_Mat wrote: »

Hi and thanks for your message.

The procedure for handing the keys back would vary from lender to lender, it is sometimes as simple as taking the house keys into a nearby branch.

In regards the bankruptcy we have a specialist bankruptcy team that should be able to give you more advice and help you put together a budget based on your new living arrangement, I’d advise speaking to us prior to handing the keys back or petitioning for bankruptcy.

The Official Receiver would look at your actual expenditure rather guidelines in regards to petrol, food and motoring costs.

I’d recommend that you call 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

Thanks for the advice Mat. I did have an interview with a CCCS advisor on tuesday, and we went through my SOA, but that was based on my current situation (ie, living in my flat, paying mortagage etc). I need to call back with figures for when I move in with my partner. But I was doing a bit of reading on here and it seems that when living with a partner you have to include their income on the SOA-why???? What if it was just a friend or someone I was lodging with, would I have to then? Confused!
Thanks

StepChange_Pavan

laurlou wrote: »

How long until the DMP is set up after sending Signed agreement and relevant documents based on past experiance?

Just wondering as I wont be able to make token payments when payments are due if the DMP payment is due same month.

I try to cal but always seem to be on hold for a long time.

Just an approximate answer will be fine 1 week? 2 week? 3 week?

thank you

Hi laurlou and thanks for your post.

We usually get your DMP set up for the following month – so if you’ve recently sent in your paperwork we would pay your creditors on the 25th of February.

However, it really depends on whether we’ve got all the information we need. If there’s something missing for example, it can take time to chase this up and for you to send it in.

If you’re struggling to call us, you can always send an email with your client reference number and they can look into your specific case for you.

I hope this helps.

Kind regards,
Pavan

Menaisavingexpert

I am ready to file this coming Tuesday, I have everything ready, have even arranged to borrow the fee from sis-in-law who will wait for a year no interest BUT I have heard that there is a form that you can present to show your income so so low that you don't even have to pay the fee. (would be great not to borrow anymore from anyone while still unemployed)
Have scoured the Insolvency service website but cannot find a link.
Anyone know what it is called and how I can find it online?
Thanks in advance

tigerfeet2006

The form is EX160A. If you look in the first post of the sticky marked LOOK HERE FIRST: Bankruptcy Help... There is a link and info on what you will need to qualify.

System

sarahlouise1979 wrote: »

Thanks for the advice Mat. I did have an interview with a CCCS advisor on tuesday, and we went through my SOA, but that was based on my current situation (ie, living in my flat, paying mortagage etc). I need to call back with figures for when I move in with my partner. But I was doing a bit of reading on here and it seems that when living with a partner you have to include their income on the SOA-why???? What if it was just a friend or someone I was lodging with, would I have to then? Confused!
Thanks

Hi and thanks for your reply.

It’s not always necessary but sometimes it’s better to do a joint income and expenditure to make sure that everyone in the household is paying their fair share of the bills required to run the house.

In this situation the other party is not expected to pay anything towards your debts, it’s just to ensure that the household budget is balanced.

This might not be relevant in your case, I’d recommend that you call back for more advice when your situation changes.

I hope this helps.

Kind regards,

Mat