Ask a CCCS counsellor a bankruptcy question

tiggywink

CCCS_Pavan wrote: »

Hi tiggywink and welcome to the forum.

It’s best to be honest with the OR. If you could get your dad to write a letter explaining the situation this could help prove that the money wasn’t yours. The OR will be able to see from your bank statements that it wasn’t transferred into any of your accounts.

They wouldn’t go after your dad to recover the money and it’s unlikely that they’d be concerned about the tax evasion with it being such a small amount.

I hope this helps, but I’d recommend that you call our free helpline so that our bankruptcy support team can give you some more detailed advice. You can call us on 0800 138 1111.

I hope this helps.

Kind regards,
Pavan

Thank you Pavan for your advice - it is very helpful.

StepChange_Pavan

Tigerseye wrote: »

(Posted this earlier on a new thread but thought Id ask you as well incase you can shine a light or give advise Thanks)
Hi, I wonder if anyone can help …….
Quick rundown of my situation:
31/01/2007 - Sequestration date 31/01/2010 - Satisfaction date
(Which is detailed on my Experian Credit Expert Report)

I was led to believe during the Sequestration period that it would be in effect for 3 years and that all would clear after that. However, today I’m gutted to find that it’s not looking that simple. (Bearing in mind that I’m now FIVE years down the line………!)
I have worked full time in a good job, good salary, debt free, now with savings/deposit for a house, and, this week, a great house comes on the market, perfect house, perfect spot, perfect price etc etc.
A friend who happens to be a financial advisor started looked into it for me and tells me that its looking like my credit details will not be clear/suitable/acceptable for mortgage companies until July 2012 (My perfect house fades away……………..!!) Anyhow, can anyone shine a light on this at all? Maybe I’m naïve but surely my circumstances are perfect in the current climate – No chain/house to sell, ready to sign on the dotted line, Proof of Rent paid through the bank for 5+ years in excess of what my mortgage is likely to be!! Surely there are mortgage companies out there that will take this logic into account? Especially now with the recent changes that bankruptcy will be “clear” in a year (allegedly….?)
By the way I’m in Scotland and only want to borrow £120,000! Also, is it right that all mortgage companies all require a MINIMUM of 15% as a deposit these days?
ALSO, most importantly, does anyone recommend any mortgage companies that would help me???
Much appreciated…….

Hi Tigerseye and thanks for your post.

Anything that’s on your credit file will remain on there for 6 years. As sequestration is a form of insolvency, it will affect whether future lenders decide to lend to you or not – unfortunately even if your circumstances show you can afford it. This article explains in a lot more detail how credit files work and how you can improve yours: http://www.moneysavingexpert.com/loans/credit-rating-credit-score.

With regards to mortgages and deposits, it’s important that you shop around and use a whole of the market broker to consider your options. There are no hard and fast rules but as we’re impartial, we can’t recommend a specific provider.

Kind regards,
Pavan

StepChange_Pavan

louie1980 wrote: »

Hi. I have been living and working abroad for 6 months, whilst still paying most of my dmp payments, which began February 2010... Things have not worked out well and I will return in April. Due to relationship breakdown with my spouse.

I have around 17000 unsecured debt and no assets at all. I don't think i will return to any work for a while due to current high risk pregnancy- and won't be able to pay dmp. Don't even know if I'll still be entitled go claim JSA after my time abroad.

My questions- if I file for bankruptcy myself in April when I return, what are the exact fees? What are the general timescales for waiting for court dates? Finalising with OR?

Also want to know what financial records, if any, are necessary for my time living abroad? If I don't bring any financial documents back with me will it cause a big problem?

Hi louie1980 and thanks for your post.

We would need to look at your situation in a bit more detail to make sure that bankruptcy is definitely your best option. Bankruptcy costs £700 but if you are on a low income they may waive the court fee of £175.

There aren’t usually any waiting times, but it depends on your local court. I’d recommend that you take your last few wage slips and bank statements, but if you call our helpline we can advise you in more detail. We also have a specialist welfare benefits team that will be able to check your entitlements.

You can call us on +44 113 297 0126 from outside the UK and we will be able to discuss your situation in detail.

Kind regards,
Pavan

Amsaw1

Hi there...bit of a long story but will keep as simple as poss. I've got into a situation where I can not see any way out other than bankruptcy (or poss an IVA). My current situation stands where I am privately renting (and can comfortably afford it). However currently have about £27k of unsecured debt with actual creditors (1 x 15k loan and rest on credit cards). However I also owe my father 35k of which I pay him £170 per month just to cover interest. I have not missed a payment on anything and 'currently' have a very good credit rating. I also have 2 BTL properties...1) val 125k, mortgage on int only of £123k so no equity...rent just about covers mortgage although no missed payments (yet!)....2) val £55k, repayment mortgage of £52k so again no equity...all break even every month and again no missed payments. Whilst its nice to think property 2's mortgage will be paid off in full in 20 years and I'll own the place in full, I'm getting to the point where I just want to hand the keys back as can't afford repairs etc. I am also on the deeds of my previous marital home, however I have signed over my share of equity in the property to ex-wife (although still named on mortgage).

I am considering taking out a further 2 loans of £15k each to enable me to pay back my dad, and then go bankrupt and start fresh as I cannot see anyway out of this.

If I can do the above what do I do? Should I purposely start missing payments on my mortgage just so they repossess? Then go bankrupt? I'm not fussed about credit rating anymore. I am happy renting and have no intention of buying in the next 5 years or borrowing any more money. I just want to start from scratch again. I know it seems like the easy way out but when you owe this kind of money, especially to my dad where he is close to retirement I can't see any other option...

...other than take the two loans out to repay dad, then do an IVA for just unsecured debts and leave the properties as they are for the time being???

Any help/opinions would be gratefully received

Thanks in advance!

System

Amsaw1 wrote: »

Hi there...bit of a long story but will keep as simple as poss. I've got into a situation where I can not see any way out other than bankruptcy (or poss an IVA). My current situation stands where I am privately renting (and can comfortably afford it). However currently have about £27k of unsecured debt with actual creditors (1 x 15k loan and rest on credit cards). However I also owe my father 35k of which I pay him £170 per month just to cover interest. I have not missed a payment on anything and 'currently' have a very good credit rating. I also have 2 BTL properties...1) val 125k, mortgage on int only of £123k so no equity...rent just about covers mortgage although no missed payments (yet!)....2) val £55k, repayment mortgage of £52k so again no equity...all break even every month and again no missed payments. Whilst its nice to think property 2's mortgage will be paid off in full in 20 years and I'll own the place in full, I'm getting to the point where I just want to hand the keys back as can't afford repairs etc. I am also on the deeds of my previous marital home, however I have signed over my share of equity in the property to ex-wife (although still named on mortgage).

I am considering taking out a further 2 loans of £15k each to enable me to pay back my dad, and then go bankrupt and start fresh as I cannot see anyway out of this.

If I can do the above what do I do? Should I purposely start missing payments on my mortgage just so they repossess? Then go bankrupt? I'm not fussed about credit rating anymore. I am happy renting and have no intention of buying in the next 5 years or borrowing any more money. I just want to start from scratch again. I know it seems like the easy way out but when you owe this kind of money, especially to my dad where he is close to retirement I can't see any other option...

...other than take the two loans out to repay dad, then do an IVA for just unsecured debts and leave the properties as they are for the time being???

Any help/opinions would be gratefully received

Thanks in advance!

Hi and welcome to the forum.

It sounds like you would benefit from some free and impartial advice.

Taking out a loan to repay your father and then petitioning for your own bankruptcy could have serious consequences for you in bankruptcy. It may also cause issues in regards putting an IVA to your creditors.

As your situation is complex I’d recommend that you gather details of your income and expenditure budget, assets and debts and give us a call 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

newmoneysaver1976

Hi there, I am in the process of declaring myself bankrupt. I have been through all of the pros and cons and ins and outs and am pretty much up to speed on everything. I have had loads of advice but the problem now is I don't know whether to go it alone or get a company to help me. They have all been banging at the door. Some charge £500 for both my husband and myself, some £700 and some even £900. All claiming to take care of everything for you and saying that if you fill the forms in yourself you could end up doing it all wrong and ending up paying in major amounts to your bankruptcy. I don't know what to do. Do I fill in the forms myself and save the money or do I get someone to take cre of it all for me. I can't seem to figure this one out. There are so many companies out there doing this I don't even know who to use.

debtinfo

Unless you are spectacularly incompetant at fillingnin forms, have serious mental deficiencies or have rediculously complicated circumstances then there is no point paying a company to do it for you, all of the information that they write in the forms can only be based on what you tell them (probably by filling in a form for them ) and if they dont put information from you and make it up themselves then they are breaking the law.

That doesent mean though that you cant ask questions on here or from the debt charities, but in the end the information comes from yourself

Robo787

Moneysaver1976,

I would fill them in yourself it's quite straight forward. If you want to, you can go to the CAB and see one of their Bankruptcy advisers who will check the forms for you.

I am in the process of going BR and filled the forms in myself and had them checked by the CAB.

Don't forget though, you need 3 copies of each form, just fill one in but don't sign it, then photocopy it twice. You are supposed to sign them at court to prove it's your signature.

Robo787

I have a question,

Can my daughter take over the payments on my car if i go BR.

I have 15 payments left, the car was bought in my name but was owned buy my daughter who was paying for it. After a year she decided to get her own new car and i carried on with the payments on the other car.

The problem now is, my Daughter is nearing the end of her agreement with Ford Options but hasn't got the final payment, she has applied to re-finance the car but is having no luck as the tenant in our previous address has obtained all kinds of credit in her name. We have notified the Police and Credit Reference Agencies, but there are still searches on her file that have yet to be removed and this might be the problem.

If she is unable to re-finance her car and has to give it back, then the problem is she needs a car to get to work, college, and she does voluntary work in a school.

So could she take over my payments and keep the car herself.

Menaisavingexpert

I have found a significant amount of inner peace in the last couple of weeks after months of examining the forum, reading advice and questions and getting CCCS help via their advisors and their online tools. I successfully petitioned on 31.01 for bankruptcy and my life is about to begin again after more than 20 years of debt, mental distress and bad spending/credit decisions due to depression etc. To the outside world I looked like I was successful but redundancy in 2011 brought it all tumbling down. This recession is terrible for everyone (well apart from the super rich) Can everybody here just give themselves a moment to reflect on how good it is to help others when you can and remember that you can have a great effect on people who don't even know you through your random kindnesses. Thanks again.