Ask a CCCS counsellor a bankruptcy question

System

rider543 wrote: »

hi i would like to ask that bankruptcy is only for english citizens or any member from eu can do it? thank you

Hi and thanks for your post.

I can see you’ve had some good advice already.

If you’re still unsure I’d recommend that you call our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

We have a dedicated bankruptcy team that can help you through the process free of charge.

I hope this helps.

Kind regards,

Mat

StepChange_Pavan

Welsh_Money_Saver wrote: »

Can I go bankrupt but not my husband?
I have debt of £40,000 in my name, we have £11,388 jointly. I realise the joint debt will fall to my husband but the majority of the debt will stay with me. We have a house it has no equity in it and is solely in my husband's name.
We are currently on a DMP with CCCS as I had cancer last year but now I have found out that it has returned and my husband is probably going to have to give up work to look after me and the kids. We have had some advice about joint bankruptcy but given the situation I really don't want to lose the house as I don't want to be moving whilst really ill and if anything happens to me it will be there for the kids.
Any help greatly appreciated.

Hi Welsh Money Saver and thanks for your post.

I’m sorry to hear about your situation.

If there’s sufficient negative equity in the property there may be the option for you both to go bankrupt without losing the house. But if you choose to, you can go bankrupt solely without your husband.

As you’re already a client of ours, you can just give us a call and we can refer you to our specialist bankruptcy support team. They will have access to all your information and will be able to advise you in much more detail.

I hope this helps but please get in touch so that we can advise you further.

Kind regards,
Pavan

StepChange_Pavan

sezphil wrote: »

My ex and I own a property together and he wants to go bankrupt. He says that if he does I will have to sell the house. I live in the house, he doesn't. I have tried to get a mortgage in my own name but have not been successful and because of this I have a trust deed in place which gives me 100% of the equity. Will his bankruptcy still affect me?

Hi sezphil and welcome to the forum.

If you’re legally entitled to 100% of the equity it may not affect you. However I would recommend that you get some legal advice to be sure.

You could also call the Insolvency Service as they should be able to give you more of a definitive answer: http://www.bis.gov.uk/insolvency/contact-us.

I hope this helps.

Kind regards,
Pavan

Tigger2808

Hi, I'm currently considering IVA/Bankruptcy. IVA is the best option for me I think, but I've been reading about bankruptcy too just in case that's my only option. I've seen stuff about payments being made under bankruptcy but can't find any details of what I may have to pay to creditors if I'm declared bankrupt. Under an IVA I understand you pay your disposable income (ie what's left after essential living expenses) for 5/6 years but it's not clear what I may have to pay if bankrupt. Can anyone offer any information on this? Thanks in advance.

System

Tigger2808 wrote: »

Hi, I'm currently considering IVA/Bankruptcy. IVA is the best option for me I think, but I've been reading about bankruptcy too just in case that's my only option. I've seen stuff about payments being made under bankruptcy but can't find any details of what I may have to pay to creditors if I'm declared bankrupt. Under an IVA I understand you pay your disposable income (ie what's left after essential living expenses) for 5/6 years but it's not clear what I may have to pay if bankrupt. Can anyone offer any information on this? Thanks in advance.

Hi and thanks for your message.

We wrote a blogpost on this subject a while ago, it should answer all your question regards the two solutions.

http://moneyaware.co.uk/2011/12/bankruptcy-the-differences-between-bankruptcy-and-an-iva/

If you want to find out what we’d recommend try our online counselling service Debt Remedy (http://www.cccs.co.uk/ref/drcu) which will give you instant advice.

I hope this helps.

Kind regards,

Mat

Tigger2808

CCCS_Mat wrote: »

Hi and thanks for your message.

We wrote a blogpost on this subject a while ago, it should answer all your question regards the two solutions.

http://moneyaware.co.uk/2011/12/bankruptcy-the-differences-between-bankruptcy-and-an-iva/

If you want to find out what we’d recommend try our online counselling service Debt Remedy (http://www.cccs.co.uk/ref/drcu) which will give you instant advice.

I hope this helps.

Kind regards,

Mat

Hi Mat

Thanks for the reply. I've now completed Debt Remedy on the CCCS website. Do you know how long it usually takes to get a call from CCCS after completion?

newleaf

A colleague has been bankrupt for just over 12 months. She has been off work due to illness for 6 months, and is about to go onto half pay. She will be unable to pay her bills as well as to make the monthly bankruptcy payment. Can I help her to negotiate on the bankruptcy payment, and if so how do we go about this?

amstel2

Hello

Is it true that my BR rec will stay on public record forever in the London Gazzette.

I have checked all my BR paperwork & their is no mention of this. I was told it only stayed on record for 6 years. If ths is true, then i was def mis-informed by the Insolvency Service & the court at the time.

If this is true surely this contrivines Data Protection & Human Rights legislation.

Thanks

tigerfeet2006

newleaf wrote: »

A colleague has been bankrupt for just over 12 months. She has been off work due to illness for 6 months, and is about to go onto half pay. She will be unable to pay her bills as well as to make the monthly bankruptcy payment. Can I help her to negotiate on the bankruptcy payment, and if so how do we go about this?

All she needs to do is contact her OR with a new SoA and a note to explain she is going on half pay because of illness. There is no fuss or bother and no need to panic, it is not like dealing with debt agencies. The OR will quite happily reduce or suspend the IPA, the suspended months count towards the 36 months of her IPA. If her circumstances change again then she just let's them know again.

jamesd

amstel2 wrote: »

Is it true that my BR rec will stay on public record forever in the London Gazzette. ... I have checked all my BR paperwork & their is no mention of this. I was told it only stayed on record for 6 years. ... If this is true surely this contrivines Data Protection & Human Rights legislation.

The main credit reference agencies won't retain the information for longer than six years.

If you are asked in an application for credit or a number of other situations whether you have ever been made insolvent you must truthfully answer yes. For the rest of your life with no six year limit. To do otherwise in a credit application would be to commit application fraud. Such questions may be particularly common for mortgage applications.

The London Gazette is simply a publication and it has records of bankruptcies going back into the 1800s. A discharge does not require all publications that mentioned your bankruptcy to remove their coverage of it from their publication or its online archives.

Creditors who lost money in your bankruptcy may also retain records indefinitely and you may find that some banks, other financial institutions or people who lost money are no longer willing to have you as a customer or deal with you in financial ways. Others will be willing to do business with you.

Rights also apply to your creditors, particularly any individuals or sole traders who dealt with you.

Declaration of interest: I have lent money to consumers without a consumer credit license and losses from that activity include those due to consumers who have used each of the forms of insolvency available in England.