Ask a CCCS counsellor a bankruptcy question

soontobesensible

Good morning,
I wonder if you could help me? I work on the community have an NHS works car which I pay money for though only a token gesture each month. If I was made bankrupt would that be deemed as an assett?
Thank You

System

Marcus43 wrote: »

Firstly thank you to all of the posters who have ever replied to any one on here. You are life savers I am sure. Indeed forums like this, helping your fellow man, lift the spirit just by existing.

After many, many years I am at the stage, finally, of my income covering my basic out goings. However I have old County Court Judgements, mostly over 6 years old that have "disappeared" from court judgement registry at the trustonline website a couple that will be gone in a year and one more in 3 years. I moved so they were all issued after I had moved (and I think the last one was actually filed after it would have been statute barred). They would all total something like £40,000.

I am very lucky that I am not being chased by any one any more, at least right now, but I am at the point where I would like to start to get my life back again. What I want more than any thing is to be able to buy a modest home again one day.

My questions is this, should I go bankrupt because they will all come back to haunt me in the future or should I do nothing and hope for the best/deal with them on a case by case basis, on token payment plans, if they do ?

If I do the later my credit file (I think) will be clean in 3 more years and as I have not gone bankrupt I guess I would be able to get a mortgage. If I do go bankrupt, from my online searches, it looks like I might be able to get a mortgage theoretically from a niche company after 4 years (if I am discharged after 1 year and finish payment restrictions after another 3 years).

I don't know what to do. Any advice from anyone who has gone down, has experience of, either route would be greatly appreciated.

Hi Marcus43 and welcome to the forum

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

It’s not clear if you are making payments towards the CCJs or not, either way we’d need to know a little more detail about your full circumstances before we could give the best advice.

It is worth noting that even if a CCJ disappears from credit files, if the CCJ is not being paid and the terms of the judgement are not being satisfied the CCJ remains enforceable by the courts.

If bankruptcy is the best advice for your circumstances we have a dedicated bankruptcy team that can talk you right through the process and even assist with filling in the forms. This service is free of charge.

We don’t really give advice regards mortgages or further lending in the future and you’d be best advised to speak to an independent financial advisor regards mortgage products.

I hope this helps.

Kind regards,

Mat

System

becca_99 wrote: »

Hi, I was made bankrupt in 2008 and was discharged 6 months later. I have been helping out at my daughters gym club, they have asked me if I want to be on the committee as a trustee, can someone let me know I can or not, thanks

Hi Becca_99 and welcome to the forum

As you’re now discharged I’d expect you shouldn’t have an issue. However, it would be worth checking the terms of the gym club committee trustee paperwork in case they have any clauses in regards this.

I hope this helps.

Kind regards,

Mat

System

Hami22 wrote: »

My husband and I were both made bankrupt in November 2009 and discharged in July 2010. We have been renting since December 2009 and paying approx £2000 rent up until now. We would like to look at buying our own place again but unfortunately do not have a deposit. Are there are companies around with products that might suit us?

Hi Hami22 and welcome to the forum

I’m afraid we don’t give advice on mortgages or other lending products.

I’d recommend that you seek the advice of an independent financial advisor.

I hope this helps.

Kind regards,

Mat

System

soontobesensible wrote: »

Good morning,
I wonder if you could help me? I work on the community have an NHS works car which I pay money for though only a token gesture each month. If I was made bankrupt would that be deemed as an assett?
Thank You

Hi Soontobesensible and thanks for your post

It depends on who owns the car. If the vehicle is in your name it would be deemed as your asset (although it could possibly be excluded if it is an essential part of your work). If it’s just a car you use for work and is not registered in your name it’s not your asset.

We have a dedicated bankruptcy team that can assist free of charge if bankruptcy is the best option for you. You’re more than welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

I hope this helps.

Kind regards,

Mat

Mrs_Impatient

Hi
Myself and my husband have been in an IVA for the last 3 years and due to a separation last year and non payment and some other issues it looks as though, after a variation meeting, my creditors have refused our latest offer and could be going for making us bankrupt. We really don't want to do this as we own our house, car on HP and I work as a legal secretary and think this would affect my job. If there is no other way think we will have to, but need some advice please

Can you tell me what would happen to our house, in joint names and neg equity of about £30k - would they make us sell it?

What would happen to my car, on HP and owe about £5k and needed for work etc.

About half of our debt is in joint names but would it be worth just one of us going BR and if so would that safeguard our house. What could I do about about the joint debts would the one not going BR be liable for the whole debt then?

Any advice gratefully received as getting lots of conflicting advice about this and the most important thing is safeguarding our house, as have a child couldn't bear to put him through that.

Many thanks.

soontobesensible

Good morning,
What i would like to know is do I have to pay for the bankruptcy if someone else makes me bankrupt?

System

Mrs_Impatient wrote: »

Hi
Myself and my husband have been in an IVA for the last 3 years and due to a separation last year and non payment and some other issues it looks as though, after a variation meeting, my creditors have refused our latest offer and could be going for making us bankrupt. We really don't want to do this as we own our house, car on HP and I work as a legal secretary and think this would affect my job. If there is no other way think we will have to, but need some advice please

Can you tell me what would happen to our house, in joint names and neg equity of about £30k - would they make us sell it?

What would happen to my car, on HP and owe about £5k and needed for work etc.

About half of our debt is in joint names but would it be worth just one of us going BR and if so would that safeguard our house. What could I do about about the joint debts would the one not going BR be liable for the whole debt then?

Any advice gratefully received as getting lots of conflicting advice about this and the most important thing is safeguarding our house, as have a child couldn't bear to put him through that.

Many thanks.

Hi Mrs Impatient and thanks for your post.

An IVA is a legally binding document and each one is different, the first person to ask for advice in this situation is the Insolvency Practitioner who was/is the Supervisor of your IVA. They’re duty bound to give you advice on the next steps you can take in your situation.

If you feel that you’re not getting the correct advice from your Insolvency Practitioner/IVA Supervisor you can learn how to make a complaint about them here

http://www.bis.gov.uk/insolvency/insolvency-profession/Professional%20conduct/how-complain-against-an-IP

Once your IVA has officially failed I’d recommend that you call us for some free and impartial advice. Until the failure has been confirmed the IVA Supervisor is duty bound to advise you.

General advice regards bankruptcy is that if there is negative equity you may be allowed to retain the house in bankruptcy.

We also have a blogpost regards joint debts that looks at bankruptcy also.

http://moneyaware.co.uk/2011/09/we-got-a-joint-loan-now-weve-split-who-has-to-pay/

If the IVA is officially terminated please get in touch.

I hope this helps.

Kind regards,

Mat

System

soontobesensible wrote: »

Good morning,
What i would like to know is do I have to pay for the bankruptcy if someone else makes me bankrupt?

Hi Soontobesensible and thanks for your post.

If a creditor petitions for your bankruptcy it means they will pay the fee.

If you file yourself the cost of bankruptcy is currently £700: £175 payable to the court and £525 to the Official Receiver. Those are the only fees to pay to enter bankruptcy.

We have a dedicated bankruptcy team that advises clients on what they can expect from going bankrupt, assist in filling in the forms and help in finding ways to reduce fees.

We also work with trust funds and charities to assist clients under extreme hardship in paying the bankruptcy fees. (Funds are very limited and not everyone will be successful, but in the last 18 months we’ve helped clients access over £77,000 worth of grants.)

I hope this helps.

Kind regards,

Mat

singlemum80

Hi im new here but looking for a bit of advice i have alot of debts in my name, i requested a copy of my credit file so i could see whats shown as im thinking of either a DRO or going bankrupt and when ive looked its showing some accounts as settled when i know they havent been does this mean they have been written off? if so my debts owing would be lower so therefore i would be able to do a DRO