Ask a CCCS counsellor a bankruptcy question

hearts

Hi, I gifted an interest in a property to my daughter 2 years ago. I would like to know what would happen in the event of my bankruptcy. Is there any time limit on when gifts would be considered disposing of property ( I assume this is not allowed) to avoid it being included in ones assets.

debs12345

Hi, can you give me some advice please? I am in the middle of filling in my SOA and see it asks for monthly figures. My wages and tax credits are paid every 4 weeks, meaning 13 payments in a 12 month period, but most of my outgoings are per calendar month. On calculating my wages etc. should I be multiplying them by 13 and dividing them by 12 or just putting them down as they are. I am confused that if I multiply them it's going to show a higher figure than what is on my wageslips, bank statements etc. Many thanks

System

singlemum80 wrote: »

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

Hi singlemum80 and welcome to the forum

Creditors don’t write debts off as such, and it would be worth calling the creditor to see what the situation with the debt is and the current balance.

If you haven’t spoken to us already I’d recommend that you gather as much paperwork as you can regards your debts as well as your income and expenditure.

With your permission we can also access your credit file when you call and see what the situation is.
When you’re ready please call our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

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

System

hearts wrote: »

Hi, I gifted an interest in a property to my daughter 2 years ago. I would like to know what would happen in the event of my bankruptcy. Is there any time limit on when gifts would be considered disposing of property ( I assume this is not allowed) to avoid it being included in ones assets.

[FONT=&quot]Hi hearts and thanks for your post.

[/FONT] [FONT=&quot]It sounds like you would benefit from some free and impartial advice.

[/FONT] [FONT=&quot]I’m afraid there is no real time limit and the Official Receiver would need to be informed about this from the outset.

[/FONT] [FONT=&quot]It’s always recommended that you seek advice before petitioning for personal bankruptcy. We have a dedicated bankruptcy team can go through your case and offer their advice free of charge.

[/FONT] [FONT=&quot]You’re welcome to ring our free Helpline on 0800 138 1111. We’re open Monday to Friday 8am - 8pm and Saturday 9am until 3.00pm.

[/FONT] [FONT=&quot]I hope this helps.

[/FONT] [FONT=&quot]Kind regards,

[/FONT] [FONT=&quot]Mat[/FONT]

00rock00

I was declared bankrupt in April 2005 and was discharged 12 months later.

I am continually being denied credit even though all my bills are paid on time. I have even looked at my credit reports with equifax, experian and callcredit, all of which are clean.

So any help to my current predicament would be greatly appreciated.

Iwant2befree

Hi,
I am after some advice about the right thing to do.
I have been on the CCS debt site and it recomends we go for an IVA.

How will this affect me being self employed.

I lease a car which gets renewed each year, but in the terms it states:
5.01 "You will not have a petition for a bankruptcy order presented against you, or have an application for an interim order made against you, or convene a meeting of creditors, or come to any arrangement with creditors, or be made the subject of a receiving order"
5.02 You will be treated as having repudiated this agreement if you:
(b) break clause 5.01

Does this mean I cant go down the IVA route.
Any advice would be great.
Thanks

System

debs12345 wrote: »

Hi, can you give me some advice please? I am in the middle of filling in my SOA and see it asks for monthly figures. My wages and tax credits are paid every 4 weeks, meaning 13 payments in a 12 month period, but most of my outgoings are per calendar month. On calculating my wages etc. should I be multiplying them by 13 and dividing them by 12 or just putting them down as they are. I am confused that if I multiply them it's going to show a higher figure than what is on my wageslips, bank statements etc. Many thanks

Hi and thanks for your post.

The way we would work it out is over a monthly period so the calculation would be as you suggest. (x13/12).

Our online debt counselling tool Debt Remedy (http://www.cccs.co.uk/ref/drcu) will help you put together a budget and suggest debt solutions that would suit your individual circumstances.

If you are paid 4 weekly Debt Remedy will do all the calculations for you.

I hope this helps.

Kind regards,

Mat

System

00rock00 wrote: »

I was declared bankrupt in April 2005 and was discharged 12 months later.

I am continually being denied credit even though all my bills are paid on time. I have even looked at my credit reports with equifax, experian and callcredit, all of which are clean.

So any help to my current predicament would be greatly appreciated.

Hi and welcome to the forum

This blogpost from Martin should assist you.

http://www.moneysavingexpert.com/loans/credit-rating-credit-score/

I hope this helps.

Kind regards,

Mat

System

Iwant2befree wrote: »

Hi,
I am after some advice about the right thing to do.
I have been on the CCS debt site and it recomends we go for an IVA.

How will this affect me being self employed.

I lease a car which gets renewed each year, but in the terms it states:
5.01 "You will not have a petition for a bankruptcy order presented against you, or have an application for an interim order made against you, or convene a meeting of creditors, or come to any arrangement with creditors, or be made the subject of a receiving order"
5.02 You will be treated as having repudiated this agreement if you:
(b) break clause 5.01

Does this mean I cant go down the IVA route.
Any advice would be great.
Thanks

Hi Iwant2befree and welcome to the forum

As you have already done Debt Remedy I’d recommend that you call the number that was in your email pack. The team there will have access to all your details and will be able to advise further.

On a general note the paragraph you quote is listed in many lease/HP agreements and is usually a standard clause. In most cases this will not affect be affected by an IVA (as long as the lease continues to be paid).

I hope this helps.

Kind regards,

Mat

soontobesensible

I think I really am in a mess now!!!!!!!!

Believe it or not I am currently holding a substantial amount of money for a friend who has been in dire straights and is saving for a new home ( I may be in hardship myself but I'll blow my own trumpet and say that I am a GOOD friend). The money is in a deposit account of mine for a number of reasons. I am due to hand it over to her soon!

What I'm concerned about is if I am made bankrupt myself which is probably quite likely, what will the OR think if he checks my accounts and sees that I have given this amount of money to this person? My worry is that he may try to get it back thinking that it is mine???

Any suggestions?:o