Ask a CCCS counsellor a bankruptcy question

CCCS_Sue

Barry1980 wrote: »

Hi Wendy
I will be paying my final contribution towards my Trust Deed at the end of this month and would appreciate any advice in helping rebuild my credit rating. I know it will never be excellent but any tips to improve it would be much appreciated.

Thanks Barry

Hi Barry

There are some good tips here on MSE!
I have attached a link for you.
http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Regards
CCCS Sue

tanyamandy

I am new to this forum and am unsure of how to post a new message so am just replying on this one... so sorry

My question is last year in july i went bankrupt and was discharged in dec 08. I have recently been thinking about the bank charges and Insurance that had helped cause my debt to et bigger and wondered whether these were reclaimable ? My bank at the time was lloyds tsb and i had numerous loans wiith them, that had been settled with another loan from them etc, also i had a CREATE credit card with them that i belive i had payment protection on? can i claim anything back or would it be frowned upon because i declared myself banakrupt?

sorry for posting it the wrong place

Tanya

philnicandamy

Hiya tanya the accounts you mention when bankrupt would then become property of the official receiver....meaning any charges you did get back would go straight to them sorry

badidea2

Hi,
I have recently been made bankrupt and have subsequently discovered my home insurance has lapsed and I need to renew asap. I have been able to get accepted for insurance but the company are insisting I pay in advance rather than in instalments due to my credit rating. I have a bank account with co-op bank who are fully aware of my circumstances and allow me direct debit facilities and yet I can't set up a direct debit to pay for my insurance with co-op insurance! Surely if I set up instalments - whether bankrupt or not - and I then default on a payment they can simply cancel my policy and therefore they carry no risk. Is it possible that there is a company out there that actually uses common sense - as opposed to the "computer says no" policy of dealing with customers - and will allow payments by instalments as I simply can't afford £150 in a lump sum?
Thanks in advance for your advice.

CCCS_Matthew

tanyamandy wrote: »

I am new to this forum and am unsure of how to post a new message so am just replying on this one... so sorry

My question is last year in july i went bankrupt and was discharged in dec 08. I have recently been thinking about the bank charges and Insurance that had helped cause my debt to et bigger and wondered whether these were reclaimable ? My bank at the time was lloyds tsb and i had numerous loans wiith them, that had been settled with another loan from them etc, also i had a CREATE credit card with them that i belive i had payment protection on? can i claim anything back or would it be frowned upon because i declared myself banakrupt?

sorry for posting it the wrong place

Tanya

Hi Tanya.

In most cases where anyone claims for bank charges, the lender will reduce the debt by the amount you've reclaimed (if successful).

With this scenario, if the lender was prepared to award your charges they are likely to deduct the charges from the debt that has already been written off. So in essence, it's probably not going to benefit you.

Regards,
Matthew.

CCCS_Matthew

badidea2 wrote: »

Hi,
I have recently been made bankrupt and have subsequently discovered my home insurance has lapsed and I need to renew asap. I have been able to get accepted for insurance but the company are insisting I pay in advance rather than in instalments due to my credit rating. I have a bank account with co-op bank who are fully aware of my circumstances and allow me direct debit facilities and yet I can't set up a direct debit to pay for my insurance with co-op insurance! Surely if I set up instalments - whether bankrupt or not - and I then default on a payment they can simply cancel my policy and therefore they carry no risk. Is it possible that there is a company out there that actually uses common sense - as opposed to the "computer says no" policy of dealing with customers - and will allow payments by instalments as I simply can't afford £150 in a lump sum?
Thanks in advance for your advice.

Hi there.

There isn't really one specific company to choose that will allow you to pay this way, so it's likely to be a case of shopping around to find someone who is prepared to do so. Your best bet is to perhaps try the comparison sites and call the favourable quotes, I'm sure you'll find one quote that will allow you to pay monthly.

Matthew.

hayley88_2

Hi,

My boyfriend (who is bankrupt) and I was in a car accident a few weeks ago, and as it was the other driver his insurance company offered us a sum of money each for the injuries to stop it going any further.
My cheque has came through in my name, my boyfriend did ask them to put it in my name too but they haven't been able to for fruad (fair enough). However, if my boyfriend puts this money into his account (then more than likely takes it out to give to me), will this cause problems with his bankruptcy?
Or is it best to get it cashed instead and lose a percentage?

CCCS_Alan

hayley88 wrote: »

Hi,

My boyfriend (who is bankrupt) and I was in a car accident a few weeks ago, and as it was the other driver his insurance company offered us a sum of money each for the injuries to stop it going any further.
My cheque has came through in my name, my boyfriend did ask them to put it in my name too but they haven't been able to for fruad (fair enough). However, if my boyfriend puts this money into his account (then more than likely takes it out to give to me), will this cause problems with his bankruptcy?
Or is it best to get it cashed instead and lose a percentage?

Hi Hayley88

If your boyfriend is undischarged from his bankruptcy he is required to report any funds received to his OR/Trustee. If he fails to do so a bankruptcy restriction order could be the result of not declaring the funds. On declaring the funds it would then be up to the OR/Trustee to deal with this as they see fit.

If he has been discharged from bankruptcy he would be allowed to keep the funds.

Regards

CCCS_Alan

Jone7y

I've just split with my partner a couple of months ago now in which we had a mortgaged house together,
neither of us could afford the mortgage on our own which resulted in us handing our house keys back to northern rock and doing a voluntary surrender.
on top of this we were behind with our,gas,elec,water,council tax and our o/draft on our joint account....and seprately in solely my name i have a big o/raft plus owe money on a credit card and catalogue.
anyway just with what i owe to northern rock alone it is nearly 60,000
plus with the over bits on top probably in the region of 65,000.

I've realised making myself bankrupt is probably the only realistic way out for me,but since looking into it i have a few concerns,
1) being the ipo/ipa payments i almost certainly have to make towards my debt,it just worries me that im going to work my !!!! off for the next 3 years only for half my free money to be taken off me? i have to work nearly 60 hours every week and if when i rent a place of my own il probably only have a few hundred left a month as it is,but then half of that will have to get paid back? is this right?
if thats the case im seriously thinking about claiming benifits and then going bankrupt as at the moment im only working for an employment agency anyway.
if anyone has been in a similer position to me and understands my concerns i'd be really grateful for some advice or for you to let me know what you did in your situation.

thanks Paul

active8

hey all,

my wife and myself have got ourself into quite a jiffy and we owe a fair amount to credit card issuers as well as our banks.
i am between jobs at the moment and as you should be aware there is little or not much jobs around at all at the moment and therefore this is proving tricky to pay monthly minimum payments back to the creditors.

we have written letters to the credittors today (using CCCS letter template) asking for them to freeze our accounts/minimum payments and asking them to accept offer of £1 per month to pay off gradually.

how long does it generally take for the creditors to reply? and if they dont agree what else can we do???

otherwise we have been advised whether we would consider bankruptcy and was wondering if anyone else here has ever been in a similar situation?
what would they take? would it be suss to move our expensive gadgets to someone else's house so they don't get taken???

any thoughts

thanks