Ask a CCCS counsellor a bankruptcy question

oregonuk1

CCCS_Sarah wrote: »

Hi Oregaonuk1,

Thanks for you reply.

Your creditors can’t have what you don’t have and really don’t feel pressured into paying more than you can afford. You would be more than welcome to come for an appointment and then we can help you complete a budget and then refer you to our bankruptcy support team if it’s your best option.

If you would like an appointment please call 0800 138 1111

To Sarah
What would the bankruptcy support team do for me out of interest?.


Thanks


oregonuk1

philnicandamy

CCCS's bankruptcy support team will be there to go through all the paperwork go through your figures debts etc with you and answer any questions you have along the line..

SivEd

I am an individual who was made bankrupt (by hmrc) about two weeks ago and had my initial meeting with the official receiver last Friday.

Long story short, although he can not officially make comment, I don't think he believes I should have been made bankrupt and "advised" me to get professional help. He specifically (pointedly almost) gave me a leaflet on annulment.

I think his main reason for this is three prong. 1) I am in full time employment earning 45k. 2) I have equity in my house that could be used to pay or part pay my creditors and 3) I have an inheritance from my mothers estate which should be coming out of probate in the next couple of months which may well cover the rest.

The debt that hmrc made me bankrupt with was, according to them 35,000, of which 25,500 is fees and charges. He seemed to think this was unreasonable and was talking in terms of them getting closer to the original 9,500 debt. In this scenario, the 28k equity in the house (assuming I get to sell it sensibly), plus a 30k inheritance would certainly pay all my creditors.

There are two other complications, one quite urgent (repossession of the home on November 3rd).

Am I in the right place? Obviously more information available if I am. I guess my dream scenario - if it is possible - is annulment and either keeping, or downsizing of my home, though at this stage, either would be brilliant.

Pete

jal2009

Hello,

nearly six years ago I was in a financial (and personal) crisis and the unfortunate end result was that I filed for bankruptcy.

In the years since I have been really careful with money and rebuilt some of my credit score with the aid of some great support from an understanding bank manager (a rarity) who even granted me a small loan for emergency private dental work. As of next April 2010, six years will have passed since this happened and as far as I am aware this should mean that my credit rating will improve substantially. How does this work though - is it automatic or do I need to do anything?

My husband co-owns our flat and we would really like to be able to buy the other half and have scrimped to save enough for a deposit - I'm just hoping that the last 6 years of rehabilitating myself bith financially and personally will allow me to get on the ladder.

Any help or advice on this subject would be really gratefully received.

J

CCCS_Sue

caro50 wrote: »

we `are considering going bankrupt but we are due to remortage our home next september and wondering if we will get another mortgage?

Our home is in negative equity and we have a large secured loan against the house with nothern rock as well.

Any thoughts would be appreciated.

Hi caro50 and thank you for your message

You could to speak to your lender and discuss it with them, but adverse credit, plus the fact you have negative equity, would make it extremely unlikely.

Regards
Sue

CCCS_Sue

SivEd wrote: »

I am an individual who was made bankrupt (by hmrc) about two weeks ago and had my initial meeting with the official receiver last Friday.

Long story short, although he can not officially make comment, I don't think he believes I should have been made bankrupt and "advised" me to get professional help. He specifically (pointedly almost) gave me a leaflet on annulment.

I think his main reason for this is three prong. 1) I am in full time employment earning 45k. 2) I have equity in my house that could be used to pay or part pay my creditors and 3) I have an inheritance from my mothers estate which should be coming out of probate in the next couple of months which may well cover the rest.

The debt that hmrc made me bankrupt with was, according to them 35,000, of which 25,500 is fees and charges. He seemed to think this was unreasonable and was talking in terms of them getting closer to the original 9,500 debt. In this scenario, the 28k equity in the house (assuming I get to sell it sensibly), plus a 30k inheritance would certainly pay all my creditors.

There are two other complications, one quite urgent (repossession of the home on November 3rd).

Am I in the right place? Obviously more information available if I am. I guess my dream scenario - if it is possible - is annulment and either keeping, or downsizing of my home, though at this stage, either would be brilliant.

Pete

Hi Pete and thanks for your message

I would recommend that you call us for an appointment to discuss your situation with a debt counsellor, as we would need more information on your financial circumstances before we could advise you further.

We do have specialist mortgage debt counsellors who could give you further help regarding the repossession.

To book an appointment with one of our trained counsellors you would need to contact our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. It would be helpful that when you call you have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have this information ready it may be possible to refer you directly to a counsellor if one is available, otherwise we will arrange a time that is convenient for you to be called back for an appointment.
Regards
Sue

CCCS_Sue

jal2009 wrote: »

Hello,

nearly six years ago I was in a financial (and personal) crisis and the unfortunate end result was that I filed for bankruptcy.

In the years since I have been really careful with money and rebuilt some of my credit score with the aid of some great support from an understanding bank manager (a rarity) who even granted me a small loan for emergency private dental work. As of next April 2010, six years will have passed since this happened and as far as I am aware this should mean that my credit rating will improve substantially. How does this work though - is it automatic or do I need to do anything?

My husband co-owns our flat and we would really like to be able to buy the other half and have scrimped to save enough for a deposit - I'm just hoping that the last 6 years of rehabilitating myself bith financially and personally will allow me to get on the ladder.

Any help or advice on this subject would be really gratefully received.

J

Hi jal2009 and thank you for your message

There is a really good section here on MSE which gives lots of info on credit files and how to improve your credit rating. I have attached a link for you:- http://www.moneysavingexpert.com/loans/credit-rating-credit-score
Hope this helps
Regards
Sue

jal2009

Thank you Sue!

caro50

Hi Sue and thankyou for your reply.

I dont think I was very clear in my previous post

Just to give you more info, we orginally took out a mortgage with northern rock on our house for £174k which we have increased over the past 2/3 years to £255k (think this is classed as a secure loan? We have always thought it was part of the mortgage. The house is now worth £235 - £240k . We also have a unsecured loan with northern rock of £27k Our fixed rate deal comes to an end in September next year and we are thinking of going bankrupt ASAP. We have never missed a payment on any of it and have never been late with a payment.

My questions are

1) Is the house in negative equity taking into account that the additional borrowing may be classed as a secure loan (not mortgage?) Or will they just look at the original figure of £174k and current value of £235 ?


2) As the fixed rate comes to an end next september will they just put us on standard rate or could they terminate the agreement as we will be bankrupt leaving us without our home?

3)The unsecured loan will obviously be put on our creditor list so will northern rock not regard us as bad borrowers once they see that and again cancel the whole mortgage agreement?

Sorry to ask so many questions - we just want to be sure of our position as at the moment I am sick with worry and 6 months pregnant . Not a good combination.

Many Thanks

boltonangel

Hi

I know this is off topic but is a bankrupt able to work for cccs?

thanks