Ask a CCCS counsellor a bankruptcy question

philnicandamy

Someone here a while ago had an interview for a position with them...cant remember their user name (it'll come to me!) nothing stopping you.....you can even work for the insolvency service once discharged as well

ah ha....dane katie

http://forums.moneysavingexpert.com/showthread.html?t=1282185&highlight=cccs+job+interview

CCCS_Sarah

caro50 wrote: »

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

Thank you for your reply.

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 ?

You would need to find out if the additional borrowing is unsecured or secured. If the debt is not secured you would not be in negative equity, speak to your lender about this.


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?

This again would be down to your lender, as you are bankrupt you may not be eligible for preferential rates. So you may need to shop around and maybe speak to a non fee charging broker to see if they can beat your rate.


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?

This would be Northern Rocks internal policies so you would need to speak to them as each lender has different underwriting criteria.

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.

CCCS_Sarah

boltonangel wrote: »

Hi

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

thanks

As far as I am aware, yes. Are you looking for a job at CCCS?

Sarah

SivEd

CCCS_Sue wrote: »

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

Hi Sue,

I am even more confused now! I called your number as you advised and the lady there didn't help at all. She told me to call the Insolvency Service - the people who had told me to seek help elsewhere - so she sent me back in a circle. I had trouble getting her to understand what my problem was and all she would say was that bankruptcy was legally binding and that any problems I had must be dealt with by the Insolvency service.

So I am totally bewildered. Should I be speaking to you or not? I could only talk to her very briefly she seemed to decide in just a few seconds that she couldn't help me and wanted me off the phone.

My reposession hearing is in just over a week and even if I can't keep the house, I'd like to delay as long as possible the eviction. I am a bankrupt with two cats, I am anticipating problems finding a flat!

Pete

cookie12

Hello!

I have a court date of 10/11/09 to go bankrupt. I am paying a mortgage, loan and payplan at the moment. I am planning to not pay these on the 01/11/09 in order to pay for the bankrupcy. My question is...once I go bankrupt I need to find the money for a bond, rent and moving costs to move into rented accomodation. I can only do this from not paying loan, mortg and payplan. Will I have enough time to save for this before I am removed from my house. I have two children 10 and 13. Once I'm bankrupt I will obviously not be paying the loan, mortg and payplan but I need to save enough to rent and move. Will the OR take this into consideration and let me keep this money to do this as it won't be an available income as it's needed to move out and rent. I think I will need 3 months of keeping this money to be able to move.

Another option could be to not pay the above for 3 months, save the money, move and then go bankrupt. If I do this will I be evicted within 3 months of defaulting as again it will take me that long to save enough? The loan is secured against the mortgage so I will definatly lose the house either way.

Thank you

Cookie12

oregonuk1

Official receiver


will the official receiver want to come to my parents house where I live and check that what fixtures and fitting I have are correct in my bankruptcy petition.


I have in my Room


1 CRT TV worth £50.00 about 10 years old
1 Digital box worth £20.00
1 Bed


clothes like 2 pair of trowses 6 jeans 15 t shirts 5 shirts 1 pair of shoes and 4 trainers 1 boots 20 pair of socks on the insolvency website where I filled my forms in it did not have a space for clothes by I have added it any way to this list


thanks


oregonuk1

fiveyearplan

Oregon - the OR will not visit your home and none of the items you listed above are considered assets therefore do not need to be listed on your forms.

cookie12

Hi sorry me again. I feel like I'm running around like a headless chicken trying to decide the best course of action! lol

Would it be possible for me to keep my house, pay the mortgage and keep the loan secured on the mortgage but go bankrupt for my credit cards only?

The amount it would cost me to rent somewhere would be about £750 per month and this is the same it would cost me to pay the mortg and secured loan so instead of the upheaval of moving etc it would be lovely to be able to stay. If this is possible then do I have a right to sell my property in the future if I wanted to move and will the OR always have the right to take the BI?

Thank you as always

Cookie12

SivEd

Hi BAAB,

blind-as-a-bat wrote: »

This is beyond anything CCCS can help you with, you need to seek help from an IP or solicitor, depending how you want to deal with it.

OK, I was hoping they could advise me about the repossession or general guidance forward, possibly about where to get some advice.
I called few IP's, but got to speak to only one, and she said that the only way she wanted to help was by becoming the trustee? I agree that I really need someone independent fighting my corner and I really need them soon as I have the repossession hearing a week today. I'll call the OR and ask if they can recommend an IP. I got the impression that because I was an individual they weren't interested, they are all "posh" accounting firms and probably charge hundreds of pounds an hour.

blind-as-a-bat wrote: »

To go for a set aside because "the order should not have been made" will only be possible if there where errors in the way the origanal petition was served to you or presented to the court.

The only thing I can think of that happened was that I was not given any advice about the bankruptcy before the hearing. I think they are supposed to ask if you have received any professional advice prior to making you bankrupt? No-one did. To be clear, I called hmrc and told them I wasn't fighting it and they said don't attend, so I spoke to no-one and maybe if I had I would have fought. I had advice from the CAB while trying to avoid BR, but not when the BR hearing was arranged. I never spoke to anyone about actual bankruptcy and courses of action that may have avoided it.

blind-as-a-bat wrote: »

Did you get notice they where going to BR you? I only ask as some dont, and the first thing they know about it is after the petition was granted.

Yes, I got notice.

blind-as-a-bat wrote: »

As for getting it annulled, you can not sell the property without the OR's permision, as it is effectivly thiers now (or at least any equity is).

I understand, anything I do must be done with their co-operation. I was surprised that the OR didn't "trump" the mortgage company though. Any profits from the sale of the house go to the OR, of course.

blind-as-a-bat wrote: »

There are a lot of sharks out there offering to help annull BR's, bankruptcy protection fund will be writing too you any time now.

DONT USE THEM.

The letter from Bankruptcy Protection Fund came in the post with the judgement, very efficient! Had about twenty offers of "help" since. I have called them (BPF), but not yet spoken to anyone. My question here is a serious one. Everybody seems to reflexively say don't use them, but why? Are they the best solution to my problem? They claim to offer something close to what you describe: bridging finance while setting up an IVA and a re-mortgage? It sounds quite close to what I am looking for. But as you say, there are a lot of sharks out there and I could end up in real trouble if they are ripping me off. While I know they will charge me thousands to arrange what they do, the OR will charge me thousands anyway which if I let BPF do their stuff quickly, would offset it... Am I missing something here? Would an IP be a better way forward? I think it would, but time is short and I seem to be getting nowhere finding an IP...

blind-as-a-bat wrote: »

See if your OR can recomend an IP to help, as you will need an Insolvancy practitioner, and some financial backing to get it annulled...

Will do.

blind-as-a-bat wrote: »

Be very carefull as it can get costly, which ever route you take, and there are a lot of sharks out there waiting to take advantage of your situation

It is sad that I didn't think I could fight hmrc, just the word "bankrupt" has made me thousands of pounds poorer! The timing of this whole affair is terrible for me, with this money coming in some time this year, this could have been a repairable problem. HMRC told me that I absolutely could not vary the charges (which are clearly not proportionate to the debt as OFT guidelines state), the OR tells me I absolutely can and that I will probably be paying closer to the original debt with few, if any charges. If that was the case initially, I would not be bankrupt now.

Oh, and thanks for your help!

Pete

2003wastheyear

Will I ever be able to get a mortgage? My Bankrp would have fallen off my credit file, but do I still have to declare it?