Ask a CCCS counsellor a bankruptcy question

philnicandamy

2003wastheyear wrote: »

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?

Unfortunatley IF anyone asks the question "have you ever been bankrupt" then yes you do i'm afraid...there are ways mortgage providers can search as well so if you didnt declare then your in for a fair bit of hassle

After discharge years 6 and over - Quite a number of lenders will consider with a minimum deposit currently of 15%, and interest rates the same as for non-discharged bankrupts.
Even with a perfect history, a deposit of 15% is still going to result in an interest rate of 5% or 6% or more

but who's to say in the current financial climate?...someone with a squeeky clean credit rating will still struggle

2003wastheyear

merci philnicandamy xI will see how it goes and let you guys all know. We have a 35-30% deposit...

cookie1979_2

Hi All

Please forgive me as I am naive in this area and am trying to help my friend:

Basically he has a mortgage for about 120K, a 10K loan plus all bills and utilities, he is self employed and has lost his biggest earning of income and just has a part time job of about £300-400 a month. He can not afford to pay any of his mortgage, loan nor bills … He has two bank accounts and is overdrawn by £1500 in each ….

He went to citizens advice and was told just to quit work and go on the dole … he doesn’t want to quit his part time job …

Is he best to declare bankruptcy? Do you just fill the forms in, turn up to court then walk away?

Like mentioned please forgive my naivety … This is an area I have very little knowledge in …

Thanks for your help …

C x

samyc

Hi everyone

I completed my forms, got my fee and booked my court appointment, which is the 20th November!

Do you think i need to have my forms checked before i go, i have checked checked and re-checked them! Just want everything to run smoothly on the day, I have to be there for 10AM.......just wondered if anyone would like to share there experience as to how long your at the court, what actually happens etc. I'm quite scared, will i get "told off" for been in this debt, it totals up to £27K

All answers and advise muchly appreciated!

philnicandamy

samyc wrote: »

Hi everyone

I completed my forms, got my fee and booked my court appointment, which is the 20th November!

Do you think i need to have my forms checked before i go, i have checked checked and re-checked them! Just want everything to run smoothly on the day, I have to be there for 10AM.......just wondered if anyone would like to share there experience as to how long your at the court, what actually happens etc. I'm quite scared, will i get "told off" for been in this debt, it totals up to £27K

All answers and advise muchly appreciated!

Hiya samyc.....dont worry too much about the forms i'd been the same with mine a few years ago. On the day of your court apperance the court clerks (who are VERY nice) will go through ALL your paperwork with you & they'll change anything thats incorrect if needed. Most courts vary really you can be as little as 30mins or as long as a few hours

one things for sure your NOT in for a telling off

JCS1

SivEd wrote: »

Hi BAAB,


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.


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.


Yes, I got notice.


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.


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...


Will do.


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

A solicitor should be able to help you with an annullment if you are going for the grounds of payment in full.

I'll send you a pm on BPF

boltonangel

CCCS_Sarah wrote: »

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

Sarah

hi

Yes, I'm due to relocate to leeds soon so am hoping there will be jobs available at cccs in the new year.

Fingers crossed!!!!

CCCS_Matthew

SivEd wrote: »

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

Hi Pete.

I apologise that you seem to have been passed from pillar to post on this one. I think perhaps Sue has mis-read your post and didn’t realise that you had already been made bankrupt. Due to the fact you are currently an undishcharged bankrupt, there would be little value in having an appointment with a counsellor as this will only give you an idea to what your current options are, and would not provide advice on whether you can contest your current bankruptcy.

As others have pointed out, I think you would better seeking proper legal advice on this matter by contacting a solicitor. If you need help finding legal advice you could perhaps contact http://www.communitylegaladvice.org.uk/ . Apologies to pass you onto to someone else, but they are good at being able to direct you to a solicitor in your area that can help with your request.

Regards,
Matthew.

seh567

Was advised by counsellor today to go for DRO as I have now been laid of from my job and will not be able to carry on with DMP payments. Having been reading on this forum I notice that you can't do a DRO if you have a contracted out serps insurance policy or private stakeholder pension pot, which I have from a previous employer, although they are small amounts it puts me over the £300 assets limit. I have no other assets apart from an old car worth approx £1k. I have between £15 & £16k worth of debt, will CCCS be able to help me through this process or do I need to contact a court for applications and hearing date and go throught it alone. Thanks

CCCS_Sarah

cookie12 wrote: »

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

Hi Cookie,

Your priority would be to find a new place to live as soon as possible, once you find somewhere and know how much the rent and moving costs are you will be able to use the money you will normally be paying towards your debts to save for the moving costs. You will need to make sure that there is nothing wrote in the new tenancy agreement about bankruptcy.

Who is your mortgage currently with?