Ask a CCCS counsellor a bankruptcy question

carole444

Hello, I am one year into a dmp with the cccs. My debt has reduced from 30k to 24k. My income has recently changed and basically all my wages now pay my monthly debt. Luckily my husband pays everything else but we are really struggling to get by.
I am thinking about the option of bankrupcy. I have no assets apart from being the joint owner of our house. My question is this: can I sign over the ownership of our house to my husband and then not have the house listed as an asset?

jessie23

Hi, Can someone please advise me as I have run out of options.

My husband an I have a lot of debt and are struggling with the repayments. Some companys are now threatening court action, which is very worrying. We have filled in the debt remedy and was advised to look at an IVA. We were refused as we both work. So we were then advised to write to these companys and ask that they stop the interest for a little while. We had no joy with that either. I can't find any other option to try. I know we haven't helped ourselves by getting in this mess but we also seem to be penalised because we are working and have a mortgage!

Please help!

CCCS_Sarah

Iwillover-come wrote: »

I owe £39k in Credit Cards, Overdrafts, Personal Loans. I also owe £135k on my mortgage, this was after the collapse of a successful business concerned with the housing market and an unreliable income.

I am pretty frightened because I dont know whats going to happen.

The only asset I have is my home, it is work approx £150k.

I currently dont have an income but am desperately job hunting.

I have done a budget and I need £900 to pay all essential living expenses and priority debts, I think I will get about £1000. This doesnt allow me to pay the credit cards, overdrafts or loans.

I am speaking to a counsellor on Friday but I am a bit worried and want to know, am I going to be made Bankrupt ? is there any other way around this ? I dont want to lose my home or my dogs.

Hello,

Thank you for your message. Is your appointment today? If so, good luck. I would not be able to say if bankruptcy is an option on the forums as I don’t know your full financial details.

Let me know how you get on with your appointment and if you have any questions give me a shout.

Sarah

CCCS_Sarah

ash5896 wrote: »

Hi everyone i'm new to this site and have a real worry about my debts.
I have used credit cards regularly since 1996 and have always paid above the minimum every month even clearing and starting again.

unfortunately due to an illness i have been unable to meet even min pmnts and have contacted the card companies but they have obviously not been helpful.

currently my only income is DLA and industrial injuries benefit which totals approx £97.00 per week. my total debt is around 29k. Please dont think i dont pay my debts etc i had a good job but due to a permanent disabilty i am now unable to work and have been finished off from my employment hence not being able to afford the payments.

i have spoken to National debt line and they have advised bankruptcy and advised i write to the card companies and offer token payments in the meantime which i have done but they still not replied. i know there is no way of me ever returning to a highly paid job as i had before my illness but would like to pay my debts off.

can some one please tell me what the consequences of bankruptcy could be as i currently live with my children in my girlfriends house and dont want to bring my children and girlfriend down with me. i do own a car but it is my only way of getting out of the house as i cant walk. i have never been so frightened as i am now and am constantly ignoring letters and calls from these card companies

any advise greatly appreaciated

Hi Ash,

Thank you for your message.

You need to make sure that you open the letters to see if the debts change hands or in case the creditor goes for a County Court Judgment.

How long have you lived with your girlfriend for and is it her house or rented?

Sarah

CCCS_Sarah

mushally wrote: »

Hi. Myself and my partner who are not married but have lived as a couple for 7 years, are waiting for a creditor to make us bankrupt. A credit card is in her name, a credit card is in my name and a bank loan is in both our names. Do we have to fill the debtor application pack 1 in just my name or is it a seperate application for each of us?

Thanks in advance...

Sorry little confused by your message. Are you petitioning for your own bankruptcy or is a creditor making you bankrupt?

Sarah

CCCS_Sarah

mustbedebtfree wrote: »

Hi

I'm in Scotland and have sought advice and brankruptcy is the only option for me.

I'm begining to be really stressed out by the constant hounding by creditors and threatening letters.

I dont qualify for LILA and wondering if there is a quicker way than waiting for a charge for payment. As i hear that can take longer than a year

Would getting a trust deed and failing it be an option??

MBDF

Hello,

Unfortunately I’m not trained in Scottish debts, so I will send your message to my colleague in Glasgow and get back to you.

Sarah

CCCS_Sarah

peter_gee wrote: »

Hi, I have a private pension that I started many years but I don't contribute to anymore, I hope to one day be able to drew on this pension when I reach 65, in about 16 years time, I am declaring banrupcy at the moment but I am worried that I may lose my pension buy declaring bankrupcy.

Can anyone help please.

Peter..

Hi Peter,

Thank you for your message.

Your pension should be fine. Have you already put together a financial statement to look at all your options?

Sarah

oregonuk1

To Sir,madam


I am going bankrupt next month because this is the last month I can pay my one of my debts and I want to do it before I start getting calls asking why I have not paid I have been living on what friends can give me and only get £257 a month JSA which can be cut at any time and with my mental health problems it could be years before I get a job the cab says it is fine to go bankrupt because you can no longer pay after this month but the national debit helpline just pay each creditor £1 now why would I want to rack up more debt and get phone calls CCJ and have bailiffs coming to my Parents house taking there stuff which is nothing to do with me and my stuff this would just cause more mental health problems for me I just want to go bankrupt and get it over and done with.


Thanks


Oregonuk1

CCCS_Sarah

carole444 wrote: »

Hello, I am one year into a dmp with the cccs. My debt has reduced from 30k to 24k. My income has recently changed and basically all my wages now pay my monthly debt. Luckily my husband pays everything else but we are really struggling to get by.
I am thinking about the option of bankrupcy. I have no assets apart from being the joint owner of our house. My question is this: can I sign over the ownership of our house to my husband and then not have the house listed as an asset?

Hello,

Thank you for your message. I would recommend that you call for a review of your account then we can look at all your options. If you transferred the house over into your husbands name this could be classed as disposing of your assets, but depending on how much equity there is in the house your husband maybe able to buy this off you – you would need to check this with the official receiver.

Sarah

CCCS_Sarah

jessie23 wrote: »

Hi, Can someone please advise me as I have run out of options.

My husband an I have a lot of debt and are struggling with the repayments. Some companys are now threatening court action, which is very worrying. We have filled in the debt remedy and was advised to look at an IVA. We were refused as we both work. So we were then advised to write to these companys and ask that they stop the interest for a little while. We had no joy with that either. I can't find any other option to try. I know we haven't helped ourselves by getting in this mess but we also seem to be penalised because we are working and have a mortgage!

Please help!

It’s hard to give you detailed advice as I don’t have your full financial details. Have you applied for an IVA and been refused or have you decided you don’t want to go down that route?

If you are making reduced payments to your creditors then you need to pay them what you can afford, if they say they are not accepting the amount – just send it anyway. You will need to make the payments either through a standing order or payment book rather than direct debit so you have control over the payments.

You may wish to call our debt remedy team and ask them to talk through your options as they will be able to view your budget. If you need their number send me a PM.

Sarah