Ask a CCCS counsellor a bankruptcy question

summer19

Hello can u tell me If we go bankrupt will we loose our car, its on hp with 2 years left, it would be worth about 6-£7000, and we owe about £3500 on it. any help would be usefull.

Alliec

Hi,

I am currently not working, on DLA & Income Support which is due to run through to April next year, after which who knows what is going to happen. My options are to try and arrange repayments with creditors or file for bankruptcy. If I were to arrange repayments I wouldn't be able to repay everything before April of next year and I would be left with relatively little to live off until then.

My question is, does DLA "count" when calculating incomes & such and is bankruptcy my better option considering my circumstances?

CCCS_Matthew

TOTO wrote: »

Hi

Im renting a new house and need a guarentor, my parents have said they will but they have been bankrupt, the lettings agent said thats ok they just need a satisfaction letter, what is that and how do they get this?

It's likely that they want confirmation that they have been discharged from bankruptcy. Once your parents are discharged they should have a certificate which proves their bankruptcy is finished. You'll need to check with your parents to see whether they can photocopy so you can send it to the letting agent.

Regards,
Matthew.

CCCS_Matthew

Pip2010 wrote: »

I do have a CCJ and will go BR next month would like to know if i'm still liable to pay this CCJ or if it will be included on my BR. I have been working part time but today i had to resign as my job is quite demanding (work in palliative care)and i'm a nerve wreck at the moment so is not an option to carry on doing that job .I won't be able to claim JSA for 3 months so will be looking for another job but can't afford to pay my CCJ as it is for more than £5000 well won't be able to afford anything .Can you please advise ?

Hi there.

You're CCJ would be included within your bankrutpcy so you wouldn't be liable to pay anything.

Hope this helps!
Matthew.

CCCS_Matthew

EASTLAND wrote: »

(I've tried sending this as a Private message but It doesn't seem to work)
Hi
My name's Chris and I've had a gambling problem for a number of years. I currently have debts of around £30,000 in the form of loans and credit cards, the majority of which I used to fund my gambling. In Jan/Feb of last year it reached the stage where I was taking out credit to cover the payments on other loans and credit cards and I couldn't meet the minimum payments. I contacted Payplan and managed to reduce my monthy payment to £350. Some creditors froze interest, some didn't.
Unfortunately, I hadn't sorted out my gambling problem and I took money from the company I worked for to use to gamble and try and clear my debts. I began taking more and more to try and gamble and replace what I had taken and it reach the stage around 10 days ago where I had stolen £45,000 and my employers found out. I am currently awaiting trial and the likely sentence is 18 months - 2 years.
I am looking at making myself Bankrupt as I am currently unable to work due to depression and anxiety and it is likely to be at least 18 months before I am able to work again. I also have no money or assets. I'm currently seeking help for my gambling problem and am totally ashamed of what I've done.
The reason for me contacting you is to find out what the implications are of both my gambling problem and the impending court case in relation to making myself bankrupt. The majority of my debt is over 12 months old apart from around £1500 in the form of payday loans which are due at the end of this month

Hi there Chris.

We did get this through the PM's so I've responded to you directly.

Cheers,
Matthew.

CCCS_Matthew

summer19 wrote: »

Hello can u tell me If we go bankrupt will we loose our car, its on hp with 2 years left, it would be worth about 6-£7000, and we owe about £3500 on it. any help would be usefull.

Hi there.

As a general rule, HP is not allowed as an expense within bankrutpcy as it's a form of credit.

However, I'm aware that sometimes a court will allow you to keep it. Whether or not would depend on the cost implication on a monthly basis in relation to your income, and whether it's an absolute necessity. The other issue is whether or not the HP finance company would allow you to keep the car, as there maybe a clause in the agreement that says you cannot keep the car if you are made bankrupt.

So checking with the HP company is your first port of call to see where you stand, and then maybe consider speaking to the insolvency service to see whether or not they could give you any indication to whether you would be allowed to keep it.

Regards,
Matthew.

CCCS_Matthew

Alliec wrote: »

Hi,

I am currently not working, on DLA & Income Support which is due to run through to April next year, after which who knows what is going to happen. My options are to try and arrange repayments with creditors or file for bankruptcy. If I were to arrange repayments I wouldn't be able to repay everything before April of next year and I would be left with relatively little to live off until then.

My question is, does DLA "count" when calculating incomes & such and is bankruptcy my better option considering my circumstances?

Hi there.

Whether or not you want to included your DLA when it comes to repaying your creditors is up to you. As a rule you don't have to include it as the DLA is supposed to go towards extra care/mobility expenses that you have. However, if you have money left over after the costs and you want you use it towards your debts then you could do.

In bankruptcy however, the DLA would not even need to be included as an income. Without knowing your situation in more detail I wouldn't be able to say whether bankruptcy would be your best option.

If you would prefer to talk to a debt counsellor about your situation, you can book a telephone based appointment by calling our helpline free on 0800 138 1111. Lines are open Monday to Friday 08:00-20:00. If you do decide to call us, please have details ready regarding your income, expenditure and creditors, as this can help speed up the referral process. If you have all of the necessary information ready, it may be possible to refer you directly to a counsellor for immediate advice. Alternatively, we will arrange for an appointment to be booked at a time convenient for you.

Regards,
Matthew.

debtsrus

Hi,

I have been posting on another board on this forum about my financial problems and the general consensus of opinion was that my only real option is to go bankrupt. I really need to talk to a bankruptcy professional - person to person about this, I have so many questions. Could anyone give me a contact name and phone number?


Thanks.

debtsrus

Hi,

I found the number in the post above - I should have looked before I posted !

debtsrus.

max1955

sorry first post so bear with me
have an dmp already with cccs.
Things have went from bad to worse and business failing fast. Have been approached by an investor who will reemploy me as a manager in the new company.
Would be closing the doors of the business and reopening after a month during which time his changes will be put in operation. I will be taking a cut in wages but beggars cant be choosers and at least keeping working. What happens to my dmp
and can I claim any benefits while `unemployed` for the month as need to live? All household bills and cccs are up to date and have got a mortgage holiday at the moment.