Ask a CCCS counsellor a bankruptcy question

CCCS_Sue

max1955 wrote: »

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.

Hi max1955 and thank you for your message

You need to contact our client support team who will do a review of your situation and give you further advice.
It may mean that you will have to reduce the amount you are paying into your plan or you may need to put your DMP on hold if you have no surplus after paying all your priority bills.
You might have to offer token payments until your situation improves.
We do have a welfare benefit support team who may be able to advice you on what benefits you may be entitled to.
If you need our client support number, let us know and we will send you a PM.

Regards
Sue

papito

Me and wife just started a IVA set up by payplan paying £320 x 5 years for 60k debt. Sometime I think I'll be better off going BR or at least one of us.....I've heard of people with £500-£600 surplus and went the br route without any problems....How to know what is our best option?

Barn31

Can anyone help? Quick BR question!

I have made the decision to go BR and have filled in both the necessary forms (Statement of Affairs and Petition) - will take them down to the court early next week. But as far as the fee goes... Do I take this in cash NOW, or do I wait to be given a date for my hearing, and go to that and take the cash then?

Sorry to ask as I bet the answer is already somewhere on this forum already! But all help gratefully received! Thanks in advance, much appreciated.

CCCS_Matthew

papito wrote: »

Me and wife just started a IVA set up by payplan paying £320 x 5 years for 60k debt. Sometime I think I'll be better off going BR or at least one of us.....I've heard of people with £500-£600 surplus and went the br route without any problems....How to know what is our best option?

Hi there.

I would have thought Payplan would have considered all your options before concluding that an IVA is your best option. Are you finding it difficult maintaining the payments on the IVA? Have you got assets to protect with the IVA?

One thing just to bear in mind is that in some cases if you were to go bankrupt with a signficant surplus, the official receiver may look at turning your bankrutpcy into a 'fast track' IVA. This isn't always the case, as there are many people who despite having a healthly surplus of money are unable to be considered for an IVA which means bankrutpcy is the only option to consider.

Regards,
Matthew.

CCCS_Matthew

Barn31 wrote: »

Can anyone help? Quick BR question!

I have made the decision to go BR and have filled in both the necessary forms (Statement of Affairs and Petition) - will take them down to the court early next week. But as far as the fee goes... Do I take this in cash NOW, or do I wait to be given a date for my hearing, and go to that and take the cash then?

Sorry to ask as I bet the answer is already somewhere on this forum already! But all help gratefully received! Thanks in advance, much appreciated.

Hi there.

You need to take your forms and the cash on the date of your hearing. Your next step is to call the county court to see when they can see you, and then you'll have a date to take your information and money down.

Good luck!
Matthew.

debtsrus

Hi,

Could you clarify the filing procedure for me please. I have downloaded and completed the necessary forms from the internet. I have printed them off and am ready to submit them.

My first question is - can I choose which bankruptcy court to file them in or must I file them in the court for the jurisdiction in which I'm living?

How do I manage my bank account arrangements? I understand that at the moment my petition is filed my bank account will be frozen. I have income and standing order arrangements so I need to set up a new account to handle this. Is it possible to organise this in advance with one of the banks suggested on the FSA site?

Thanks

Rightinit

Just a quick question, I have applied for the Mortgage Rescue Scheme as I am behind with my mortgage by 13 months £740 a month. The house is in negative equity and I have debts totalling £75,000 accumulated through a bad business venture and two years of ill health. I have two charges on my property which pushes the debt the Mortgage Rescue Scheme to somewhere in the region of £160,000 if your include the charges on the house. Original Mortgage on property £135,000. I have no way of servicing these debts and will probably go bankrupt, all the debts are in my name apart from the Mortgage. If I was to go bankrupt would the would the charging orders become unsecured therefore allowing a better chance of securing the Mortgage Rescue Scheme?

papito

CCCS_Matthew wrote: »

Hi there.

I would have thought Payplan would have considered all your options before concluding that an IVA is your best option. Are you finding it difficult maintaining the payments on the IVA? Have you got assets to protect with the IVA?

One thing just to bear in mind is that in some cases if you were to go bankrupt with a signficant surplus, the official receiver may look at turning your bankrutpcy into a 'fast track' IVA. This isn't always the case, as there are many people who despite having a healthly surplus of money are unable to be considered for an IVA which means bankrutpcy is the only option to consider.

Regards,
Matthew.

Thanks Matt
No assets as I don't own a property all debt is unsecure credit.
At the end of the day payplan makes money by arranging IVA instead of recommending BR. if there was any surplus may well be in a position to pay into an IVA and probably br was my best option. I will start first payment next week, however they now said a review of income every 3 months which was not discussed with me previously but only a yearly review of income and expenditure. This is important as some of my wife's income comes from comissions which can vary. They said they did told me but now that I signed up I've got no options.
I went to CAB and they said BR was the best option but now that I signed IVA I should continue with it.
what are my options? Should I not paid and let the creditors make me Bankrupt? or apply br myself? what are the consecuences in relation to payments arranged by the OR.

b19451945

Hello and thank you if you are reading this and may be able to advise.

I was made bankrupt in April 2009 (since discharged). Prior to this in 2008 I assigned a commercial lease for a retail unit to a third party who is now also having financial troubles and has not paid her rent for 6 months. I have recently received a letter form the landlord's solicitors demanding the money owed by the new tenant and demanded under the guarantee incorparated in the lease when we assigned.

I think I am correct in saying that as the lease was in my name and indeed subsequently assigned (if it had not been assigned it would have been disclaimed as it was of no value in any case) prior to my bankruptcy that I can not be persued for the monies owing but would like this to be clarified by a third party if possible.

Many thanks

eve_1979

Hope someone can help...sorry i dont have fulll details at the moment but here goes...sister was classed as bankrupt about 3 and a half years ago and went through moonbeavers to sort it out however she thought (and i have yet to find the paperwork) her last payment to them was sept 09 (36 months from sept 2006 - which i believe should work out to be sept 09) however she was told that her last payment was Nov 09 - but no explaination wy ( i think this was over the phone and not in a letter). But she has been informed (by letter i think) that she still owes money! However a main issue here is that she was diagnosed with a Brain tumour last year and has been in and out of hospital ever since and has not been at work and her SSP is about to stop and she wont have any money coming in, she does have some savings but she will more than likely need that to pay for everyday things (she is currently still in hospital after having major surgery on the skull just before christmas) as well as prob for carers etc as she cant dress herself, eat by herself ect for when she goes home. She really could do without this extra stress......can u let me know if my sis does still owe Moonbeavers can they get her savings even though that will be used for essential items and carers wages (we are appealing for DLA atm as was refused...this isnt until end of feb!)...

Any advice would be appreciated and i will try and find out more info when i get to see her or find the letter!!!!

Thanks in advance! Yvonne