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Ask a CCCS counsellor a bankruptcy question
Comments
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Just a quick question....
I am an essential car user with my employer and have to have a car to do my job. My employer paid for my vehicle which is worth around £6000. They take around £270 per month off my salary for this. Will I be able to keep the car and continue to pay my employers as this is part of my term of employment to be able to do this?
Thanks0 -
I am a bankrupt due for discharge in March 2010. I am unemployed and have been for several months. The DWP in their kindness are repaying £1k of my £1.5k a month mortgage. My Mortgage company, Cheltenham & Glos have said that they would still like the £500 per month from me. I did laugh and said how do you expect me to pay you £500 a month when I only get £400, and what makes you think I would starve myself and my family to pay you???
C&G said that if I don't pay I will fall into arrears and after 4 months of arrears they may look to reposess.... but that all cases are looked at on an individual basis.
So my question is what should I do???
As I see it I have two choices
:mad:1. Ignore them, hope for the best (that I get a new job quick and can start repaying.... I know its a bit of a head in the sand approach). Take my chances if they go for repo, argue in court etc..
:eek:2. They have offered to convert the existing fixed rate (6.75%) 3 year deal (which expires in Nov 2010) deal to a variable rate of 2.5%. But I have to pay them the redemption penelty of £3.5k - like I have that. but it would bring the repayments to below what DWP are paying, so actually starts to repay capital (or in my case accrued interest from all the payment holidays etc)
They are well aware of my Bankrupt status. They are also aware that the house is in negative equity, which helped us to keep it when I went BR
So can they repossess?? Please advise.0 -
Could anyone tell me how long it should take for the OR to claim their % from extra income. My hubby has recieved extra each month since november, in varying amounts, we have sent the OR his payslips each time and waited for him to claim some of it but we have heard nothing, i have 3 lots of 70% in my account. Do i have to keep it for the full term of the BR just in case they want it? I know we could ring but I havent yet and just thought I would ask in case you know
Thanks in advance[STRIKE]Shazbo[/STRIKE]
Sealed pot number 818- target = anything will do
AD 31/7/100 -
Im on JSA ( and have been since nov ) and have around £14K worth of debt i have at last ran out of money to pay. If i got bankrupt how much will the fees be? and will my 1 CCJ be bankrupt with the others?
Thanks0 -
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
Hi debtsrus and thank you for your message
You have to go bankrupt at your local county court. I have attached a link to HMCS website which gives you details about the local court opening times etc.
http://www.hmcourts-service.gov.uk/HMCSCourtFinder/
I have also attached a link to a booklet which explains in full detail what happens to your bank account when are declared bankrupt.
http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bankaccount.pdf
Hope this helps.
Regards
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
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?
The qualifying conditions for applying for the Mortgage Rescue Scheme are that you have some equity in the property, a household income of less than £60,000, and someone in the house must have priority needs ( pregnant woman, dependant children, someone who is vulnerable due to old age, mental or physical illness) . Your local authority must also be participating in the scheme.
I do not know your full details or circumstances but you say you are in negative equity which may mean you do not qualify for the MRS.
I would recommend that you call us for an appointment to discuss this further with one of our mortgage counsellors to look at all the options you could consider.
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
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
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.
Hi papito
An IVA is a legally binding contract. Now that you have entered into it, you would need to speak to the Insolvency Practitioner who is dealing with the IVA, to give you more advice regarding this.
Regards
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
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
This has been replied to in private messages for you
If you need any more help let us know.
Regards
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
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
Hi Yvonne and thank you for your message
First of all, I would recommend that you contact the OR who dealt with the bankruptcy to see if this debt was included, as once you go bankrupt, most outstanding debts are included.
Regards
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0 -
welshman1009 wrote: »Just a quick question....
I am an essential car user with my employer and have to have a car to do my job. My employer paid for my vehicle which is worth around £6000. They take around £270 per month off my salary for this. Will I be able to keep the car and continue to pay my employers as this is part of my term of employment to be able to do this?
Thanks
Hi welshman1009
Ultimately, it is the Official Receiver’s decision and he will consider your full circumstances.
He will look at the fact that the vehicle is used for your employment.
He will also question whether you cannot reasonably travel to and from your place of employment without a vehicle, due to lack of alternative transport.
You must satisfy the official receiver that a vehicle is necessary.
If you cannot do so, and the official receiver has reasonable grounds for believing that the vehicle is not exempt from the bankruptcy, they are entitled to treat the car as part of the estate and deal with it accordingly.
Regards
SueI am a CCCS Debt Counsellor and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on CCCS in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy0
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