A few questions pre bankruptcy

fiveyearplan

I'd stop paying the loan immediately and save that money for fees first of all then buy your son the bed and household items. I wouldn't put any of that stuff on credit if at all possible to avoid it.

desperatetobedebtfree

My son needs a new bed, wardrobe ( door is falling off and not repairable...my dad did try) and if possible a book case/storage.

Also need a tumble dryer...the twenty year old one I was given is going to go bang anyday! ok not essential as could live without but in winter using clothes horses continually would cause damp in house with landlord would not be happy with. I try not to use it now as it drains electric but sometimes when you have a wet spell its unavoidable.

TV unit (very old and secondhand) is also falling apart but again not an essential purchase I suppose. Just my son is becoming more and more likely to have an accident with it as not very sturdy. I just wish he would understand the meaning of NO sooner rather than later!

Understand that a third party would need to pay for car. Would the OR expect me to show Car insurance cancelled and they would need to show they had car insurance for it when they buy it back. Or is like a friend has said they would like to pay x amount and he agrees and they pay him the money without the car leaving the driveway?

The reason I can not afford loan anymore is because ex partner has stopped maintenance due to change in his financial cricumstances..which wont be improving in short term. This money is about the same as loan payment hence why I will be spending more on credit over next few months unless I default.

Merry_Gentry

The problem with using credit to buy these things is that you know you will not be paying it back. I agree with Fiveyearplan, stop paying everything, save the fees, and use the money left over to buy these things - please, don't put them on your credit card as it may come back to bite you.

desperatetobedebtfree

Ok so no using the credit cards from now on then...just default on all. What about the HSBC one? I have a current account with them and they could offset it couldnt they? The repayment is small about £13 a month. I can afford that.

The other two are £25 each and loan is £237. They have no way of outsetting monies. Do I write to them/contact them?

salamjanab

Hi, if I stop paying for mortgage (and my house gets repossessed) - will it show me as bankrupt?
What are the disadvantages and consequences if I default on mortgage and my house gets repossessed (other than losing my house)?
What are the disadvantages and consequences if I become bankrupt? Anything I should consider before stopping mortgage payments?
tia

salamjanab

sorry Merry_Gentry - i think again to the wrong thread. i will try again.

lisamummytoarchieplusbump

desperatetobedebtfree wrote: »

Ok so no using the credit cards from now on then...just default on all. What about the HSBC one? I have a current account with them and they could offset it couldnt they? The repayment is small about £13 a month. I can afford that.

The other two are £25 each and loan is £237. They have no way of outsetting monies. Do I write to them/contact them?

ring the co op or barcleys and get an account with them, the co op do it over the phone and i cant remember if they give you account details straight away or in the post a few days later, either way as soon as you get the account number, contact your wages department at work, or if youve already left work by then, details to Child Benefit office and make sure they know new account details as this takes about a month to do. then contact all your DD not cc/creditors just normal bills and let them know, then take the last bit of money out HSBC then stop paying creditors, that way they wont take any off you.

use that money that you would have been paying creditors to buy your sons bed, save fees etc

you do not need to do anything with the car dont cancel nothing. you do not need to do anything with the logbook either, basicly when the OR contacts you about the car and asks for a third party to buy it, they just get a sort of reciept from the other person saying they have bought it. so insurance stays in you name so does logbook as the registered keeper is not always the owner. as long as the OR has proof for their records that the car has been bought by a third party then its not yours so not an asset

lisa x

786

You may get a problem with coop.

If so, Nationwide may be better.

barloo69

desperatetobedebtfree wrote: »

My son needs a new bed, wardrobe ( door is falling off and not repairable...my dad did try) and if possible a book case/storage.

Also need a tumble dryer...the twenty year old one I was given is going to go bang anyday! ok not essential as could live without but in winter using clothes horses continually would cause damp in house with landlord would not be happy with. I try not to use it now as it drains electric but sometimes when you have a wet spell its unavoidable.

TV unit (very old and secondhand) is also falling apart but again not an essential purchase I suppose. Just my son is becoming more and more likely to have an accident with it as not very sturdy. I just wish he would understand the meaning of NO sooner rather than later!

Understand that a third party would need to pay for car. Would the OR expect me to show Car insurance cancelled and they would need to show they had car insurance for it when they buy it back. Or is like a friend has said they would like to pay x amount and he agrees and they pay him the money without the car leaving the driveway?

The reason I can not afford loan anymore is because ex partner has stopped maintenance due to change in his financial cricumstances..which wont be improving in short term. This money is about the same as loan payment hence why I will be spending more on credit over next few months unless I default.

Hi, I sure you got a million and one things to be doing at the moment sorting out your financial situ, but I just wanted to say in relation to you needing new things... tumble dryer etc. Have you checked out your local freecycle website, freecycle.com . This website is really good for helping people like you & I, as everthing is free. I sourced a practically new washing machine from it. Am very happy.

Anyway good luck with your BR. Try and keep smiling through it.

Moderators, Im sure you already aware of this fantastic money saving site but not sure if Im breaching MSE rules for posting up this organisation, is so Im really sorry.

So_Sad_Angel

Hi barloo69

Thankyou for reminding everyone about freecycle. I have donated but never sourced anything from there.

Well done on the washing machine.:j:j

Angiex