Quite A few Questions...

MsLouise_2

Hello.

Ive had my interview with CCCS last week -

Im £22,000 in debt and CCCS advise me my best option in my current situation is to go bankrupt (scary thought).

they also said i could consider a DMP- Which has now got me thinking, Ive a few questions now as to my current situation.

Is a DMP an option to consider if, say if i has alot less surplus (let me explain, I based my pay on last months wage and this month its is alot less. My surplus they worked out is £148 but next month it could be £5) so long as my pay is always above my total priority expenses is this ok?

I really do agree that BR is my best option but here are a few of my concerns.

My employment field is not very secure and i'm considering moving to work abroad, say middle east or europe. Is it likely i'm going to have problems if I went ahead with this? (thats why i'm considering a DMP for now until my job life is stable, I dont want to be turned down for a job due to BR and this could also effect my living situation if having to move etc. Would it be OK to start with a DMP and then consider BR in 6 months or so)?

Currently i'm renting a house and my brother is a guarentor for me, is he likely to be told about it? ive checked my tenency agreement and BR is not mentioned.

Ive opened a new account with Alliance and Leicester, its a basic account with no overdraft. i emailed them to see if I would be able to use this account once bankrupt and they said yes, it is still possible or do you think it will be closed?. Has anyone had experience with them??


sorry just a couple more questions.

with BR, you are normally discharged after the year, does this mean you keep paying what you can afford for the first year and the OR checks up on you regularly?

Also, just thinking of the future if i went BR, if I was to move into a home with my boyfriend and we rented in the next 2 years. Would I have to tell him about my situation, I presume I would fail getting reference checked but do people have experiences of moving house etc? i just know i'm not going to be living where I am for 6 more years.

Thank you in advance everyone.

skylight

MsLouise wrote: »

Hello.

I
My employment field is not very secure and i'm considering moving to work abroad, say middle east or europe. Is it likely i'm going to have problems if I went ahead with this? (thats why i'm considering a DMP for now until my job life is stable, I dont want to be turned down for a job due to BR and this could also effect my living situation if having to move etc. Would it be OK to start with a DMP and then consider BR in 6 months or so)? The job or the country not letting you in?? Most countries are AOK and will not refuse a visa, but I would recommend that you contact the Emabssies of the countries concerned to find their stance on this. As to the actual job, unless they ask or its a FSA role then it shouldn't be a problem.

Currently i'm renting a house and my brother is a guarentor for me, is he likely to be told about it? ive checked my tenency agreement and BR is not mentioned. Probably. You will be asked to pass a copy of the contract to the OR. He can come off being a guarantor but this would have to be agreed with the landlord AND a new contract issued. The Landlord though is probably going to say no to this.

Ive opened a new account with Alliance and Leicester, its a basic account with no overdraft. i emailed them to see if I would be able to use this account once bankrupt and they said yes, it is still possible or do you think it will be closed?. Has anyone had experience with them?? It will probably be closed. A person may say that its AOK, but the decision lies with a computer!!! Open another one with a known BR friendly company like the Co-Op Cashminder. Its there just in case and will also help to rebuild the credit file too.


sorry just a couple more questions.

with BR, you are normally discharged after the year, does this mean you keep paying what you can afford for the first year and the OR checks up on you regularly? Yes and No. If you are asked to pay anything then that will be for 36 months from the first payment - an IPA. These are flexible though and change with circumstances (loss of job, new job, increased salary etc). You will be asked to pay if your surplus is greater than your income and then you pay at a starting rate of 50% of a surplus if that surplus is over £99. The OR does not check up on you as such, but you are expected to keep them informed of changes as HMRC will too.

Also, just thinking of the future if i went BR, if I was to move into a home with my boyfriend and we rented in the next 2 years. Would I have to tell him about my situation, I presume I would fail getting reference checked but do people have experiences of moving house etc? i just know i'm not going to be living where I am for 6 more years. If the house is being rented solely in the boyfriends name then you wouldn't have to tell the landlord as it would be the BF thats being credit checked. If you want your name on the tenancy too then you would have to mention it. Most LLs are actually OK with it all!

Thank you in advance everyone.

Hope this helps.

MsLouise_2

thanks for the reply skylight...

ive figured im going to do a DMP (if CCCS agree this), i think i just need abit of breathing space, concentrate on my job life and re assess when everything is going well.