26 yr Old Single Lad just Bankrupt (panic stations or Not?!_

fiveyearplan

I would advise you to post up your SOA before you send it in to them so can maximise your expenses. A lot of people underestimate how much they spend on things and you will not have credit to fall back on so need to 'cushion' your SOA if possible to account for any emergencies that might come up.

serenity34_2

richyorks wrote: »

I do have a car. Its worth about £2000.. Iam guessing I will be fine with it...
I have taken advice from Payplan, and CCCS but they just told me the options without going into great detail. My family have been very suportive indeed.

I guess I just need to chil out for abit..

Sorry guys

I'm disappointed that CCCS/Payplan didn't go into more detail when it was clear you were considering bankruptcy. As a debt adviser it is important to outline all relevant options and let the client decide, to some extent. But by the same token you should have been told in more detail about IPO/IPAs and stuff.

Your car is an asset so depending on the OR's view it may be sold. Generally ( and this is generally, it will vary quite a bit due to the ORs having a lot of discretion ) if a car is worth £1k or more they are more liely to take an interest. It may not be an issue at all but you are best to be aware. I have known clients who have had cars worth less than £1k sold but this is the exception rather than the rule.

MicheH

serenity34 wrote: »

I'm disappointed that CCCS/Payplan didn't go into more detail when it was clear you were considering bankruptcy. As a debt adviser it is important to outline all relevant options and let the client decide, to some extent. But by the same token you should have been told in more detail about IPO/IPAs and stuff. QUOTE]

I can say that the national debtline did not go into anything like this with me. I had numerous phonecalls with them and although I knew exactly the consequences of going bankrupt I had no idea of anything to do with an IPA/IPO.

serenity34_2

MicheH wrote: »

serenity34 wrote: »

I'm disappointed that CCCS/Payplan didn't go into more detail when it was clear you were considering bankruptcy. As a debt adviser it is important to outline all relevant options and let the client decide, to some extent. But by the same token you should have been told in more detail about IPO/IPAs and stuff. QUOTE]

I can say that the national debtline did not go into anything like this with me. I had numerous phonecalls with them and although I knew exactly the consequences of going bankrupt I had no idea of anything to do with an IPA/IPO.

That's disappointing too. It's certainly 'standard' advice which should have been covered by any of those 3 organisations

richyorks

****Update****
Hi there
Ok the good news is that I have managed to re-arrange my telephone interview for Thursday at 10am. Thats the day I have off work which is great. The paperwork is getting sent off tomorrow.

I am a bit worried about my car though. I have a Fiat Sport active Punto (05 Plate) which is worth about £2k ish... Is there a great wish that this car will be taken from me??

Rich

boomboom7762

When i went bankrupt in 2007 my Vectra was worth about £2500 i was told that it wasn't worth taking as it wouldn't fetch nearly enough at auction.

miss_spooky

richyorks wrote: »

****Update****
Hi there
Ok the good news is that I have managed to re-arrange my telephone interview for Thursday at 10am. Thats the day I have off work which is great. The paperwork is getting sent off tomorrow.

I am a bit worried about my car though. I have a Fiat Sport active Punto (05 Plate) which is worth about £2k ish... Is there a great wish that this car will be taken from me??

Rich

Hi Richyorks,

Where did you get the valuation from? The OR's usually use Parkers Guide, try this and select the best option. There is trade, part x, private good & private bad. I went by private good and was told by my OR that the val was spot on...

Also use this link & post back your Income & Expences. Then we can have a look for you. http://www.makesenseofcards.com/soacalc.html
It doesn't matter if the firgure are different from what you put in your SOA, you are allowed changes. Do it asap then we'll have more time for to check it for you.

Good luck.

So_Sad_Angel

richyorks wrote: »

****Update****
Hi there
Ok the good news is that I have managed to re-arrange my telephone interview for Thursday at 10am. Thats the day I have off work which is great. The paperwork is getting sent off tomorrow.

I am a bit worried about my car though. I have a Fiat Sport active Punto (05 Plate) which is worth about £2k ish... Is there a great wish that this car will be taken from me??

Rich

Good luck with the interview Rich.

As regards the car....you work in Leeds & need a decent reliable vehicle to be able to get to work.. The OR usually limits £2k on value & as you need it to travel the M1 everyday I would think it reasonable to say that without your car you cannot work. Rail/bus links are far more costly ( I know I did that same journey every day for 5 years!!)

The OR interview is a two way conversation so you will be able to discuss the car issue in the call.

let us know how it goes.

Angiexx

richyorks

I have just done some reserch and my car is actually worth about £3kish.. so a bit worried now!.. But we shall see I guess on Thursday. I really need the car for work. But we shall see wot they say

tigerfeet2006

How much did you put on the form? If the lower amount, then don't tell the OR that the you think it isworth more unless asked specificly about it.