Need Info and serious help

Billy30_2

Ok firstly hello !!!

Im split from my wife we are going thorough a divorce in may next year!. Although my finance's are in a right state just wondered if anybody could help?.

SOA are as follow's

Northern Rock = £28,000,00 (Unsecured Loan) Joint
Northern Rock = £35,000,00 (Now Unsecured Morgage) Joint

We have had the house repossesed and it's been sold these are the short falls.

Welcome Finance = £16,000,00 (Unsecured Loan) Joint
Welcome Finance = £5,500,00 My reposesed hp agreement on a car i had.

Abbey National = £2,500,00 joint
Yorkshire bank =£2,000,00

there are other's i can'tremember right now but the total comes to about £125,000,00

So i see bankruptcy as the only option just nobody will let me.

My parents say it will affect them.
landloards say it will affect them
my job may be in jepodey

So people help where do i turn cause im at the stage of .............................................................................................

stressedandconfused_2

Billy30 - I didnt go BR when I should have because I was so worried about what everyone would think, stigma, shame etc. When things got really desperate, and only after I had dug myself further and further into debt, borrowing more and more to keep up with all the payments and interest, I took out an IVA (which could be an option for you if you have enough coming in to cover your payment) which cost me £750 per month. OK, this was a massive reduction on the £1500 I had been paying out previously, but 2 years down the line, I was made redundant, took a job that I love that pays only about a third of my previous salary and couldnt keep even this up, so basically I paid £18000 that I would not have had to if I had gone BR (am sure with my salary then I would have made a contribution, but not that much) My IVA company petitioned the BR (with my agreement) when I couldnt pay any more, I am at the very early stages of the process and it is very, very stressful and upsetting, but I also genuinely feel that I am actually doing something positive, it is the only way. And the folks on this site have been AMAZING.... This time last week I first logged on, with my forms in front of me, and I wanted to curl up and die. I too had some very dark thoughts. But they have given loads of support, after nights lying awake worrying about a question,they have answered it and put my mind at rest. They have been through it so they are the best people to see you through the day to day queries and challenges, and they dont judge. Thanks to you all!.......
But have you looked into an IVA? It is a 5 year stretch, your credit rating is shot to pieces as in BR, but it probably is anyway, and your employer does not need to know a thing.
and also, (sorry, I do ramble on...) as far as I am aware, unless you are certain professions, your employer will not be told about BR... AM I RIGHT GUYS??????????

wayforward_2

i don't have answers for you but didn't want to read and run.

Take a deep breath and be assured you will get excellent advice from the wise folk on here!

Just my thoughts - BR will not affect your parents, will not affect your landlord, your job would only be in jeopardy if you are in an FSA registered role or there is some clause in your contract saying you cannot be BR.

Hold tight for some advice...

stressedandconfused_2

PS Welcome!!!
PPS We rented a house when I was in an IVA, told the landlord upfront that if he was going to credit check me he would get some horrible news, so not to bother as we would pay the rent, so he didnt and we do!
PPS I cant really comment on your family, but your BR will only affect your parents if you have joint finances with them and as far as embarrassment goes (if anyone finds out). You really have to balance this up with quality of your life and being able to sleep nights. I was gobsmacked when I told mine. My parents said they were devastated for me, distraught that they coudldnt help me out, but that it was the way to move forward. I told them ages ago it was a possiblity and havent discussed it with them since, am just getting on with it on my own and they dont ask

Billy30_2

Just looking into iva's right now thanks for your info and im a security officer and need a sia card to work so goverment cleared and all so ill try the iva and see what happens can anybody recomened a good company?

that will take on over £50,000,00 debt

Bethankim

Hiya and welcome,

sorry things are so difficult. the first thing you need to do is get some professional advice, either from national Debt line or CCCS, national debt line seem to be easier to get through too.

You will need to do this is you go down the bankruptcy route as you will need to show you have taken professional advice.

well done for finding us and there will be lots of support.

to put your mind at rest.

if you go bankrupt your parents will not be affected unless you have any joint loans or finances with them - if its a question of what will the neighbours think then t is not a reason to stop you

your landlord again unless you have a financial link (joint debts) then some landlords have bankruptcy clauses, but if you have paid your rent on time and have a good tenancy record then i cant see why the landlord would be affected because after bankruptcy you would have more money than before.

any joint debts you have with your ex would fall to her unless she is also bankrupt

certain jobs can be affected - i dont know off the top of my head all of them but it is usually ones in the financial sector covered by the FSA, accountants and solicitors.

hope that helps a bit

fiveyearplan

Billy30 wrote: »

My parents say it will affect them.
landloards say it will affect them
my job may be in jepodey

So people help where do i turn cause im at the stage of .............................................................................................

It sounds like you have had a lot of mis-information. Have you already discussed this with your parent and landlord? What type of job do you do and what type of company (ie insurance co/bank etc).

So_Sad_Angel

Hi Billy & welcome.

BR would not effect your parents...they don`t even need to find out...personal financial matters are just that...personal.
Landlord may find out but if you are a good tenant then it should`nt make difference either...good tenants are hard to find. It is likely that they would`nt find out either.
Work...this is a tough one...depends on your job...FSA regulated roles can be affected as can Accountants/lawyers etc but this is by no means certain.

Please get advice from one of the debt charities....CCCS/Nat Debtline/CAB. BR is always the LAST resort so find out what your other options are.

Remember any decision is yours alone....do what is best for you & remember no debt situation can`t be resolved...its just finding the right option for you.

You will get lots of support & help on here...read as much as you can...get informed & that will make you feel so much better.

Debt crisis is very emotional...even for the toughest amongst us...so if it all gets too much do out for a walk or drive for some fresh yorkshire air....I was there yesterday & it works wonders.:j:j

Angiexx

Bethankim

Hiya again

just had a quick look on the SIA website and cant see anything about your license being revoked if your a bankrupt, are you sure about this and have you taken advice?

sound like you have been told some things that are very inaccurate - although of course double check your job details.

stressedandconfused_2

I wouldnt like to recommend an IVA company, mine were very helpful (they did advise BR at the beginning, which is unusual apparently as they dont make as much money out of that and someone on here even commented that they were surprised that the IVA co. petitioned my BR as some make it v difficult, again because they lose money.

Speak to CCCS or CAB definitely. CCCS are very very helpful. My other advise is to be very, very careful of the IVA company. There are some real sharks out there and I hear of people believing they are in an IVA, making payments, only to find it was never accepted and being hounded by creditors. Also I nearly signed up with a company who said that as Northern Rock were one of my main creditors, it would be best to leave them out of the IVA, as at that time (couple of years ago) NR were v awkward about IVAs and would probably not agree to it, so I should exclude them from the proposal and pay them off separately.... Luckily I found out in time this is fraudulent and illegal.

Mine seemed very good, were helpful and approachable, only met them once, did most stuff on email, but I do not want to recommend in case anything ever went wrong.

Speak to CCCS for sure and wishing you the very very best of luck

Billy30_2

Ok guys i'm finding ur info really helpfull let me update some info.

Iam currently living at my parents after seperation my parents run a buisness and don't want there address to be comprimised.

If i was to rent i would have to tell a landlord about my intentions because then again he will not want bankrupcy or iva on his/her doorstep.

I'm at catch 22 every time i wanna sort this mess out obstical's get put in the way.
currently no-one finacially know's where iam living although i have been intouch