a potential fly in the ointment ?

In_a_Mess_3

So we have been at rock bottom this week, resigned to bankruptcy, I would have to stop working as the car can't be fixed and that was that...

However..

I applied for a job a week ago with a local garage and hadn't heard anything so assumed a no, they phoned just now, want my cv and I am to go in for a chat either tomorrow or early next week, so I may have got a job!!

I don't know what to do now!! It is the same annual wage as I am on now so still not enough to cover everything, so we still need to do something, but do we still go for bankruptcy or look at an iva?

Or is it bankruptcy with a voluntary payment for 3 years?

Which is really best?

I know you can't tell me what to do but would appreciate some views.

Thanks!

philnicandamy

Well...both ways your credit files are screwed for a few years....IVA's are in my mind only useful IF you have assets to protect....bear in mind IF you did decide on bankruptcy the IPA payments may not come into effect what with extra expenses starting work etc....and then IF an ipa was placed on you its 3yrs and can be frozen IF your circumstances change

Entirely in your court i'm afraid....

CCCS_Sarah

In_a_Mess wrote: »

So we have been at rock bottom this week, resigned to bankruptcy, I would have to stop working as the car can't be fixed and that was that...

However..

I applied for a job a week ago with a local garage and hadn't heard anything so assumed a no, they phoned just now, want my cv and I am to go in for a chat either tomorrow or early next week, so I may have got a job!!

I don't know what to do now!! It is the same annual wage as I am on now so still not enough to cover everything, so we still need to do something, but do we still go for bankruptcy or look at an iva?

Or is it bankruptcy with a voluntary payment for 3 years?

Which is really best?

I know you can't tell me what to do but would appreciate some views.

Thanks!

Good Luck with the job!

I would see what your budget looks like once you’re back in work as there are a number of possible options you could look at.

What are you doing at the moment, making token payments?

Sarah

In_a_Mess_3

Thanks Phil very interesting. Food for thought!

Sarah, up until this month we have been paying the full amount, we have offered token payments to some of our creditors but they have said no, we are going to the CAB on Tuesday so they may have more success!

CCCS_Sarah

In_a_Mess wrote: »

Thanks Phil very interesting. Food for thought!

Sarah, up until this month we have been paying the full amount, we have offered token payments to some of our creditors but they have said no, we are going to the CAB on Tuesday so they may have more success!

When it comes to making token payments, just pay them what you can afford. Even if this is only £1. If the creditors say they are not accepting the payments – send it anyway. If you make the payments either through a standing order or payment book, rather than direct debit, this way you will have control of your payments.

Good Luck with your appointment next week

In_a_Mess_3

Ah right, so if we just make a little payment through our bank is that ok? even if we don't tell them? and is it a good idea to do that then?

Sorry about all the questions!

CCCS_Sarah

In_a_Mess wrote: »

Ah right, so if we just make a little payment through our bank is that ok? even if we don't tell them? and is it a good idea to do that then?

Sorry about all the questions!

If you are unable to meet your contractual payments, you can offer reduced amounts based on your budget. As you won’t have your budget until you have had your appointment with the CAB you can offer an amount you can afford until then.

If you have any debts with your current bank, you would need to open a new account somewhere else. This is to make sure they don’t just take the money from your account anyway. You don’t have to justify yourself to your creditors but you could just say you in financial difficulties and have an appointment with the CAB.

In_a_Mess_3

Thanks again Sarah, my husband phoned Egg to ask if they would take reduced payments, the amount due this month is £290, he asked if they would accept £150, they never got back to us so he called them and they said there were notes on the account that they were saying no as we had got ourselves into debt by overspending !!!!! :rolleyes:

Whats upsetting about that is that they didn't even call us to see what the problem was and why we needed it, we have in the 9 years we have had the account with them paid every month without fail, and even paid the osb in full a few times, the one time we ask for help its a big fat no! DH said we were going to the cab, and there attitude was whatever, we are still taking that large payment, well they won't be because he cancelled the dd! And we don't feel inclined to give them anything as they will just come back for more.

So I expect calls to start tomorrow as that was when it was due out, hey ho I can handle them!

Ooh now that turned into a bit of a ranty story didn't it!!

philnicandamy

Sadly though nearly all creditors are like that.....its no wonder people are so frustrated!

In_a_Mess_3

That's the thing though Phil, if they had allowed us to make smaller payments they would have at least got something, this way they're getting nothing.

Still at least all the calls we have made will have been recorded so they will at least know that we have tried, and they are to blame, or at least that's what I keep telling myself!

philnicandamy

In_a_Mess wrote: »

That's the thing though Phil, if they had allowed us to make smaller payments they would have at least got something, this way they're getting nothing.

Still at least all the calls we have made will have been recorded so they will at least know that we have tried, and they are to blame, or at least that's what I keep telling myself!

Hmm that was the same with me really.....once work finished me I contacted all my creditors with an offer of a token payment or partial payments....not a single one would accept...idiots :mad: