Help and Advice Appreciated

geraldthemonkey

Hi, I have bene trolling this forum for a while and have finally plucked up the courage to write something down.
A little about my situation :
I have debts nearing 50 k which have little or no chance, currently of paying back.
The OH and I split up and I have been paying the mortgage, which is in joint names, instead of Child Support for my daughter in order to facilitate the split. The House is in considerable negative equity and is on an interest only mortgage.
I was in full time employment until 3 months ago and am confident that I will get back in soon. God knows Im sending enough applications, however at the moment through a sideline business on ebay I am just about to make the mortgage payments and essential bills for this month.
I ahve been advised that it is certainly worth considering bankruptcy as an IVA would be unlikely to be approved as I dont have regular income currently, however there are a few questions.
The House, last summer it was £25000 in negative. Is this likely to be sold ? Or would the interest be passed on - and could this , for instance, be to my father to keep my ex out of the loop?
There is a joint account which is £2000 overdrawn, again if I was to find the money for this to be paid could I keep my ex out of this - Its my debt not hers
And finally, in a moment of great wisdom :rolleyes:, and to be fair on the advice of a bloke at the end of lloyds telephone line , I took out a £12000 loan 3 months ago(with a holiday of 3 months of which the first payment is due in 3 weeks) , forseeing that I would need to continue the payments and on the presumption I would walk back into work. Hows this going to go down with the OR ?
All I tried to do was the right thing by me and the ex by continuing and I have been left high and dry by the lack of work
All Help appreciated

Susie54_2

Hello and welcome - it's wonderful to have all the friendly advice that is freely available here:j. Not an expert but contacting one of the helplines is a good starting point - CCCS, National debtline and the CAB.
Best of luck
S x

sizzler

Sounds like debts are a bit high for an iva without a good steady income. If house is in negative value the or is usually only intrested in any equity. I had none and am trying to buy mine backfrom the or. All joint debts, your percentage would usually go to your bankruptcy estate. But it has been known for the bank to hold the joint applicant responsible.

Welcome to the foruum i have also just joined and the support is great. Good luck

sieve

sizzler wrote: »

All joint debts, your percentage would usually go to your bankruptcy estate. But it has been known for the bank to hold the joint applicant responsible.

The first bit of that is not true sizzler - if a debt is joint and one of the parties goes bankrupt, in all instances the entire debt will fall to the non bankrupt party. I don't think there's such a thing as a "bankrupt's percentage of a joint debt".

nervousmother

All joint debts would fall onto your partner. They would offer the BI to your ex i think before your father.. (dont forget she is jointly liable for the mortgage and any arrears on it)
Having that large loan so close to a BR will probably land you with a BRU/O as you took it out at the time from what i can tell you were unemployed and of course you have made no repayment on it. All paperwork will be made available to the OR so he will know if you were working when you took out the loan.

geraldthemonkey

Thanks for the replies

from what i can tell you were unemployed and of course you have made no repayment on it.

technically I wasnt but I knew I was about to be. I just thought, very niavely that I was going to walk back into work.

As far as the joint debt goes, my familly have offered to pay it off so that my ex doesnt get hastled. We are still on good terms and for her and my daughters sake I want to keep the stress to a minimum. What is the best way to go about this?

Its funny when I spoke to my dad I expected a right dressing down. Far from it he has been really supportive. Hes a printer and prints for a debt charity, even gave me the number of the person he deals with who has been really helpful.

If A BRU/O is the worst that will happen it would be worth it to stop all the sleepless nights and the zombie like status Im in at the moment . I havent missed a payment yet but in 13 days time the proverbial is likely to hit the fan.

A few basic questions :
Do I downoad the forms, fill them in and then present them at my local court to be given a date or do I phone and then fill so to speak?

Thanks to all on this board. I have spent a long time reading many threads and the support and advice is fantastic and really gives me hope for the future.

crowman19

geraldthemonkey wrote: »

A few basic questions :
Do I downoad the forms, fill them in and then present them at my local court to be given a date or do I phone and then fill so to speak?

You can fill the forms in at any point. Different courts offer different systems, some you take your forms in and it all happens on the same day and others you take your forms in 1st and then book the next available hearing date. Phone your local court to see which system they operate, they will also tell you how many copies of each form you will need.

The court may send you the copies of the forms anyway but most people find it easier to fill them in on the computer.

You have 2 options with this:

1. Fill them in online on the insolvency website.
2. Download them in word format onto your PC and then fill them out.

Doing it on the PC is easier to correct any mistakes you may make.

Look at the following links for examples of how to fill the forms in.

http://www.ned-cab.org.uk/debtselfhelp/bankruptcy_627_1.shtml

http://www.ned-cab.org.uk/debtselfhelp/bankruptcy_628_1.asp

Hope that helps.

fiveyearplan

.... or you can print out the forms and do them by hand.

crowman19

fiveyearplan wrote: »

.... or you can print out the forms and do them by hand.

True, just think most people find it easier to do on the PC incase they make a mistake.

nervousmother

geraldthemonkey wrote: »

Thanks for the replies

technically I wasnt but I knew I was about to be. I just thought, very niavely that I was going to walk back into work.

As far as the joint debt goes, my familly have offered to pay it off so that my ex doesnt get hastled. We are still on good terms and for her and my daughters sake I want to keep the stress to a minimum. What is the best way to go about this?

.

As it is a joint debt if it is paid off before your BR it will be seen as giving creditors prefferential treatment.. I would suggest you wait until after BR and then let them pay it off.

Unfortunatley even if you was in work, you knew you were going to be unemployed so you took on debt with no reasonable way of paying it back so you will get a BRO/U for this, except what the OR says and it will be a BRU this will be for less time than a BRO.

geraldthemonkey

nervousmother, thanks for your help ( and all the others) , im certainly not trying to weedle my way around anything, I knew what was coming and acted like a fool for which I am quite upset with myself about.
Sorry for all the questions (and thanks for the answers so far) but heres another one.
I live in one county but the nearest court 9by some distance) is in another is it a case of phoning them both to see who I deal with.
Again thanks for all your help at what is truely a depressing and humbling time.
gtm