Debt and Bankruptcy Advise

lynzpower

Leanne

Im looking at this again, and wonder, should you go back to CCCS and ask them to lower your DMP. If you only come out with 800 a month, then you are bound to struggle. Its not on that you cant pay rent for hereon-in

Take your SOA to them again and ask them to renogotiate. Im sure Ive read on here that it can be done

leanne11

Thanks for that. I did tell my OH that, but he just said "thats what people say, but it could still effect this address". Thats what he thinks, I obviously dont know for sure. Neither does he.

smokey112 wrote:

It is only the person who is bankrupt not the address

leanne11

I did think about doing this, and you're right, I do think you can lower the payments. But, some of my creditiors are not excepting the amount that CCCS are offereing them now! So, if they lower them, they will get even less! Also, some of the creditiors are contacting me now as its been 6 months now so they expect the payments to rise!

lynzpower wrote:

Leanne

Im looking at this again, and wonder, should you go back to CCCS and ask them to lower your DMP. If you only come out with 800 a month, then you are bound to struggle. Its not on that you cant pay rent for hereon-in

Take your SOA to them again and ask them to renogotiate. Im sure Ive read on here that it can be done

Addicted2Chocolate

re: you geting amortage if bankrupt: your bankruptcy order will stay on your credit file for 6 years from date of bankruptcy order. aftr discharge from bankruptcy ( 1 year or less) your credit rating will still be affected: you may be unable to get a mortgage from a main lender, and may have to go to sub prime lenders whose rates are much higher.
will it affect partners credit: yes, only if you have or have had a financial; association with him: eg any joint loans, bank accounts, mortgages etc. If you do not have a financial association (which he can check by getting his credit files for £2) then he will not be affected. If you do go bankrupt your bankruptcy order descrption (eg Mrs Joe Bloggs a houisewife of 13 Upper Road, sometown, some country, lately of X some street, some town, some county..) will be advertised in both in the london gazette and a local paper.

leanne11

Thanks very much. We have no joint financial associations together. No loan, joint accounts, mortgages etc. He was just concerned that our address will be registared as someone having gone bankrupt. So if he then applied for a re-mortgage for example, it would effect him?

Addicted2Chocolate wrote:

re: you geting amortage if bankrupt: your bankruptcy order will stay on your credit file for 6 years from date of bankruptcy order. aftr discharge from bankruptcy ( 1 year or less) your credit rating will still be affected: you may be unable to get a mortgage from a main lender, and may have to go to sub prime lenders whose rates are much higher.
will it affect partners credit: yes, only if you have or have had a financial; association with him: eg any joint loans, bank accounts, mortgages etc. If you do not have a financial association (which he can check by getting his credit files for £2) then he will not be affected. If you do go bankrupt your bankruptcy order descrption (eg Mrs Joe Bloggs a houisewife of 13 Upper Road, sometown, some country, lately of X some street, some town, some county..) will be advertised in both in the london gazette and a local paper.

donnalove

no as stated it will only be affected if YOU go as a joint mortgagee, if he applies on his own there will be no affect of your bankrupcty on his application.

be aware though that even after 6 years, if you were to apply for a mortgage you will be asked if you are or have ever been bankrupt.

you say in a few months you will be applying for a higher paid job, would it be enough to increase your payments therefore clearing the debt quicker rather than bankrupcty?

leanne11

If a postition came up in 6 months time of more, and I got the job, my wages would be higher. I am not sure exactly how much. But I should be able to afford a bit more. I tried working it out on the debt calculator on the CCCS website and if I paid an extra £100 a month, it would clear it 1 or 2 years quicker.

donnalove

maybe you should put off the idea of bankrupcty for a bit carry on as now and see how it goes. after all you are only 25 and you will always be asked the question about bankrupcty on financial applications.
If you could increase payments and knock a few years off you will still only be 32.

Warriorsith

Hi Leanne

I'm not much up to scratch with Bankruptcy, but I suggest you shouldn't do it, it will be like a thorn in your side for years to come. You are already on a DMP and as noted above you should reask them to look at your SOA and try lower your monthly repayments until your in a more financially stronger postion ie when you get your promotions and training at work.

You've done the correct thing by posting on this site and becoming a member, we're all either in debt or have been in that postion so never feel ashamed about being in it as no one actually taught us how to manage our finainces when we're 18 and hence why a lot of us are in debt. If you look around the forums they are full of suggestions on how to save money in all types of life's situations so that can be of help to you and if one day your feeling down just start a thread and write it down whats bothering you that way some burdens will feel less heavy as the amount of support you'll receive is amazing from the members of this site.

Good Luck on your journey to being a Debt Free Wannabe.

leanne11

Thanks for everyones kind words. It helps knowing I'am not the only person in this situation, as thats how it felt sometimes. xx