In such a mess...

shellsuit

Back in February this year I set up a DMP for mine and my fiances (fiance at the time) debts. The debt was 22K, 16 in my name and 6 in his. (Don't ask, I'm an idiot, I know that now)

In the middle of May, he left me. I had to leave my job so I could be there for the kids so ended going back onto benefits.

He said he would carry on paying the DMP but after me finding out some awful things, I can't trust him to pay it, especially as I just want to cut all ties and move on which I wouldn't be able to do if I was worrying every month about whether he would make the payments for the next 5 years or so.

I could set up a new DMP for just myself, but being on benefits, I would probably be dead before it would be paid off, and I feel it is totally unfair how I'm landed with the majority of debt in my name when the money was spent between us over the years.

I don't own my home, don't work, have 2 children so the only way I can see out of this is to go bankrupt so I have a clean slate for myself and the children.

I've just been on the insolvency site and it is overwhelming with information that I am really worried about.

Bank accounts getting frozen - I have a basic bank account now which I set up 2 months ago to have my benefits paid into - would the bank still let me have the account (HSBC) because all that goes into it is benefits?! If they closed it, what would I do then??

When it says that they can seize any assets to help pay off the debt, what kind of assets would these be?

Could they take the PC (which is really my lifeline now) or even the kids games consoles/games etc?

There is nothing much more than those which are worth a lot but I am worrying that people will come in and say 'that, that and that are worth something so we will take them'.

I don't know what to dooooo

nellis10

just wanted to give you a hug :grouphug:

shellsuit

Awww thank you Nellis

lyric_grace

I know your looking for advice but being new so MSE myself I don't really have much advice to give you right now, but you've def come to the right place, there seems to be alot of support from people on here and i'm sure someone will type you a great helpful reply soon.Just wanted to say don't worry your not alone I know how you feel! We will get through this I promise!
Hugs from me too xx

lynzpower

Oh darling- massive hug

My feeling is go back to the DMP, get him taken off it, and carry on. Yes it might look like you are in this from here to eternity, but you dont know, in a few years when the kids are older you could get a job and re-adjust it.

I also think your basic bank account is safe, who is your DMP with ?

shellsuit

Thanks Lyric

It's been 2 months already and it's not that I've been sticking my head in the sand, it's been getting used to being on my own again, sorting money out, keeping happy for the kids and a few times already something has cropped up about bills and I have had to ring him - then I'll sit and think I can't carry on like this for the next X years!

I want my money/finances/debts etc to be mine and mine alone from now on, so I only have to worry about what I do/need to do and not what anyone else does.

There's another question if anyone else has done the BR thing recently.

If I were to get a job, how would that affect me? Do I have to tell them everything I do concerned with money?

I want to take driving lessons and get a cheap run around, would I be able to do that in the bankruptcy stage at any time?

Eager_Elephant

Hi ribboninthesky,

The insolvency site is quite a headache for most people.

I think you have 2 choices, the 1st is as you rightly say bankruptcy and the 2nd is that if your situation is likely to improve in the future then offering all your creditors token offers until you go back to work and then entering into a DMP again.

Hopefully I can answer some questions about bankruptcy:

It is correct that they can freeze your bank accounts but this is normally for people who have overdrafts or any type of credit such as cheque books or debit cards - the very basic accounts which you sound like you have - the Official Receiver's office will normally say they have no problem with you keeping the account but the final decision lies with the bank. The OR will inform them of bankruptcy and they will make the decision.

Assets are normally things worth over say £1000 such as jewellery, antiques, cars if they are worth a lot.
Only things that belong to you could be taken so nothing of the childrens and to be honest if the PC is your only asset I wouldn't think they would want that because it is hardly going to make a dent in the debt.

The OR do not come round to your house, you have to complete the forms as honestly as possible.

It is all very relaxed - I would suggest an appointment at CAB or another money advice charity or alternatively ring Payplan or National Debtline because you will be asked if you have had any advice about bankruptcy and whether you understand the implications.

The final thing to say is where will you find the fees - at the moment about £450+ although the court fee of £150 will be covered as you are on benefits but you still need to find the £325 to actually declare bankrupt - if you go to CAB they may be able to contact charities that can help with this.

Any more questions fire away.

EE

sanfrancisco

I would go bankrupt. I presume your income is quite low? What is the chance of you getting a job in the next 1,2,5,10 years. If it quite slim and will not be well paid give it up.

From what I have read on here (but you should do more research) they would not be interested in your things, unless they are fairly new. Most 2nd hand PC's are worthless, so unless you have an apple mac or the newest PSP (?), I would not worry.

Sounds like you need to leave ratbag behind and concentrate on the kids and YOU. Good Luck.

shellsuit

lynzpower wrote:

Oh darling- massive hug

My feeling is go back to the DMP, get him taken off it, and carry on. Yes it might look like you are in this from here to eternity, but you dont know, in a few years when the kids are older you could get a job and re-adjust it.

I also think your basic bank account is safe, who is your DMP with ?

Lynz, the DMP is with CCCS. It's 16K I owe in my name and I just don't see why I would have to pay all of that on my own if I set my own DMP up when the debts were racked up between us.

It's unfair but I was a gullible fool and never ever thought for one minute I'd be in this position.

If I knew then what I know now I'd never have took on so much in my name.

shellsuit

Eager_Elephant wrote:

Hi ribboninthesky,

The insolvency site is quite a headache for most people.

I think you have 2 choices, the 1st is as you rightly say bankruptcy and the 2nd is that if your situation is likely to improve in the future then offering all your creditors token offers until you go back to work and then entering into a DMP again.

Hopefully I can answer some questions about bankruptcy:

It is correct that they can freeze your bank accounts but this is normally for people who have overdrafts or any type of credit such as cheque books or debit cards - the very basic accounts which you sound like you have - the Official Receiver's office will normally say they have no problem with you keeping the account but the final decision lies with the bank. The OR will inform them of bankruptcy and they will make the decision.

Assets are normally things worth over say £1000 such as jewellery, antiques, cars if they are worth a lot.
Only things that belong to you could be taken so nothing of the childrens and to be honest if the PC is your only asset I wouldn't think they would want that because it is hardly going to make a dent in the debt.

The OR do not come round to your house, you have to complete the forms as honestly as possible.

It is all very relaxed - I would suggest an appointment at CAB or another money advice charity or alternatively ring Payplan or National Debtline because you will be asked if you have had any advice about bankruptcy and whether you understand the implications.

The final thing to say is where will you find the fees - at the moment about £450+ although the court fee of £150 will be covered as you are on benefits but you still need to find the £325 to actually declare bankrupt - if you go to CAB they may be able to contact charities that can help with this.

Any more questions fire away.

EE

I do have 2 current accounts in my name but these were never used once the DMP was set up and the bank didn't close them. As it happens a joint account we had will be closed on Tuesday as there is nothing coming in or going out of that one and hasn't been for a long time. Me and him have arranged to go and close this one together in the branch.

The other current account I have open is in my name and if I go BR it will get closed anyway, but again that hasn't been used properly since the New Year.

I'll get onto the CAB first thing on Monday, luckily there is an office only 5 minutes away from me.

It's the worrying about it all which is stressing me out now, once the ball is rolling I'll feel a lot better and once the BR is in place, I'll be able to look forward at last

shellsuit

sanfrancisco wrote:

I would go bankrupt. I presume your income is quite low? What is the chance of you getting a job in the next 1,2,5,10 years. If it quite slim and will not be well paid give it up.

From what I have read on here (but you should do more research) they would not be interested in your things, unless they are fairly new. Most 2nd hand PC's are worthless, so unless you have an apple mac or the newest PSP (?), I would not worry.

Sounds like you need to leave ratbag behind and concentrate on the kids and YOU. Good Luck.

My income at the mo is IS for me, tax credits for the kids and child benefit.

I want to look into going back to work as soon as the kids go back to school but I don't think I would have to money together to start the BR until then anyway, so I'll probably have to leave searching for work until a little later but definitely not as long as the New Year.

I doubt it would be a well paid job, I wouldn't be able to work many hours due to the kids still being at Junior school.