Bankruptcy Advice

Macduff_3

Carrie1980 wrote:

Thank you all so much for your replies, I really appreciate the advice you've given me. I have a lot to think about!!!! I think I will wait for my CCCS interview and see what they say and how it goes and then come to a decision.

I've got a job starting in September as a Teaching Assistant - will the bankruptcy affect this? I also intend to do a Lecturing course and private tutoring to bring in some extra income.

Going bankrupt will not affect a teaching job - its mainly civil service and financial positions it will cause problems with.

Your CCCS appointment should clear up a lot of confusion. If bankruptcy is an option for you then they will suggest it as one of your possible choices. If your situation is going to change soon however, they may ask you to hang on and see what happens. Plenty of clients go on a DMP whilst saving up the bankrupcty fee.

Carrie1980

Also, another quickie with regard to the public notice in the local paper. How big is it and what information do they include - because looked on the London Gazette website and they print your full address. Would it be in the Classified section?

fatbelly

Carrie

There will be people going bankrupt fairly regularly in your area. If you haven't spotted the articles it's because (a) you don't read your local paper or (b) it's published further afield. It has to be published somewhere.

For example, people around here have to deal with the OR office in Plymouth, even though we live 65 miles away. The OR publishes the name and area of the bankrupt in a Plymouth paper that not many people around here bother with.

The really local press only pick up on it if it thinks there would be local interest in you.

Addicted2Chocolate

the advert in the local addresa nd london gazette are the same, both include the coutr and number, date of bankruptcy order, and your bankruptcy order description, which is your name and any previous names, occupation address and previous addresses.

Carrie1980 wrote:

Also, another quickie with regard to the public notice in the local paper. How big is it and what information do they include - because looked on the London Gazette website and they print your full address. Would it be in the Classified section?

dancingfairy

Could your mum help- you say she is good with money. Perhaps she can go through your options with you and may even be prepared to lend you some money to help you out?

Is there anything you could do to get a bit of cash now- can you sell anything on e-bay, perhaps some temping for a few weeks?

cd02

Hi OP.. I went bankrupt earlier this year after getting myself in £45,000 worth of debt (search my earlier posts if you want details etc).

Anyways, to be truthful, its a scary experience but if you really don't have any other option then you need to go through with it.

Also, as already said, contact payplan, they're really helpful and excellent it what they do.. Please consider calling/emailing them !!

In reply to your questions..

1) I live with my parents – how will my bankruptcy affect their credit history?

It wouldn't but you would need to dis (erm) can't think of the word yourself from the address else it may cause problems with your parents getting credit in the future. Payplan or anyone else can tell you about this and all you have to do is write into a couple of companies and thats it.

2) I do not have any assets – will the OR have right to my parents assets?

Can't touch your parents stuff.. word of warning, what you class as nothing can be classed as something to them.. i noticed you pay petol, is that your own car ? i'm sure you've read lots regarding bankruptcy and cars etc also electrical items such as new tv's etc that you may of purchased !! Lucky they didn't take any of mine as it was all too old to try and sell on and make anything from. If you have your own tv etc tell them up front as they have to write you a letter to confirm they won't take them.. you don't tell them you stand a chance of getting yourself in touble.

3) How are the payments you make for 3 years calculated? If I get a better paid / second job, are these payments increased? What if I lose my job?

As said earlier, depends on what you earn. I bring home £825, pay rent of £410 plus bills and my payments are £60pm but currently under review (as above due to early discharge etc) And yup, if you come into any money or property within the 12 month (longer if you're naughty) then you have to tell them about it.

4) Are discharged bankrupts ever likely to get a mortgage in the future?

Don't know the answer to this but sure I'll find out myself soon lol

5) I have read that the OR will want to know exactly what you spent the money on and to have all your paperwork – well I couldn’t tell you what I spent it on really – as my Dad said to me ‘I basically p*ssed it up the wall.’ And also, don’t have every single credit card bill / statement etc. How will that affect me?

After the whole court thing you have a quick interview over the phone and then they write you and let you know when your full interview will be. Mine was scarier then the whole court thing. They want to know everything (mine was over the telephone and lasted 35 mins roughly). They go into everything, why you had that loan, where the money was spent, if you brought something with it, where is that item now etc etc They ask for any loan agreements if you have them and any details of accounts/cards etc.

They will ask for a certain number of wage slips and if your really reason is that you !!!!!! it up the wall, expect the 3rd degree from the judge !! they read all your paper work and make comments there and then..

If you find it really is the only option for you, go for it, don't listen to all the ppl that moan about its wrong, its not right etc etc.. just concentrate on getting your life sorted !!

Feel free to pm me if you've got any other questions..

Carrie1980

Hi again!

Thanks for all the help and advice from you guys! I really appreciate it!

I have discussed everything with my parents (scary to admit the facts) and they have offered to help me out by clearing the CC debts so I just pay my loans each month. I discussed the bankruptcy thing with them and they were determined that they didn't want me to do that - and after looking into it I'm glad cos it seemed pretty scary!

So with the help of my Ma and Pa (who like I said earlier, should run the Bank of England!) I have at least got a light at the end of the tunnel!

Although saying that the very last penny I spend will be scrutinised - but then thats not a bad thing, but I think I have learned my lesson - I DO NOT want another CC EVER! They're EVIL!

My other plans are to place an ad for private tutoring in my local paper (I have History degree and am starting as a Teaching Assistant in September and hope to train as a Teacher), also doing a Lecturing Course at my local college and hopefully get a few hours there! I might've mentioned that in a previous post, but will all go to maximising my income!

Thanks again xxxxxx (although will still be around!)