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Qs about bankruptcy.....
FlofieGirl
Posts: 20 Forumite
Hello all, totally new here, hope you can help me.
This is a long post because I want you to see the full picture. I feel like a total failure and can't believe I am considering bankruptcy as a solution.
We are in huge debt and have just been refused an IVA. We went with a well known company (don't know if i'm allowed to say who on here). It was agreed by all of our creditors except one who wanted a bit more money than had been offered. We would have happily agreed to this increase, but the company representing us said if we offered the extra then we would fall below their 'criteria', so we failed. We are now in contact with CCCS who seem to offer the same service, but do not take a fee. We are hoping that this will release a bit more money for the creditors and will allow us to enter into an IVA. If this doesn't work, then we're facing bankruptcy.
We have always had debt from nice lifestyle and were reaching a point where we were going to get ourselves straight. However, in early 2003 we found out I was expecting our first child - total surprise !!! We changed our lifestyle, cut down on what we could spending-wise, bought the baby things cheaply (lots second-hand). We planned that I would go back to work full-time because we knew we couldn't manage on one income, although I did take 3 months maternity leave. I went back part-time, but things did not go according to plan. I developed severe post natal depression and was unable to leave the house a lot of the time, let alone work. Although I am much better than I was, I am still seen regularly by my Doctor, etc, and it's unrealistic that I will return to work in the near future. Our son is now 2 and 3/4 and you can imagine how our debt has spiralled - it's out of control.
We accept that we have gotten ourselves into this mess by getting into debt and not seeking help earlier, but we have also now had to admit to ourselves and our creditors that we cannot pay their money back. We owe far too much for a DMP and an IVA is looking unlikely. I don't understand why the creditor wouldn't aggree because wouldn't they get more money paid to them through an IVA than bankruptcy ? We have no savings, we rent our home, we have nothing of much value resale-wise, our car is only worth a few hundred pounds....???
So if you are still with me after this essay, do you have any advice, especially regarding bankruptcy ? We have been led to believe that we would be dismissed after 1 year as we have nothing to offer our creditors, but this sounds too simple to me. Would we lose our home ? We have never missed a rental or council tax payment. I know it is printed in local press and that it can be difficult to find work in some careers, but am struggling to find out any useful info.
Our appointment with CCCS isn't for another 3 weeks and i'm concerned that someone could file against us for bankruptcy before that which seems to be worse than doing it yourself.
Essay over and feel free to ignore us if you want because it's all our own fault.
This is a long post because I want you to see the full picture. I feel like a total failure and can't believe I am considering bankruptcy as a solution.
We are in huge debt and have just been refused an IVA. We went with a well known company (don't know if i'm allowed to say who on here). It was agreed by all of our creditors except one who wanted a bit more money than had been offered. We would have happily agreed to this increase, but the company representing us said if we offered the extra then we would fall below their 'criteria', so we failed. We are now in contact with CCCS who seem to offer the same service, but do not take a fee. We are hoping that this will release a bit more money for the creditors and will allow us to enter into an IVA. If this doesn't work, then we're facing bankruptcy.
We have always had debt from nice lifestyle and were reaching a point where we were going to get ourselves straight. However, in early 2003 we found out I was expecting our first child - total surprise !!! We changed our lifestyle, cut down on what we could spending-wise, bought the baby things cheaply (lots second-hand). We planned that I would go back to work full-time because we knew we couldn't manage on one income, although I did take 3 months maternity leave. I went back part-time, but things did not go according to plan. I developed severe post natal depression and was unable to leave the house a lot of the time, let alone work. Although I am much better than I was, I am still seen regularly by my Doctor, etc, and it's unrealistic that I will return to work in the near future. Our son is now 2 and 3/4 and you can imagine how our debt has spiralled - it's out of control.
We accept that we have gotten ourselves into this mess by getting into debt and not seeking help earlier, but we have also now had to admit to ourselves and our creditors that we cannot pay their money back. We owe far too much for a DMP and an IVA is looking unlikely. I don't understand why the creditor wouldn't aggree because wouldn't they get more money paid to them through an IVA than bankruptcy ? We have no savings, we rent our home, we have nothing of much value resale-wise, our car is only worth a few hundred pounds....???
So if you are still with me after this essay, do you have any advice, especially regarding bankruptcy ? We have been led to believe that we would be dismissed after 1 year as we have nothing to offer our creditors, but this sounds too simple to me. Would we lose our home ? We have never missed a rental or council tax payment. I know it is printed in local press and that it can be difficult to find work in some careers, but am struggling to find out any useful info.
Our appointment with CCCS isn't for another 3 weeks and i'm concerned that someone could file against us for bankruptcy before that which seems to be worse than doing it yourself.
Essay over and feel free to ignore us if you want because it's all our own fault.
0
Comments
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Firstly well done for seeking help, that is a VERY brave thing to do :T :T
At your CCCS appointment your counsellor will give you the best advice in relation to your situation. Without the full picture I can't really offer you any advice I’m afraid. Have you done an SOA? could you post it for us?FlofieGirl wrote:Our appointment with CCCS isn't for another 3 weeks
It isn't worse at all, but saves you the costFlofieGirl wrote:'m concerned that someone could file against us for bankruptcy before that which seems to be worse than doing it yourself.
but to be honest it is VERY rare of creditors to do this, especially as you have no house.FlofieGirl wrote:Essay over and feel free to ignore us if you want because it's all our own fault.
Don't be so daft luv, all of us are or have been there at some point, there is no shame in debt and there is a light at the end of the tunnel, stick with us and we'll get you through
All comments and advice given is my own opinion and does not represent the views or advice of any debt advice organisation.
DFW Nerd #1320 -
Hi hun.Great place to post.Loads of folks will give you great advice.Wow I am years older than you and the financial twists and turns in life is wearing me out.Don`t blame yourself for what has happened.As you are renting,I cannot see that you will loose your home for one moment.Sending hugs!0
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are you in a private rental or local authority/housing association? the Official receiver normally sends notice to private landlords but not councils/housing assocs. If private check your tenancy to see if bankruptcy triggers a forfetiure clause. personal message me with any other bankruptcy qu's. if i dont reply straight away i am probably in hospital giving birth, am due tomorrow! who owns the car, you or hubbie? if you it wil be an asset in bankruptcy, a 3rd party ie hubbie or other family can pay to buy it form the OR, otherwise it may be taken and sold at auction. you cant keep a car as exempt if you are unemployed.0
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