Any advice is great - We have made a big decision - BANKRUPCY IS HERE....

Mike_St_Helens

Hello all... Thanks for reading this yet again... Il will start a proper diary when the ball gets rolling. OH kinda jtold work today... and broke down !

Ive been stressed to hell with an interview...

Cant seem to get advice on the car, after BKY day I dont want a bloody car on HP just sat on the front waiting for someone to collect it, and I need a car... we are aiming to save for one before BKY day... Here is an email response from the Insolvency service.... Still we dont know !!

The official receiver will wish to see the agreement and will contact the
finance company for more details. As you say the car is worth less than
what you owe on it it would then be likely that the official receiver will
tell the finance company that he does not wish to adopt the agreement and
that it can exercise its right under the agreement. This sometimes means
that the agreement will be terminated, as many such agreements say that
bankruptcy will do this. It may be that the finance company will repossess
the vehicle or it may be that they will draw up another agreement. It is
their decision and The Insolvency Service is not involved in that process.

Addicted2Chocolate

yes i agree with that email reponse...have you checked the agreement to see if there is a bankruptcy clause, or telephoned the HP co to ask what their policy is on bankruptcy?

Mike_St_Helens wrote:

Hello all... Thanks for reading this yet again... Il will start a proper diary when the ball gets rolling. OH kinda jtold work today... and broke down !

Ive been stressed to hell with an interview...

Cant seem to get advice on the car, after BKY day I dont want a bloody car on HP just sat on the front waiting for someone to collect it, and I need a car... we are aiming to save for one before BKY day... Here is an email response from the Insolvency service.... Still we dont know !!

The official receiver will wish to see the agreement and will contact the
finance company for more details. As you say the car is worth less than
what you owe on it it would then be likely that the official receiver will
tell the finance company that he does not wish to adopt the agreement and
that it can exercise its right under the agreement. This sometimes means
that the agreement will be terminated, as many such agreements say that
bankruptcy will do this. It may be that the finance company will repossess
the vehicle or it may be that they will draw up another agreement. It is
their decision and The Insolvency Service is not involved in that process.

Mike_St_Helens

Im gonna do that tomorrow...

If I changed my mortgage from interest only to repayment now would that cause any issues seeing as we are only doing this at the end of Oct?

brandyncoke

hi,i probably cant add anything to whats been said already, but i went bankrupt nearly a year ago. id been robbing peter to pay paul for years to keep my head above water and it was a visit from those council tax bailiifs that pushed me over the edge. it was the best move i could have made. i owed ££££`s to the council tax unit - now i owe nothing and pay regularly every month. the only people i have had trouble with was the water co . as it was a joint and several debt(as was the c/t) and only i went b they are determined not to let it go. i have repeatedly told them my o/h is disabled and doesnt contribute to household expenses and that it is an offence for me to pay a debt incurred before going b. we have reached a stalemate at present.
anyhow i now have enough money to pay my bills and live - albeit fairly basically at present. i have a bank account with a debit(electron) card. you know the best thing about going bankrupt? telling all those creditors who had previously refused to negotiate with me when i was in difficulties that they wont be getting any money at all off me now!
all the best.

vicky1234_2

Hi Mike,

My husband and I are in exactly the same position as you. Our pub didn't do the great things we thought it would. The brewery like you were no help at all neither were the banks.

We are in £78000 of debt (£40000 with HSBC unsecured loan) the rest is with the tax man and VAT man. We have set up payment plans with all of them and we are now living with my in-laws as we have no assets to sell or to cover the debts.

I have only discovered this site today but it has reassured me that we are not the only ones out there who are used as complete mugs to line the breweries and banks pockets.

I will keep track of your diary and hopefully we will be able to bat off each other for support if you feel you want to have a moan!