need input on BR

silentborn

right i think im starting to get my head around everything i need to get done

1. new bank accounts with co op (plus moved kids savings aswell)
2. i was going to plow everything i can and pay off the housing benefit overpayment £1447and council tax overpayment £390 odd to make sure that we dont get evicted after BR as we live in a council house
3. have technically sold car to my mum who paid the market value for it and ive used that to pay for rent this month and put the rest aside for BR fees but she is allowing me to use the car still
4. had a look at filling in the forms online but have to admit im scared poopless
5 hubby still very ill (mentally) but i am hoping he will be better enough to return back to work when his meds start working
6. stop paying creditors and save up for the rest of the fees

basically i wondered how long we would have before the creditors got really pushy ie phones , letters , door calling ?

we are with nationwide and halifax

also have been told even though i have only got 5200 debt and hubby 12000 that we will both still have to go BR as they will look at both of us together well thats what the cab office said anyway which i thought was abit odd

god im scared. dont know if im doing the right thing on anything anymore sorry im prattling on

NigelFoster

They do seem quite low figures to go BR?

Have you exhausted all other avenues? Payment plans etc..

confused76

hi there
have you taken advice from one of the debt charities? you say you are unsure if you are doing the right thing?

if not, please give the national debtline or cccs a call, or pop into your local cab for an appointment
they are very helpful and non-judgemental xx

silentborn

hi thanks for the reply both cab office and cccs thought br would be the best option

hubby is currently only recieving ssp as he is mentally ill with depression and suspected bipolar and we cant afford to live we couldnt afford to whilst he was getting his full wage but even more so now.

cab office thought that a DRO would be ok but said that when combined our debt was over the 15000 cap and hubby has also got a private pension that is currently at 4800 even though we havnt paid any into it for 3 years as we couldnt afford to, so its on a contribution holiday. but the cab office considered it as an asset and it would exceed the 300 cap on assets allowed

a dmp wasnt considered a good option as its all the worry over debts that has made hubby ill so its been left to me to sort it all out and in his own words "make it all go away" so im just trying the quickest way right now i dont care about being BR as long as i can stay in the house , keep food on the table for the kids and get hubby well again il be happy

silentborn

is there anything else i need to get ready apart from forms

Falze

Forms and the money.

I'm no expert, but i understand BR is an indivudual thing. Both me and the mrs went BR, we have different OR's and my debts are mine and hers are hers. Joint debts are not joint but both of ours.

Are any of the debt joined ?

Perfection

I don't know if I'm speaking out of turn, but maybe if one of you are prepared to consolidate the debts into 1 lump sum and then go bankrupt, then only one of you will take the hit, and it would save the extra fee for the O.R also at least 1 of you is still credit worthy!

debtinfo

Im afraid that is a big no no. It would be classed as a transaction at undervalue and could lead to unwanted consequences from the OR

silentborn

i did wonder if it would be ok if transfered i transfered the balance from my credit card onto hubbys as he has got enough on his balance to do that then i technically would have no debts and then just he could go br but im unsure if that would also be frowned on ??? in a sticky situation really as ive only got 5200 worth of credit

i believe im the gaurentor to hubby, i cant remember ever signing anything with his loan but i can remember them asking about me on the phone and what job i had ect but it was 2005 when we got the loan when he applied and the credit card i never signed anything but i did get given a card (like a named card) on the credit card so always presumed it was joint but carnt find anything in the paperwork.

i wanted to do a DRO with mine but was told by cab office that if i did that and then they came after me for hubbys debt i would still then have to go BR

silentborn

also when i checked my eqifax report i show up on hubbys report but he doesnt show up on mine..... and non of his creditor show up on my report ????

im unemployed at the moment as i was concentrating on college as i was trying to get into uni this september but im worried everything is just going to fall through now and carnt even talk to hubby about it as im afraid to add pressure to him when he is trying to get better

Perfection

O__O scrub that MAD idea then, i stopped paying for 5-6 months then the lenders started to get heavy with me, one day i had a letter saying PAY 1864.69p NOW in 2 inch red letters, that was my Que to go bankrupt. i think what im saying is you just know when your at the end of the line.