Bankruptcy has been reccommended

hunt85

I have just spoken to someone from IVA.com who has passed my details over to vincent bond as she feels bankruptcy is the way forward as my disposable income is not high enough. Does this seem correct? i stressed that i work in banking and since i'm just a cashier now it may not affect my job, but obviously an IVA is preferable. I'm just not sure which route to take and i guess i won't know more til i speak to an "expert" at vincent bond. the lady from IVA.com did stress that since my car is only worth about £3k max and its all paid for, i shouldnt be forced to sell it or lose it at all? Does this all seem correct and are vincent bond good to be dealing with? thanks.

philnicandamy

something dont smell right here....whats the betting vincent bond will "provide" help at a price??

you need a second oppinion really speak to cccs/national debtline or CAB they can assist & wont charge a penny for their services

tigerfeet2006

I second Phil's comments. Give one of the debt charities a call, links and numbers are in my signature.

And you can't guarantee you won't lose the car as the OR usuallyonly allows up to £2k. So you may have to sell the car and get a lower value one if you go BR.

philnicandamy

dont forget though....with cars if its needed for work etc then the OR may say keep it BUT you need to buy the BI out on it

debtinfo

At the end of the day you have to choose what to do

Yes take advice from various sources

But dont let people choose for you as it is you who has to live with the consequences either way

hunt85

well the IVA.com woman suggested bankruptcy due to my small amount of disposable income and the woman from vincent bond just rang regarding this and said bankruptcy seems to be the answer, the fee is £600 and vincent bond's fee for doing it all for me is £350. I am going to do more research and see whats what before i decide what to do. I'd rather do an IVA but if i can't then i will have to live with that, just need to find out more about my job first and whether it will affect it as i am a building society cashier. I have already been through CCCS online thing and it came out with bankruptcy too, but now i've found out a bit more about it via this woman at Vincent Bond, i'll go back to CCCS and find out how to avoid the £350 fee!

philnicandamy

Thought as much..you can do everything (with help from the guys & gals here) that vincent bond will do except for FREE...they'll only fill the forms in for you they cant come to court or sit in on the receivers interview..and besides you still need to pay bankruptcy fees on top of their £350 fee as well

bankruptcy at the end of the day is a last resort & should definatley not be tackled lightly

get as much free advice as you can & see where you go from there

MicheH

goodness gracious! Phil is right, there's so many of us that have done bankruptcy ourselves without paying a penny. It's really not difficult to do it yourself and like Phil says.. we'll help ya

Deep_In_Debt

Charging when you are already struggling through debt - takes the biscuit.

As others have said, why pay when you can do it yourself for free and save up the BR fees a lot more quickly.

These companies are just out to line their pockets - sharks.

Rant over!!!

hunt85

thanks everyone, when she rings me in a few days like she said she would i'll tell her i don't want to go with them i'll just do it myself. I cant see any other way out, noone seems to want to even consider me for an IVA and i don't want this debt hanging over me in say 10 years time with a DMP etc, so i can't see any other way except bankruptcy so can u break down the process? i fill in forms, have an interview with someone and go to court for them to tell me if its accepted? or am i totally on the wrong track! i wouldnt even know where to start! but i will go back to CCCS and hopefully you can all break it down for me on here too

debtinfo

ok, the process of going bankrupt is actually very easy (not to be confused with the seriousness which is anything but)

There are 2 forms that you have to fill in Form 6.27 and 6.28, You can get these from the court, download them from the Insolvency Service or fill them in online.

If you are on benefits you get the fee reduced and there is an extra form, but i dont think that applies to you.

You then ring your local court who will either tell you that there is a walk in service (ie come when you want) or they will book an appointment. In most courts you go on the day hand over the £600 and your forms and the judge will look at them. He may or may not want to speak to you. If he does this is usually only for a couple of minutes after which he stamps the forms and you are bankrupt. The judge is usually in an office not in open court

Once you are bankrupt he case is passed to the Official Receivers office who administrate the bankruptcy, You may be interviewed and they will decide if they are going to take any assets or ask you to make any income payments.

After a year (or sometimes sooner) you will be discharged and the debts are officially cleared (during the year the debts still exist but are not allowed to take any action against you