avoiding bankruptcy

sarahblonde

hi,
my boyfriend contacted cccs about debts, they advised him to a dmp, which he did, sent back paperwork, after a time he still had cc companies chasing him and debt collectors knocking the door, anyway the dmp was put to his companies and 2 of them refused it, now he is in arrears and they are forcing bankruptcy, he wants to avoid this because of a share in a property (which has no value) and an important job, he has no money and no bank account! what are the options ffrom here?

curly04

Hi Sarah

Is the property his home and in negative equity?

I am going to be open with you

I have a very good Important job, but it wasn't affected when I when BR

me and now my ex husband struggled for years as we was to proud to go BR.

It got to the stage I couldn't open post, I wouldn't open the curtain, i would never answer my phone and changed my mobile number ever few months.
I became deeply depressed and now 6 years later Im BR

If we had gone BR years ago, I would be discharged and it would have come off my credit file.

yes its an awful awful thing to do but please way up the pros and cons

good luck

Curly
x

hopefulfooluk

As curly says, if there is no equity in the property, and it's his home, he would normally be allowed to keep it as long as he can afford the mortgage and any secured loans (these are not erased by a bankruptcy unless the property is subsequently repossessed).

What job does he do? There are certain things you can't do as a bankrupt (eg you can't work in any FSA-regulated roles, be an accountant, be a director etc) but most other jobs would be fine.

Also you will find that lots of creditors threaten bankruptcy when 99% of the time they would never go through with it as it would cost them too much, and if your bf really has nothing, they have nothing to gain by doing it. The only exceptions to this rule seem to be Amex and HMRC, which have been known to bankrupt people even if they know they're not going to get anything back from it.

dojoman

Try talking to one of the other debt charities, they should be able to advise him.


https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/

IF

Hello Sarah, do ask your boyfriend to contact another debt charity as Dojoman has suggested as soon as possible. Does your boyfriend's job contract have a clause about Bankrupcy?

sarahblonde

thanks everyone, he wont be happy that ive posted on here...but i wanted advice on his behalf...he sold everything he owns, he was hoping that all would be ok when the dmp went through, and didnt think it would be rejected...he really doesnt want bankruptcy...
i dont think the job is at risk apart from not being able to afford petrol (walking isnt an option!)
thanksx

MicheH

The collections departments in these companies are there to scare as far as I can see. I think they know if they force bankruptcy they wouldn't get a penny anyway and i'll be honest apart from Council Tax debt and HMRC I have not heard of anybody on here become bankrupt with non essential creditors. (not saying it hasn't happened just that I don't recall seeing any cases)

I would say if your boyfriend really doesn't want to go bankrupt and can manage with a dmp then tell him to stick to his guns and not to be scared into submission.

Also, when I was going through this I called National debtline, they said they could do a DMP for me etc, maybe the debt charities endorsement would hold a bit of 'don't mess with me I know what I'm doing' clout.

Hope to help a little x