our bankruptcy

severussnape

:j It,s been a long time since we have posted on here so this is what has happened in the meantime and i hope it can help some of you thinking of bankruptcy.

we started by having our light bulb moment in Jan '06 spoke to payplan and were sorting out a dmp, only Goldfish agreed to freeze the interest the rest just simply ignored our letters (which had been sent recorded).

In May we decided it would be best to go bankrupt ( i should point out that all the debt was in my oh name as is the house and the car ) we got the forms went to cab where we live and the woman we saw was s**t, we have had better advice on here.

on Monday august 7th oh went to local courts and declared himself bankrupt, he said that the court staff and the judge could not have been nicer. the OR phoned that afternoon to take some brief details and arranged to phone on 30th august to have proper interview.

So for a while we wondered if we had done the right thing would they take the house ( the woman at cab said they would even though we are in negative equity, therefore putting us further into debt!) what about the car (we had already downsized to get rid of finance ).

Eventually the day arrived the phonecall was at 10 am and oh couldn't believe the attitude of the OR. He said that there is no incentive for anybody to do anything other than go bankrupt and more people should be doing it. My god can you believe this. The house is staying put, i'm buying it for a pound. The sticking point has been the car. you are allowed an allowance of £2000, we had said our car was worth £2800 which he said if it did we could keep it because of the costs involved in selling it. unfortunately the company they use to value cars said it was worth £3500 so we were going to lose it and be given £2000 to buy another. I should say the only reason we could have a car is because oh needs it for work sometimes.

The car company involved were not very discreet and when oh father answered the phone stating he was not oh they told him everything. OR was not impressed with them and oh dad was not impressed with us. the only good thing to come of it is that oh mam and dad have lent us the £1500 to buy out the beneficial interest which the OR said we could.

The OR is not interested in oh pensions, anything in the house, tax credits and child benefit (even though cab said they would take this into account as our total income) the OR said that money was for the benefit of the children not us. When we did our income expenditure form there was about £200 a month surplus, the OR said he would contact us again in a couple of months to do another income expenditure form, giving us time to readjust the figures down to zero.

the outcome of our bankruptcy is nothing has changed at all, yes we owe his mam and dad but they are not in any hurry for it back. we can't guarantee that every OR will be like this but we felt we should let everyone know what ours was like. it is fear of the unknown, but in our case the unknown isn't too bad.

hope this helps

Mike_St_Helens

Thanks for this. I have my date on 3.rd November. I cant wait, but at the same time am worried about it all.

Thanks again, its good to hear other peoples stories.

Mike

Wonder_Girl

Glad everything’s going well for you.

Most OR's are lovely, and yes more people really should be going bankrupt

I can't believe the CAB told you the house would be taken off you with negative equity, they really just don't have a clue sometimes!

Shame about the car company, you must be able to complain about the breach of date protection to somebody tho, get them a nice fine

Good luck with everything, and congratulations on your shiny new start

Pobby

Friend of mine has just gone bankrupt.As the judge was filling in the papers he muttered``sign of the times``!

HELP_4

wow would love to speak to you more as I am currently filing (getting thru mountain of paperwork) few things I do not understand you may be able to help with.