Help Please, Im Bankrupt and didnt Know!!

confused76

Sunnylooloo wrote: »

confused are you helping out confused..... Gosh that gets confusing............

Sorry bout that...........

wow yes that is confusing :rotfl:

confused?

confused76 wrote: »

wow yes that is confusing :rotfl:

Now im even more confused?:eek:

confused?

Quote:
Originally Posted by confused76 (Post 35858149)
have you tried the coop cash minder account or the Barclays basic account? both are basic accounts but allow DD's etc these are the two BR friendly ones

don't apply online though, phone them or go into a branch

Thanks, yeah I tried calling them earlier and they said to go in to a branch. the Yorkshire bank and Nat west didn’t want to know, Santander also said to go into the branch.
However after all that I’m now looking into the possibility of an IVA (what would you all
advise?).

thing is I worked it out it could only be (if it indeed is this debt) a 1000 debt from a long long time ago, which started out as a set of 1000 bank charges.



my other creditors were happy.


It's crazy as it means if I was to stay bankrupt and let it all flow I would be losing my home for 20k of debt and all the hassle of building up my credit rating again and all the nightmare admin for the next 12 month. even though i know for a fact that i only have 10k overdraft and 4 k loan that i was paying that is enforcable debt, (i.e, neither HFC, Lowell DCA debts are valid and should not be enforceable).





maximum equity in the property after 3 years (if its worth what it was 2 years ago) which is the time the OR can hold it for before selling it is 25k, cutting this in half as it is half my partners would mean they would possibly get 12.5k from the sale they would then have to pay fees for early settlement and accept upto 10% less for the sale. even though until it sells I’d be paying the mortgage.

so not only would I lose my home and 12.5k they would also take money from my salary so really I would end up paying all of it off even though it isnt meant to be legally enforceable.

if I get an IVA from what I believe correct me if I’m wrong, I can negotiate settlement with the creditors and possibly get reduction in the indebtedness,

therefore paying less overall and none of the nightmare admin and damage?

also the 10000 is for an arranged overdraft I have which is only at this amount as I have paid all my bills for the next 4 months (including my Mortgage) so even though I owe this amount the money I usually pay will now be spare and will go to paying it off.


am I right in saying that you can negotiate this and also am I right in saying if I come to an agreement with all my unsecured creditors the BR can be annulled and I won’t be required to sell my home?

Also does this mean my credit rating won’t be affected as much?

if I am right, then what’s the first step to take? can I talk direct with the creditors without going thru the 'OR' or via solicitors?

confused?

My mind is back fourth upside-down and inside out and back to front.

Ahhh well I don’t know what to do.

if I do stay BR does anyone know how my missus can buy the beneficial interest in our property?

I’m not bothered about the credit application problems or the fact that the bank will diss own me it’s the family & home that’s all I’m bothered about.

House was bought on right to buy scheme with 25k discount in 2008
we took out a 74k joint mortgage.
house was valued at 85k by the council.


we can’t sell it for 5 years without paying part of the discount back i.e. now 15k for the remainder 3 years still to go.
and there is still 70 odd k left on the mortgage

so

unless the house prices have gone down a lot since 2008 then there is a little equity in the property i.e. 13k which is split between me and my partner.

6.5k each based on it being worth 98k still now.

our house is 2 beds there is a better house up the street which is 3 beds it is better equipped i.e. driveway and garage etc and is up for 97k
it has been on the market for 3 years with no interest.

should I be worried that they may sell the house or does it look like there is actually now no equity in the property?

has anyone been in a similar situation recently and kept the house?

I really don’t know what to do now.

1. go bankrupt for 25k, 12month till discharge, 6 year till CR clear, risk of contributory payments for up to 15 year, and possible loss of house and 25k equity unless interest transferred?

2. go IVA for 20k 5 year term reduced balance, keep house, pay debt off early (however the full amount agreed), bad credit for at least 6 year, and risk of losing everything if any payments are missed without good and approved reason?

I know it’s been a few days since I started this thread however I’ll soon be in front of the OR so need a plan to benefit me and the family.

if I was on my own I’d probably just give it all up and buy a caravan and do one!

sorry for bugging you all going over and over the consequences but it really is helping guide me.
Thanks
Confused?

debtinfo

Where do you get 15 years of payments from, the most you can pay in a bankruptcy id 3 years, you also only pay up to 70% of your surplus.

In an IVA you basically pay 100% of your surplus for 5 or 6 years plus 85% of any equity at the end of the 5 years. you dont get a set reduction in your debt, you keep paying as much as possible over that 5 or 6 year period and anything outstanding gets written of at the end

confused?

debtinfo wrote: »

Where do you get 15 years of payments from, the most you can pay in a bankruptcy id 3 years, you also only pay up to 70% of your surplus.

In an IVA you basically pay 100% of your surplus for 5 or 6 years plus 85% of any equity at the end of the 5 years. you dont get a set reduction in your debt, you keep paying as much as possible over that 5 or 6 year period and anything outstanding gets written of at the end

I'm just worried about the house. I thought if I got an IVA then I could pay the debt off quick and be rid of it? the total debt is about 20k. However I have also paid up bills for the next few month so most of my wage is surp for next few months.

I can't work out what's best long term. Building a credit rating is hard enough. If I loose my home then to start again would mean big deposits high intrest and I don't know what's best.

I could do with finding out how my Missus can buy the beneficial intrest.

NorthernLas

OP: Hold on ... surely your best option is to get the order removed!

What about the annulment because the demand was not served correctly? Did you tell the OR that you believed this was the case and that you are looking at having the order annulled.

Rather than think on IVA / bankruptcy could you concentrate on the next steps you have to set this in motion.

1. Do you know who served the order
2. Have you sent the SAR request to them (do you need assistance altering the letter?)
3. Have you informed the OR that you think the bankruptcy order was incorrectly applied
4. This is a link that says you need a form from the court to request annulment http://www.insolvencyhelpline.co.uk/bankruptcy/annulling_bankruptcy.php
5. Have you phoned the co-op about the cashminder account - lots of people have opened these over the phone?
6. Have you spoken to CAB / Nationnal debtline / OR to find out what should happen next and how long it might take? This put your mind at rest as to what can and can't be taken before the annulment hearing.

confused?

NorthernLas wrote: »

OP: Hold on ... surely your best option is to get the order removed!

What about the annulment because the demand was not served correctly? Did you tell the OR that you believed this was the case and that you are looking at having the order annulled.

Rather than think on IVA / bankruptcy could you concentrate on the next steps you have to set this in motion.

1. Do you know who served the order
2. Have you sent the SAR request to them (do you need assistance altering the letter?)
3. Have you informed the OR that you think the bankruptcy order was incorrectly applied
4. This is a link that says you need a form from the court to request annulment http://www.insolvencyhelpline.co.uk/bankruptcy/annulling_bankruptcy.php
5. Have you phoned the co-op about the cashminder account - lots of people have opened these over the phone?
6. Have you spoken to CAB / Nationnal debtline / OR to find out what should happen next and how long it might take? This put your mind at rest as to what can and can't be taken before the annulment hearing.

Yeah, I told the OR everything the truth, and they wern't interested. The way they acted was as if it was them who was owed Money. Everytime I asked a question i got an automated response as if they were being controlled by a higher being. (Really) it was honestly like I said before literally like talking to a machine.

Every time I told them that it was wrong and shouldn't have happened this way and why, they said "well they said you did receive it" or"Lowalls solicitors say they did serve it correctly".

The other thing they were implying was that however long it's been and regardless of the doubts i had about the authentisity, I quite frankly owe someone money even if it's inflated and shouldn't be persued.
Is the SAR the data protection thing? If so I served it by hand on tuesday by hand to lowells reception in Leeds.

The other problem is my banks are frozen so even if it was annulled surly theyl want me to pay back my overdraft in full now and everyone else will hound me now this has happened?

I have the 7.2 annulment form but don't know what to do now. Should I get it annulled or let it go. If I anull it will it create more problems.

I got a barclays account and Reciever my card today. Wasn't too painful in the end.

Running_On_Empty

First of all I know nothing about BR or IVA or the OR.
What I do know, having read your thread, is that there are good and knowledgeable people on here who are willing and able to help you through this tough period.
Hang on in there and wait until tomorrow for more advice.
Get some bed rest now even if you can't get proper sleep.
If necessary, bump up this thread tomorrow until one of the experts comes back on with advice.

Sunnylooloo

Sorry confused? I will give you a bump up and hopefully someone can help