The Bankruptcy Club & Supporters Club

sandralovescats

Thanks Desmonds!

Originally I was going to go bankrupt and had my date for 20/11. However, since I have a Medical Negligence Claim on the go, I was advised that I must not go br under any circumstances otherwise I would lose every penny of compensation.
GT took over to sort out the 100% lump sum IVA on completion of the claim. That is the point I am at right now.

Will let you know what GT say, hopefully tomorrow or Thursday.

desmonds

Sandra,

Now breath, slow deep breaths, concentrate on your breathing and in and out.

Now that's better.

Just remember DON'T PANIC sit down and have a cuppa!!!

love

desmonds

sandralovescats

Yes, thanks D!

These sort of things always happen at a time we cannot do anything about them - when anyone we need to talk to is off work!

Also, at a time when I thought I was in control of my situation!

Mike_St_Helens

Hiya guys.... Found this today - Quite like it !

http://www.piggybankrupt.co.uk/

desmonds

What an excellent site!

Amusing but very informative.

Well done Mike for finding that!!

Desmonds

dabble

Hello

Thanks for this club, Mike - please let me know what number I am as will be joining the BR ranks soon.

I can go into more detail, as actually that will help get it straight in my mind too, but for now a quick review of the utter mess we're in now.

Various reasons - health, idiocy, consolidation attempts - end up with a joint debt of about £130k (that sounds so ridiculous, and how come we didn't have a ball with that kind of money?). DH has a good job on decent money and has been supporting us mostly for the past 7 years (since I had to stop proper work). Meantime I have set up a business and produced two children (the best part of recent years!). The business has come close to achieving much but just too many hurdles happen along - having to not work for health reasons, children's health reasons, some serious errors of judgement - especially trying to run before I could walk - taking on staff that I've had to let go, etc. So the business has not succeeded though I have learned much that will be useful someday. Trouble is it's a ltd company and I have no idea what implications there are there.
Now I have to stop work. I've become more and more ill, partly from trying to work our way out of the debt and not succeeding - and now I am ill more often than not. And I most definitely am not going on stronger anti-depressants - I want to get off them. Breaking my leg last year didn't really help either.

Anyway - so I have ltd company debt situation (with IR and a bank loan that I personally guaranteed) and our personal debt to deal with. We have tried to set up something through CCCS but that failed, and then we just dropped everyone to £5 a month - but now they are pushing for more already - so the letters and the phone calls all start up again.

I don't want to sound sorry for myself - we got ourselves into this mess and I've been trying hard to get us out of it, but failed. I have to stop or will just get more ill and there's no point in that.

Bankruptcy is going to make the most sense now - we've tried dealing with it all and perhaps if that had been encouraged fully (MBNA are really such horrid people) then the lesser stress may have.... but no point in thinking that way and it is stupid to expect creditors to support us in trying to repay them.

Anyway - I need to get some thorough advice about the order to do things in - the business bank I shall gladly tell where to get off - they behave dreadfully and the charges - blimey.

My dad went bankrupt about 30 years ago and it had a massively negative effect on him - I know it's not quite the stigma it was then but I do worry about what they'll take - not that we've anything of value. Just loads of stuff we should car boot or ebay.

We delayed as DH's family are all local and will obviously become aware - and they'll not be impressed - but that has to stop being a reason to avoid doing the sensible thing. The marriage needs some work now anyway - if we don't sort this now it's likely to tear the family apart. Oh dear - sorry.

Enough - sorry to witter on. And thank you for being here.

dabble

rog2

Hi Dabbles - just a quick word of welcome and a 'little bit of reassurance'. Many of us were in similar circumstances to you and were, equally, worried about the 'stigma'. The Bankruptcy procedure has changed somewhat over the last 30 years, since your father went through it - it is, now, basically a way that society has chosen to deal with an otherwise hopeless situation. It takes a lot of courage both in facing up to your debts and in choosing bankruptcy.
Stay around, and ask anything you want - this thread has developed a wealth of wisdom and experience about the whole process.

Mike_St_Helens

Dabble - You are member number 30... Welcome !

Could you give us an insight in what it was like to go B 30 years ago... and we can try compare it to how it is now....

dabble

Thanks Mike and rog2

Well for a start my parents owned their home, so that went and we moved into what seemed like the grottiest council maisonette in the area - it was very grim. Mum said she'd had to buy everything back too - the furniture, etc. And my Dad felt such failure, bless him - he had his own lorry and went it alone - just at a time of the 3 day week, etc - it was not a good time. He went back to working for his old firm, and within a year we'd moved to a nice village council house, though my Dad had been brought up on a family farm (not as the eldest son, however), so he felt the difference more than he should have. Anyway - he worked his way through it all and then as soon as the 5 years were over, bought his own home again as soon as he could. That's about as much as I remember - not much different, to be honest, from us kids' point of view.

Now - well, I'll let you know! lol. May blog it as PiggyBank has - that was helpful. I all for supporting each other as much as we can, having an idea of what to expect is more valuable than anyone can imagine.

Thanks, guys.

desmonds

Hi,

I was sent an IPA to signed and return so that the inland revenue could issue a NT tax code to my employer.

For the IPA to be legally enforceable it has to be signed by both the BR and OR which in my case has still not happened.

However, the OR has still gone ahead with it and the Inland revenue has issued me with a NT tax code for the remainder of the financial year without my authority and without an income payment order which would have been the next step that they would have had to take to enforce the IPA.

So it seems that they are in breach already.

Secondly, I have a suspicious feeling that the car that I requested to keep that is only valued at £250 has been sold to an auctioner.

The thing is the car is still on my drive and I still have the V5 log book.

I have requested a B30.01 'Application for item to be considered as exempt' but had a call from the salvage people wanting to pick the car up.

They said that if I paid £250 they would let me keep it but the car would have to be bought by a third party and the owner changed from my name to theres.

That suggests to me that the OR has already disposed of the vehicle whithout consulting me first especially when I was thinking of a FTVA and annulling the BR which in that case any assets disposed of cannot be returned, so the OR was aware that any asset was on hold until an income and expenditure IPA was put forward and depending on what equity was in the house depended on whether I stuck with my BR or went for a FTVA.

Anyway, I still have the car and the V5 log book but although I have communicated with the OR they still have not sent me the B30.01 form.

As well, my wife wants to buy my beneficial interest since having two recent valuations there is only £5k equity in the property which 50% is mine.

The OR appears to be keeping a low profile on the house as they know at the present moment that there is no equity but in 2-3 years there will be.

They want to come after the house then but my wife wants to buy my interest if any now so the house is safe in the future.

Again, although my wife has sent 2 letters asking to purchase the beneficial interest she has had no response.

I really think that the OR is out of order and it seems that unless challenged they do as they will get away with relying on peoples ignorance.

Anyway, I have not signed the IPA for income and expenditure since they are using child benefit to form part of the IPA which again thay should not be doing but still they are.

I really think that the OR should be centralised because at the moment it seems that depending on what office deals with your BR depends the outcome.

The service needs to be be more transparrant which at the moment it lacks.

Official Receivers are not judges but in a lot of cases it seems that they act as if they were and beyond reproach.

I think a complaint procedure is my next option

Desmonds