The Bankruptcy Club & Supporters Club

Mike_St_Helens

broke_and_no_joke wrote:

Hello all, i am marreid 3 kids i live in a rented property and i am £30,000, in debt, i have been paying £100 a month to a debt management company, for the last 2yrs, however i have just been told that it will take 30yrs to pay off, i have no credit cards or finance, my wifes credit file is ok, we have a car on finance( in wifes name), and a joint bank account ( visa electron ), i get £800 a mth wages paid into it, my wifes wages, and working tax, and famliy credit, about £ 2200 goes in a mth, all the bills etc are in my wifes name, what is the best option for me?,...will the car be taken of my wife?..will the baliffs come and take our tv and belongings?, ( no other finance on those items), ...how will it affect my wife going bankjupt?..will it affect here credit rating?..if anyone can answer those questions i would be very grateful,....and thanks for listening.

Hiya,

If its only yourself going B then they will not even need to speak with your wife, never mind worrying about her car etc... no one will ever come to your house unless you have a picasso hanging above the bed.... Honest !

Have a good read through this thread, there are lots and lots of people ibn our situation, more than you think.

I think this thread has been great for people at the very end of their teather and now realise that there may be a way out with bankruptcy... who knows what kind words and support someone can offer, what actually a great difference it can make - to the extent of lifesaving.

We will all be here tomorrow to answer detailed questions from you, please fuire away... get a bottle of wine and celebrate what good, sensible desicions you are about to make to make life better for you and your wife.
Its not as bad as you may think.

MIke

PAW75

This is for Broke no Joke, Thought I should jsut let you know how the OR office looks at things once you have entered into a repayment plan with a Vol arrangement. They will ask firstly when did you join the repayment plan and if after that time you have used or obtained credit. So, don't worry about your outstanding amounts if you haven't used or obtained any further credit. .

If you want further questions asked, like Mike from St. Helens said post them on here.

Try not to worry, it seems that you have done well in handling your situation by seeking help 2 years ago, this avenue your looking at now will just end your current situation of money problems and put you forward for a fresh start. Wishing you all the best.

tammyfshr

my dedts are under a dmp at the moment but when i entered the plan i didnt put down a bank credit card and my next account.i thought i would keep them on for emergencies and not to upset my current bank by putting my credit card on the plan and having to change banks again at that time.
should i pay them of now before i go bankrupt?
thay are about £500 each.
what is the enterprise act?

sandralovescats

tammyfshr wrote:

my dedts are under a dmp at the moment but when i entered the plan i didnt put down a bank credit card and my next account.i thought i would keep them on for emergencies and not to upset my current bank by putting my credit card on the plan and having to change banks again at that time.
should i pay them of now before i go bankrupt?
thay are about £500 each.
what is the enterprise act?

No! Don't pay off your credit cards! In bankruptcy this won't matter a jot!

PAW75

Enterprise Act came into force in 2004 to allow the OR to put restrictions against people between 2-15years for being naughty.

smokey112

sandralovescats wrote:

All debts are included in bankruptcy, secured or unsecured. You have to include ALL debts whether up to date or not.

Where the house is concerned it depends on the equity, etc. and whether one of you or both of you are going br..

Happy New Year everyone

It might be different in Scotland but our secured loan and car finance where not taken into consideration in our BR - in fact the secured loan gave us a slight negative equity which meant a £500 payment to the OR for his Beneficial Interest .

Ang
x

sandralovescats

smokey112 wrote:

Happy New Year everyone

It might be different in Scotland but our secured loan and car finance where not taken into consideration in our BR - in fact the secured loan gave us a slight negative equity which meant a £500 payment to the OR for his Beneficial Interest .

Ang
x

They are in England!

smokey112

sandralovescats wrote:

They are in England!

Yes I know that ! - however upon thinking about it a mortgage is a "secured loan" if you look at it that way and that does not automatically mean you will lose your home so any kind of secured loan is just like your mortgage/ rent and if there are no arrears on these then and you can afford the payments then why should they be declared in BR

However some type of finance agreements are exempt - there is a post from early last year about this - the type of agreement we have with our car is one of them - AD2C can confirm this

Ang
x

sandralovescats

This is true. If you have an HP agreement or personal loan on a vehicle, the OR can allow you to keep the car and the finance - but not always - depends on the circumstances.
You have to remember that there are no hard and fast rules - just guidelines - for each circumstance that is presented to the OR.

L3ighton

Happy new year ppl. just a cpl of questions, when filing your petition for Bankruptsy you have to make a deposit of £325 and pay court cost of £150 do they let you pay that off in payments or is that up front? also i was wondering how long does the bankruptys process take so you it is all done and dusted?

Thanks