The Bankruptcy Club & Supporters Club

2007isgoingtobemyyear

Hi All, What a year 2006 was, i have spent the best part of the last 6 months goingt through a nasty divorce and had to sell my beautiful home. I am now renting on a year contract from October 6, 2006. There are defo some advantages to renting.

I have about £40,000 in total of debt that was made through my marriage, over spending and doing the house up and trying to keep hubbie happy is his quest to keep up with the Jones!

Since moving into my rented accomidation, I was advised by the CAB to stop making my monthly repayments so that I could have enough money to cover the sols and rent costs.

I now have a better paid job but after paying rent and utilities and allowing myself £250 for food and doctors/dentists and the other very small things. ( I have sky and one mobile my phone bill is £25 per month I dont have the internet or a computer at home)

I have a car which has no HP agreement on this and is 4 years old and work approx £3000 at a push. I travel 20 miles to work each day and having looked at the costs of a bus its still cost effective to keep my car.

I have an excess of £200 which isnt going to break the back of my debt for about £60 years.

Althought the CAB have been great with their advice I havent found their money department to be that speedy and I am a very big worrier.

I have researched lots on line and have found this site very helpful.

I need help through this, I have downloaded the formd to file but what I reallly need to know is what then happens.

If my back account is frozen (abbey basic account, debit card and £300 overdraft) will they still pay my direct debits or what happens?

will they take my car as that is my only assesst all of the little and I mean little savings that I had went into renting the house.

I welcome any help that you guys and gals can give they say that asking is the first step!

sandralovescats

howdumbarewe! wrote:

Hi this is my story
http://forums.moneysavingexpert.com/showthread.html?t=339705
If my husband goes bankrupt as all the debts are in his name not mine what things would they take from me? (Such as childs laptop?)
Also we have a holiday with my in-laws booked in my name to be taken in September. (Booked in september before we realised how bad the situation had got) Will our holiday be effected as I paid some of it (about £1800) with hubbies credit card.
Also after he has been bankrupt do they closely monitor everthing we spend and if so for how long?
Any help would be greatly appreciated. Many people have given good advice which is greatly appreciated but a couple seem to take the approach that we they have cut back on everything (even tv apparently) therefore so should we. They didn't actually say that they were better than me as they are paying their debts as opposed to going bankrupt but thats the feeling which I got from a couple of people (maybe I was mistaken and took it the wrong way). This is all very daunting!
Thanks

Some people find it difficult to understand someone else having to go bankrupt. They are entitled to their opinions but that is all that they are - their opinions.
In my opinion you would be better off going bankrupt, clear the board, to get your life back on track.
Yes, you can then utilise money-saving techniques and freebies, etc. and enlist help from everyone re your child because this will help you in the future.

You will not be affected if your husband is going br on his own.

Yes, assets must be listed if they are of much value.
If the child's laptop was bought on credit recently you will have to declare it since it will be on the statements. If not, I would leave it out.

The holiday may be a problem since it is seen as a luxury and since it was also bought on credit and a fair time away in September. I wouldn't worry about it just yet. Depends on what the OR has to say about it. It could be that the OR will say that if someone could come up with, say, £500 in cash, that you can keep the holiday. This is what usually happens with other goods - tv's, computers, etc - bought on credit in the year prior to bankruptcy.

Do post any and all questions that you have. There are some very knowledgeable people here whom can all give you good sensible sound advice.

sandralovescats

2007isgoingtobemyyear wrote:

Hi All, What a year 2006 was, i have spent the best part of the last 6 months goingt through a nasty divorce and had to sell my beautiful home. I am now renting on a year contract from October 6, 2006. There are defo some advantages to renting.

I have about £40,000 in total of debt that was made through my marriage, over spending and doing the house up and trying to keep hubbie happy is his quest to keep up with the Jones!

Since moving into my rented accomidation, I was advised by the CAB to stop making my monthly repayments so that I could have enough money to cover the sols and rent costs.

I now have a better paid job but after paying rent and utilities and allowing myself £250 for food and doctors/dentists and the other very small things. ( I have sky and one mobile my phone bill is £25 per month I dont have the internet or a computer at home)

I have a car which has no HP agreement on this and is 4 years old and work approx £3000 at a push. I travel 20 miles to work each day and having looked at the costs of a bus its still cost effective to keep my car.

I have an excess of £200 which isnt going to break the back of my debt for about £60 years.

Althought the CAB have been great with their advice I havent found their money department to be that speedy and I am a very big worrier.

I have researched lots on line and have found this site very helpful.

I need help through this, I have downloaded the formd to file but what I reallly need to know is what then happens.

If my back account is frozen (abbey basic account, debit card and £300 overdraft) will they still pay my direct debits or what happens?

will they take my car as that is my only assesst all of the little and I mean little savings that I had went into renting the house.

I welcome any help that you guys and gals can give they say that asking is the first step!

My reply to this is already on the other thread!!

You will get some good advice here!

Richard_S

missimaxo wrote:

Hi Richard

The OR may well have had the lease from the property company - they wil certainly have asked for it! I guess your file has gone to RTLU (don't ask me what it stands for) to deal with the property. If that is so they don't usually deal with admin matters (such as lease disclaimers), they simply deal with the assets. If the lease had been disclaimed then you should have been sent notification.

Even if your file is at RTLU, the details for your case can be brought up by any OR's office, so your original office should be able to tell if the lease has been dealt with. Alternatively (if you want) - PM me your full name (as it appears on your BO) and your case reference details XXXX county court ??? of 2006 and I can look for you tomorrow (don't do this on the forum as it is personal information). I will be limited to what is recorded on the computer system and the quality of this varies from office to office.

My biggest advice is don't worry! If you are really concerned there should be a "CCLU" (closed case liason unit I think) member of staff in your original office who deals with queries on "older" cases.

T xx

Hi Missimaxo,

Thank you for that and your kind offer re the lease, I'll see if I can find anything out myself before I encroach further on your time.

I have to say that all the people I've spoken to at the O.R's office have been really helpful and considerate and my only resentment is the stupidity of the company that petitioned for our bankruptcy; but that's another story.

Regards

Richard

Richard_S

howdumbarewe! wrote:

Hi this is my story
http://forums.moneysavingexpert.com/showthread.html?t=339705
If my husband goes bankrupt as all the debts are in his name not mine what things would they take from me? (Such as childs laptop?)
Also we have a holiday with my in-laws booked in my name to be taken in September. (Booked in september before we realised how bad the situation had got) Will our holiday be effected as I paid some of it (about £1800) with hubbies credit card.
Also after he has been bankrupt do they closely monitor everthing we spend and if so for how long?
Any help would be greatly appreciated. Many people have given good advice which is greatly appreciated but a couple seem to take the approach that we they have cut back on everything (even tv apparently) therefore so should we. They didn't actually say that they were better than me as they are paying their debts as opposed to going bankrupt but thats the feeling which I got from a couple of people (maybe I was mistaken and took it the wrong way). This is all very daunting!
Thanks

Hi howdumbarewe,

The bankruptcy route is not a painless route and if you've decided that it's the best for you and your family then my advice would be to completely, utterly and consistently ignore people who are not being helpful; I find them really irksome and beneath contempt.

If somebody wants to spend the rest of their life repaying debt, or making unrealistic sacrifices to achieve that end then it's their choice and should be respected. Similarly, if somebody else decides to take a different approach then there choices should be respected.

Hope you have a fab holiday in September and all the best for the next few months.

Regards

Richard

Mike_St_Helens

less2303 wrote:

Can i join!

My story:

http://forums.moneysavingexpert.com/showthread.html?p=3898003#post3898003

Hiya there - you are BSCSC member #35.... Welcome !

L3ighton

just a quick question, i'm am considering going bacnkrupt and i'm just curious to what i say and do with the credit card and load companies? what should i say and how would i pay them?

rog2

L3ighton wrote:

just a quick question, i'm am considering going bacnkrupt and i'm just curious to what i say and do with the credit card and load companies? what should i say and how would i pay them?

Best to say nothing - once you have filed for br then they won't be able to harrass you - they will be obliged to deal with your official receiver.

skylight

Are there any OR's or Insolvency Pratictioners on this board?

If so, can someone please PM Me? I have a matter regarding bankruptcy that I would prefer not to have banded about the forums if thats okay!

(And those nosey persons - its nothing juicy, so you are not missing out!)

L3ighton

rog2 wrote:

Best to say nothing - once you have filed for br then they won't be able to harrass you - they will be obliged to deal with your official receiver.

what do i say about the payment? should i answer phone or not as i get worried everytime my phone rings and they ring me at work too, should i pay or should i just leave it?