The Bankruptcy Club & Supporters Club

rog2

bloomin_freezing wrote:

Thank you both sandralovescats and rog2. I'm going to get a great deal of satisfaction telling them all to chip off. I know its my fault i'm in this situation not theirs but I've done something about it and boy have I learnt from my mistakes! I will never, EVER wish for a credit card or catalogue ever again in my life, and now I have no bedts I can start to save for my daughter (she's only 17 months) so she will never have to feel the need to get credit from anywhere.

I love this website!

x

Well done bf - you now seem to be getting your priorities in the right order.:beer:

desmonds

Hi everyone,

I've posted you all a link to the Insolvency Service Technical Manual that they use which is invaluable information if you are in the process of bankruptcy or at an early stage of bankruptcy.

Desmonds


http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Default.htm

less2303

Them asking for payments is not illegal, but by you making payments and them accepting them is.

If any creditors do continue to contact you, inform them that you consider it to be harrasment and will report the matter.

There are Template letters you can send, which I can post if anyone needs them.

rog2

bloomin_freezing wrote:

Just had my call with the official receiver, it lasted a total of 18 minutes, not bad eh?

They told me they should have made contact with all my creditors within 8 weeks time. What shall I do if (or rather when) they start bugging me? Do I tell them to call the official receivers office if they have a problem? I forgot to ask OR, I had a few questions to ask but got a bit nervous and left a few out.

BF - I just wanted to add, without wanting to depress you in any way, that your creditors, as said by Sandra, will not, unfortunately, stop phoning even when you tell them your br details. It appears to be a prime requisite for creditors - especially DCA's - to automatically assume that you are not telling the truth, unless you are quoting a debit card number. :rolleyes:
The phone calls may continue for a while - in my case almost 3 months into bankruptcy, I have JUST put the phone down on a 'voice text' from Mackenzie Hall:mad: :mad:
However, you will learn to take these calls in your stride - they simply can not do anything. Each time they call repeat, word for word, your bankruptcy date and number and that any further calls will be logged and reported as harrassment.

gettingitsorted

rog2 wrote:

BF - I just wanted to add, without wanting to depress you in any way, that your creditors, as said by Sandra, will not, unfortunately, stop phoning even when you tell them your br details. It appears to be a prime requisite for creditors - especially DCA's - to automatically assume that you are not telling the truth, unless you are quoting a debit card number. :rolleyes:
The phone calls may continue for a while - in my case almost 3 months into bankruptcy, I have JUST put the phone down on a 'voice text' from Mackenzie Hall:mad: :mad:
However, you will learn to take these calls in your stride - they simply can not do anything. Each time they call repeat, word for word, your bankruptcy date and number and that any further calls will be logged and reported as harrassment.

I am having this problem lloyds tsb are ringing at least 5 times a day each time i tell then my bankruptcy details and that i told the last person the same thing and that this constant calling was harassment and if they carried on i would be reporting them so they stopped the calls for a total of 2 weeks and now they have started again.

alidadas

I've just had my call from the Official Receiver too - lasted 28 minutes. Think he may have had me on speaker phone as the line wasn't particularly clear but he was really nice.

I've been very lucky and haven't had any phone calls or letters from my creditors since they've been informed I was bankrupt (5/12/2006) - the one company who previous to this had been phoning every day at all hours were the only ones I told over the phone and I expected them to be calling me still but they stopped immediately! I know not everyone is as lucky as that but I'm so pleased.

I can now give birth to this baby completely stress free (my due date is in 2 weeks) and I'm not worrying about my debts anymore!

I worry about my H's - they aren't big and we aren't struggling with them by any means but I'm determined that we're going to get them paid off as soon as possible so we'll both be debt free. I think I'm now destined to panic about money forever even though we're now quite comfortable.

HELP_4

HI,

I am about to take the plunge into B myself and my hubby, bit silly really as we are struggling yet needed to find £900 to go Bankrupt. We have been on debt plan for 2 years and it was never ending, we have taken 39 yrs between us to pay off debts so decided on Bankrruptcy. What happens can anyone tell me, after court appearance what does the OR do, do we have to meet them and how ruthless are they and what happens if you have excess funds, how do they decide how long you wil be b for etc.

Brokeandbothered

HELP wrote:

HI,

I am about to take the plunge into B myself and my hubby, bit silly really as we are struggling yet needed to find £900 to go Bankrupt. We have been on debt plan for 2 years and it was never ending, we have taken 39 yrs between us to pay off debts so decided on Bankrruptcy. What happens can anyone tell me, after court appearance what does the OR do, do we have to meet them and how ruthless are they and what happens if you have excess funds, how do they decide how long you wil be b for etc.

Hi,
this forum is fantastic and if you read back through, loads of your questions will be answered! I wish I'd found it sooner! About the £900, I was told I could stop paying my creditors to raise the fee, if your with a DMC, maye you could stop paying them.

TooMuchDebt_2

Hi all,

Just to say, this is a wonderful thread and has been most helpful during this time of financial unease.

I am going to declare myself bankrupt 4 years after graduating from University as my debts have become unserviceable in reasonable time. I currently owe approx. £64,000, but this includes my student loan which won't be written off.

My lightbulb moment came about 5 months ago when I had a payment rejected from my bank account. At the time all my credit cards were maxxed out, so I had no means to pay for anything and it really scared me. After this I researched all of my options thoroughly - DMP, IVA and finally bankruptcy. I have spoken with PayPlan about all of my options and they recommended bankruptcy as I didn't have enough income left per month to enter into an IVA. In addition, my partner is unemployed and apparently the creditors don't allow this for an IVA.

My debt problems started at university when I had to move out and pay for myself basically. Up to that point I didn't understand the true value of money and how much things were. I was under the delusion that when I graduated I would get a job with a decent salary and be able to pay it all off soon. How wrong I was. In addition to paying for food, accommodation etc., I also got a loan for a car for £8,000 - a big amount for a university student as I now regret. I also signed up for an Egg VISA card, partly under pressure from my Dad who was encouraging me to build up a credit history for when I would eventually need it e.g. mortgage. Unfortunately I saw this as 'free' money and began spending on frivolous things such as a TV, but also used it to pay off my car loan every month as I didn't have a job. I also started applying for more cards as I thought I could transfer the balances on 0% deals. This didn't happen and I merely spent more on the new cards.

Anyway, after graduation I had a very hefty debt - probably around £30k so started looking for a job and got one after a couple of months. I was only paying back the minimum payments, yet these were costing me £100's per month and I couldn't afford any more. At this time I was living with my partner's parents so I had almost no outgoings. This caused me to speculate with my income rather than pay off the creditors. I thought I could invest in the stock market and make a decent return, enabling me to pay off more of the credit. I invested in some technology shares at $20 each, and a couple of months later they were trading at $15 due to insider trading allegations so I held on to them. Eventually they went down to $11 and I thought I had better sell them to avoid any further losses.

Fast forward a little and two years ago we moved out into our own place (rented), and now I can barely afford to pay for essentials never mind creditors. The time spent living with parents didn't prepare either of us as we were both oblivious to how much life's essentials cost.

Our SoA is currently:

Income

---

Total £2000 after tax


Expenditure

---

Rent £725
Council Tax £159
Groceries £200
Water £34
Electricity £140 (fixed monthly DD, everything is electric)
TV License £12
Telephone (Line Rental & Bills) £15
Clothing £20
House Insurance £28
Petrol/Public Transport £200 (I currently commute 60 miles a day, hence the high fuel costs)
Tyres £25
Servicing £15
Insurance £75
Road Tax £10

Total £1643


Does this seem reasonable for a couple? Am I correct in assuming that I can list the expenses to cover the cost of two people? My partner is not currently employed and not on any benefits (the Job Centre said I was financially

responsible for her as we live together).

To clear something up - from my understanding you cannot be a member of parliament or councillor whilst you are an undischarged bankrupt. Once you are discharged is it possible to then become an MP or councillor?

I have a joint bank account (First Direct / HSBC) with my partner which was opened in October 2006. Will this link us together financially? I would have assumed so, however I just got the latest copies of my credit report and there

doesn't appear to be details of any links on there. To be on the safe side I will be closing the account before I declare BR, but if the link did show up after I declare BR will this affect my partner?

Thanks for any help, and good job on the very helpful advice given.

Addicted2Chocolate

all the restrictions fo bankruptcy, including not being an MP or councilor, only apply until discharge, discharge is normally automatic after 1 year.

TooMuchDebt wrote:

Hi all,

Just to say, this is a wonderful thread and has been most helpful during this time of financial unease.

I am going to declare myself bankrupt 4 years after graduating from University as my debts have become unserviceable in reasonable time. I currently owe approx. £64,000, but this includes my student loan which won't be written off.

My lightbulb moment came about 5 months ago when I had a payment rejected from my bank account. At the time all my credit cards were maxxed out, so I had no means to pay for anything and it really scared me. After this I researched all of my options thoroughly - DMP, IVA and finally bankruptcy. I have spoken with PayPlan about all of my options and they recommended bankruptcy as I didn't have enough income left per month to enter into an IVA. In addition, my partner is unemployed and apparently the creditors don't allow this for an IVA.

My debt problems started at university when I had to move out and pay for myself basically. Up to that point I didn't understand the true value of money and how much things were. I was under the delusion that when I graduated I would get a job with a decent salary and be able to pay it all off soon. How wrong I was. In addition to paying for food, accommodation etc., I also got a loan for a car for £8,000 - a big amount for a university student as I now regret. I also signed up for an Egg VISA card, partly under pressure from my Dad who was encouraging me to build up a credit history for when I would eventually need it e.g. mortgage. Unfortunately I saw this as 'free' money and began spending on frivolous things such as a TV, but also used it to pay off my car loan every month as I didn't have a job. I also started applying for more cards as I thought I could transfer the balances on 0% deals. This didn't happen and I merely spent more on the new cards.

Anyway, after graduation I had a very hefty debt - probably around £30k so started looking for a job and got one after a couple of months. I was only paying back the minimum payments, yet these were costing me £100's per month and I couldn't afford any more. At this time I was living with my partner's parents so I had almost no outgoings. This caused me to speculate with my income rather than pay off the creditors. I thought I could invest in the stock market and make a decent return, enabling me to pay off more of the credit. I invested in some technology shares at $20 each, and a couple of months later they were trading at $15 due to insider trading allegations so I held on to them. Eventually they went down to $11 and I thought I had better sell them to avoid any further losses.

Fast forward a little and two years ago we moved out into our own place (rented), and now I can barely afford to pay for essentials never mind creditors. The time spent living with parents didn't prepare either of us as we were both oblivious to how much life's essentials cost.

Our SoA is currently:

Income

---

Total £2000 after tax


Expenditure

---

Rent £725
Council Tax £159
Groceries £200
Water £34
Electricity £140 (fixed monthly DD, everything is electric)
TV License £12
Telephone (Line Rental & Bills) £15
Clothing £20
House Insurance £28
Petrol/Public Transport £200 (I currently commute 60 miles a day, hence the high fuel costs)
Tyres £25
Servicing £15
Insurance £75
Road Tax £10

Total £1643


Does this seem reasonable for a couple? Am I correct in assuming that I can list the expenses to cover the cost of two people? My partner is not currently employed and not on any benefits (the Job Centre said I was financially

responsible for her as we live together).

To clear something up - from my understanding you cannot be a member of parliament or councillor whilst you are an undischarged bankrupt. Once you are discharged is it possible to then become an MP or councillor?

I have a joint bank account (First Direct / HSBC) with my partner which was opened in October 2006. Will this link us together financially? I would have assumed so, however I just got the latest copies of my credit report and there

doesn't appear to be details of any links on there. To be on the safe side I will be closing the account before I declare BR, but if the link did show up after I declare BR will this affect my partner?

Thanks for any help, and good job on the very helpful advice given.