The Bankruptcy Club & Supporters Club

tammyfshr

do i have to put it down?will they find out?

Whoops_Apololypse

sandralovescats wrote:

If you forget the debts secured on the house, plus the other debts and have a clean slate, would you be able to afford to make the mortgage repayments and pay your household expenses?

When you remove all the debt from the house, how much is the house worth and how much mortgage have you got on it?

Thanks for responding. The house is worth £220K with a mortgage of £160K. What do you have in mind?

tight_jock

tammyfshr wrote:

going bankrupt on tuesday after i take my driving test on monday(too much stress)father in law has bought me a small cheap car today (£500).my husband is epileptic so cant drive and we have a baby so the car is essential.public transport is costing a fortune!he has paid for it but the receipt is in my name.we are only paying for the insurance,tax and petrol.will the or take itand should i put on my forms costs for petrol etc. we havent used it yet but should i include future cost?

If FIL has bought you a car and is LENDING it to you although your name is on all the paperwork this is permissible. Somewhere on the log book ( which shows the keepers name and address) it says that the keeper is not necessarily the owner of the vehicle. If he paid for it then he owns it. Do not accept this as a gift until your discharge.

We were allowed to have our second car "on loan " from a friend after "he" made an offer for it. Our name is still on the paperwork the only difference is that my mate has a receipt for a coupla hundred quid showing he purchased it

skylight

You must declare the car in some fashion. Tightjocks solution is a good one!

Remember that if the OR thinks for one minute that you are trying to decieve them, they will come down on you like a ton of bricks.

tight_jock

charlotte664 wrote:

You must declare the car in some fashion. Tightjocks solution is a good one!

Remember that if the OR thinks for one minute that you are trying to decieve them, they will come down on you like a ton of bricks.

As I remember the forms and the questions you will be asked if you have "use" of a car and then if you own one( I think - its all a bit of a blur)

If FIL bought the car then it`s his until he decides otherwise. I second charlotte`s line on decieving OR but this would be ok - you may be able to keep some more of your public transport cash in your soa too !

TJ

less2303

I think the problem might come as the receipt is in your name though.

If the OR does have any qestions, it would probably be the first thing he asks for, a receipt to prove that your father bought it.

Does he have any receipt for drawing the money perhaps?

less2303

Hopefully nothing will come of it, but I think the problem might come as the receipt is in your name.

If the OR does have any questions, it would probably be the first thing he asks for, a receipt to prove that your father bought it.

Does he have any receipt for drawing the money perhaps?

Brokeandbothered

Hi everyone!

I have noticed people posting about bank accounts and salaries. I go BR next friday, but I am paid weekly. I will have to use my wages that day towards my fees, so all that wage is viably used up. The thing is, at work, we have to have new bank account details in by monday at 10:00. There just won't be enough time for me to sort anything out which means that my wages will be paid into a frozen account. I'm with Lloyd's TSB and don't owe them any money. Any ideas?

tight_jock

Brokeandbothered wrote:

Hi everyone!

I have noticed people posting about bank accounts and salaries. I go BR next friday, but I am paid weekly. I will have to use my wages that day towards my fees, so all that wage is viably used up. The thing is, at work, we have to have new bank account details in by monday at 10:00. There just won't be enough time for me to sort anything out which means that my wages will be paid into a frozen account. I'm with Lloyd's TSB and don't owe them any money. Any ideas?

Go out tomorrow and set up your new account with a £1 then you will get an account no and sort code to give your wages dept.before monday 10am. As long as you are approved for an account you should be able to get these numbers within a few hours of opening. Get a letter from the advisor authorising withdrawals over the counter until your cash card is available.

Failing all that see lou031205 post #2224 from 240 today regarding how they managed to be able to get at their cash until new account ready.
Hope this ramble makes sense:T

TJ

trooper33

Hi all,

Well this is my first post here but I have spent the last couple of days reading through this whole thread on and off and I have to say what a supportive and friendly lot you guys are :j And it is so nice to know that I am not the only one drowning in a mountain of debt...

So I wanted to ask you guys whether you think I should go bankrupt or not, although ultimately I know it's my own decision - it would really help to have some thoughts from other people in the same boat as me.

My situation is fairly non-typical so although this will make my post mega-long I think I will start at the beginning.

I have been on a six year rollercoaster financially which started with me taking out a bank loan at the age of 19 for a deposit on a rented flat, as my mother had decided to move away from our home town and I wanted to stay there. However I could not afford the repayments and ended up reloaning, using credit cards for living expenses and such. I was also in a relationship with a spendaholic and was really living beyond my means for a considerable time.

I owned a flat with my ex partner & during the time we owned the flat we had to borrow to do building repairs & maintenance as we didn't have the money saved to do them ourselves. We also decided to holiday on our credit cards as neither of us had been able to afford a holiday for years, at the time we felt it was justified but now all I can think of is the extra debt we were left with as a result of it. Eventually we decided to sell as we were both in debt, but the equity released by the sale wasn't enough to pay off my debts completely so it didn't really solve the problem.

So I find myself in around £40k :eek: worth of debt and am just about struggling to stay afloat. I have never missed any repayments but can only make the minimums on my 2 credit cards and flexible loan, and I'm not really making a dent in the outstanding balance. I go well into my overdraft each month and busted the limit a few times incurring bank charges.

The latest blow is that I broke up with my partner last year and we moved out of the flat we rented together in October, meaning that I had to get a new place. I am now sharing with a mate but the only way I could afford my
half of the security deposit was to take my overdraft right to the limit & also borrow more out of my flexible loan. It was either that or be homeless. This move has ended up costing me rather dearly as Cahoot have just bumped up my flexible loan interest rate to 19.9%!!! How am I ever supposed to be able to pay that off??

However there is a chink of light at the end of the tunnel and this is ultimately why I would appreciate people's advice. I am due a promotion at work at some point in the next 4-6 months guaranteed - and this will mean a pay rise of around £8k which will take my monthly income to a level where I will finally be able to save a decent amount of money to pay some of the debt off. I am also fortunate enough to work somewhere there is a lot of overtime freely available. I work tons already to get enough income to keep my head above water - but after my pay rise all that overtime will basically be money I can put towards paying off the debt.

So it really becomes a question of whether I can survive until April or June at a push. But I also find myself wondering whether I am kidding myself and whether bankruptcy is inevitable?

I'm scared of going bankrupt for obvious reasons - I hate the idea of someone snooping through my wrecked financial past and seeing how badly I have handled my money. It worries me also that because I have used credit recently - at a time when my finances are so obviously bad - I will have a BRO slapped on me. But at the same time I am tired of never treating myself - never buying new clothes or DVD's, Saturday nights in, etc. And I'm tired of fighting to keep myself afloat and of being terrified (literally) to log onto internet banking.

I'm not that worried about losing my car, I have been thinking of selling it anyway! But I need my computer for work & stuff like cable TV and the internet are the only things that keep me sane, since I can never really afford to go out. So I would be devastated to lose those.

So should I declare myself bankrupt? Am I delaying the inevitable by not doing it? Or do I stick it out until the promotion & pay rise and see what my income is like then?

There is a certain attraction to going bankrupt I must admit. The thought of having a fresh start within 6 months to a year is very appealing. And the relief that you all speak of is something that would be very welcome to me.

Thanks for listening everyone :T

Steve.