The Bankruptcy Club & Supporters Club

sandralovescats

My car is on a carloan. I WANT it to go in my br. It is worth about £6500 now and the finance is about £11000. I am getting a Mobility car in December (it is ordered)

What if the OR decides that I should keep my car? I am then at liberty to sell it?

or

If the OR says he wants it -

Will the OR take the car to sell it. Or will the OR just inform the finance company to collect it?

It says on the loan agreement that I "must not allow anyone to take the car away".

Please advise!

sarah_skint

i think if you phoned them and explained that you intend to pay it off and send them also an SOA, they would take a reduced payment, as any payment is better than none - as long as you stick to it. If you get no joy from the first person ask for there accounts manager.
Sarah
did not realise it had already gone to baliffs, other peoples help may be better than mine - may be worth a visit to the CAB

sandralovescats

sarah_skint wrote:

i think if you phoned them and explained that you intend to pay it off and send them also an SOA, they would take a reduced payment, as any payment is better than none - as long as you stick to it. If you get no joy from the first person ask for there accounts manager.
Sarah

The thing is, once it has gone so far along the line, doing an SoA is going to be of no use. Maybe, as Rog2 says, the CAB will be able to help as mediators. As I said, council tax must be paid, you cannot enclose it in a bankruptcy petition.

rog2

sandralovescats wrote:

My car is on a carloan. I WANT it to go in my br. It is worth about £6500 now and the finance is about £11000. I am getting a Mobility car in December (it is ordered)

What if the OR decides that I should keep my car? I am then at liberty to sell it?

or

If the OR says he wants it -

Will the OR take the car to sell it. Or will the OR just inform the finance company to collect it?

It says on the loan agreement that I "must not allow anyone to take the car away".

Please advise!

Don't worry Sandra - it's not your car - it 'belongs' to the finance company and as their 'debt' will be included in the br they will claim their car back from OR.

Heckles

rog2 wrote:

Unfortunately it may not be easy. If the Bailiffs are involved, then I assume that there has already been a court hearing, often local magistrates, and they do have the power of imposing a custodial sentence.
However, you could appeal to the court for 'time to pay' at the rate you can afford.
May I suggest that you talk with CAB as you may need legal advice.

Thanks for that - I've just spoken to a mate of a mate who is a solicitor and he's advising me to pay the £100 per month for 3 months in order to get some breathing space then apply for bankruptcy. When I asked what the council can do if I apply for it, his actual words were "f*** all - if you're bankrupt, you're bankrupt".

I have a computer on finance - if I applied for bankrupcy, would that have to be sold?

Snaggles

Hi Mike, only just finished working my way through this thread - please can I be a supporter? (I thought you actually had to be bankrupt or considering bankruptcy to join, sorry....d'oh!). I'm glad things seem to be going reasonably smoothly for you, and best wishes to everyone else needing support due to bankruptcy at the moment xxx

sandralovescats

Heckles' whole story -

http://forums.moneysavingexpert.com/showthread.html?t=300492

uskoks

Hi, sorry to post this again but someone suggested that I place my post on this thread.

Many thanks

uskoks

Previous post:-

Hi everyone,

I was hoping you could lend some advice.

My family is in severe financial difficulties and we've reached the end of the road

As you can see from our SOA underneath we've got big problems!!! I know some of you are asking how can we owe so much - most of our debt was incurred when I went through Uni to train as a teacher (we had a family of 4 to support with no income as my wife was unable to work at the time). We then got into the vicious circle of obtaining more credit to pay off what we already owed. Last year I left work through sickness and haven't been able to work since - our monthly shortfall was met by our credit cards. THe result, as you can see, is catastrophic. There are times when i have considered suicide but realised that is not the way out as it would leave my wife in an even worse position (it's the depression talking). We've now decided that we can't manage to pay everything back and we need to declare bankruptcy and have a fresh start. We do have some questions though.

1. Can we claim joint bankruptcy? (I know two lots of fees are payable but do we need individual sets of forms as well?

2. Being this far in debt are we likely to suffer a harsher outcome?

3. What assests do we need to list on the forms? (can't see where to put TV's etc) - We have no large assests - we don't owe our own home, & we've got 1 car worth about £700 which we need for getting to and from work.

I think that's all for now but I'm sure I'll have more questions in the future.

P.S. - I did have some good news today as I've got 2 job interviews lined up (just hope I get one of them)

Many thanks

uskoks


SOA

Monthly Incomings

My Salary - £ NIL
Wife’s Salary - £650.00
Benefits - £434.04

TOTAL: £1084.04

Monthly Outgoings

Rent - £750
Council Tax - £117
Gas - £30
Electric - £90
Water - £27.15
TV License - £11.37
Sky £53.50 (stupid I know but this is our sole form of entertainment)
Phone - £15.00
Broadband - £17.99

Food - £200 (family of 4)

Petrol - £80
Car Insurance - £20.00 per month (£241.50 p.a)
Car Tax - £15.00 per month (£175 p.a)
Car Repairs - £10.00 per month (£120 p.a)

TOTAL: £1437.01

MONTHLY SHORTFALL: -£352.97


DEBTS

Mine

Lombard Direct Loan - £6,000.00
Barclays Career Development Loan - £5,800.00
Lloyds TSB Loan - £ 22,681.90
Lloyds TSB Loan - £10,181.92
Lloyds TSB Mastercard - £2,100.20
Lloyds TSB Mastercard - £4,314.01
MBNA Credit Card - £4,771.31

Other Half’s

Lloyds TSB Loan - £22885.85

Joint

Lloyds TSB Overdraft - £3,000.00

TOTAL: £81735.19

sandralovescats

Heckles, read this, it might help

http://www.debtquestions.co.uk/prob_counciltax.php#refused

gettingitsorted

welcome aboard uskoks

https://www.insolvency.gov.uk this is a must site to read up on all the information and you can fill in the forms online

any more help or quetions then just ask