The Bankruptcy Club & Supporters Club

bizzylizzy

I'm halfway through filling in br forms ( now have a BR day date - 6th Dec ). I filled in Assets page with all "none"s as all our furniture is either v. old or 2nd hand (or both!) but we do have a computer which we use for ebay, this site etc. The hope is that OH might be able to use it for work at some future point. It is a fairly good one (a gift) and now I'm worried that I should have included it.
What does anyone think?

sandralovescats

Sarah, I would add £60 per month for Birthdays/Christmas/Holidays

sandralovescats

bizzylizzy wrote:

I'm halfway through filling in br forms ( now have a BR day date - 6th Dec ). I filled in Assets page with all "none"s as all our furniture is either v. old or 2nd hand (or both!) but we do have a computer which we use for ebay, this site etc. The hope is that OH might be able to use it for work at some future point. It is a fairly good one (a gift) and now I'm worried that I should have included it.
What does anyone think?

First of all you need to assess a few things about computers -

1. How much was it when new?
2. How old is it now?
3. How much would you get for it second hand?

To help with #3 take a look at Ebay and do a search for your computer model, for age, etc. and see what you come up with.

What you find with computers is that within a year the value drops significantly.

I know somene from another site who paid £2500 for her laptop computer on her credit card. Four months later she went bankrupt. The OR said if she could get someone to buy it back for 3500, she could have it. After negotiations with a family member, who offered the OR £250, the OR refused and took it to sell at auction. The family member attended the auction and it sold for £175.

See what I mean?

Be realistic with your figures and you won't go far wrong.

sandralovescats

By the way Sarah, I am assuming you are going bankrupt by yourself?

Is the income support partly for you and the children, partly for OH?

pebbles2791

I'm new here *waves*....and before I go any further can I just say a thousand thanks that you all take the time to post advice and personal experiences...it's saving my sanity... I've read through the first few pages and am a little bit clearer on things....but I'll start from the beginning by telling you my story. *takes deep breath*


I'm in a DMP via CCCS at the moment, and have been for the past 2 years successfully for credit cards. Until a bombshell arrives....

15 year's ago, me and my then partner purchased a property together, couple of years down the line when I fell pregnant we split up. The property was in joint names, I was young (20) and didn't have the sense to remove my name from the mortgage etc I was just glad to be out of there....anyway, he lived in it for a couple of years after that, missed payments, house repossessed and I was jointly liable for the debt...

He took a loan out with his then partner and paid his half of the debt off at a reduced amount, I wasn't in a position to do so (single parent on benefits)...therefore I negotiated (and I have every respect for the DCA that dealt with me, they have been nothing but reasonable and helpful since I 'met' them)..

Anyway, to cut to the crux of the matter....part of my (verbal) maintanence agreement with my ex-partner was that although my half of the debt was in my name, he would pay the nominal agreed amount that had to be paid each month to the creditor by purchasing a postal order each month and giving it to me with my son's maintence).....he's now been made redundant...and does not have the funds to pay that debt every month..

The outstanding debt is approx £10,000..making my total debt approx £14,000 (jesus..how ashamed am I?)

I rang CCCS to advise them of the 'new' debt and to ask for it to be included in my DMP....the advisor told me on my income and expenditure (I am working as a secretary now for the NHS and the DMP has my SOA and knows what disposable income I have) it will take 20 years to pay off, and advised me to go bankrupt! I was horrified (apologises...no detrement to anyone who has been through it on here...after reading I take my hat off to you all for your courage...but hold my hands up and admit I was one of those who assume bankrupts are 'lepers'.....once again I apologise...it's only through ignorance I thought that..

However, she actually said it was the only viable option I had now.

I'm just coming to terms with the fact that it is my only option now...and would be very greatful if anyone could offer me some advice...


I have read some of the advice on the first few pages of this thread, but to be honest my head's about to burst!

Would be really grateful if anyone could help me with a few questions i have...


She said, in her opinion, that mine would be a 'straightforward' bankruptcy and that I could be 'disolved' in 6 months and 'debt free'...but averagely it is 12 months (please don't quote me, my head is in a whirl and I'm trying to take a lot of things in)

She advised me NOT to open an alternative bank account until I had been declared bankrupt...otherwise the 'bankruptcy' could freeze that account too..

I rely on DD's....My wages are paid in, tax credits...my rent comes out, every bill I have comes out via DD....in all honesty, after I'm BR will I get an account that allows me to set up DD's? that's all I want, no cheque books, no other frills...just standing orders and DD's...

Will it be 'known' that I am bankrupt if I don't tell anyone? No-one knows, except you guys now, my financial situation and tbh....that is the what is crucifying me...the fact that people will 'know'...

I work in the NHS...will I lose my job because I am bankrupt??

My advisor was plain on the phone and is sending me information on bankruptcy....she made it sound like the answer to my prayers...i.e..'dont' go BR you'll be in debt for near 20 years'...go bankrupt it's off your file after 6.....is that true?



Sorry to have rambled on for so long....I really do appreciate any advice/help anyone can give me....

kelbird

Well hello fellow members! I'm a newby to the site and have to say I am completely overwelmed by the support that is out there for people. You should all applaud yourselves :T
I'm at a loss and have no idea what to do next to be honest. As briefly as I can be, I found myself in debt some 5 years ago. At the time, living on my own, mortgage, bills etc, I just could not afford the living expenses and constantly robbed Peter to pay Paul, so to speak. I sold up and moved in with my partner at the time and sought advice on obtaining an IVA. All agreed, I began to make my payments, then the relationship ended, he moved out and I was left to pay all the bills, therefore I had no choice but to default on my IVA. My practitioner contacted my creditors and advised them that they would have no choice but to pursue bankruptcy at a charge of £2000 to them. No-one responded. I was told that providing no-one sought the money from me the money would eventially be written off after 5 years. That was about 3 years ago. I have since moved with my partner of 2 years, I am now a full time student and my mortgage company have contacted me through a solicitor claiming that the property I owned 4 years ago was repossessed and there is a shortfall which they are persuing. The letter concerned me because a) the house was sold through an agent and not repossessed and b) at no point did they make reference to an account number. I believe the debt to be an unsecured loan the company offered to me when I first took out my mortage but unsure of how to respond.
I was completely accepting of the fact that I would go bankrupt but this was 3 years ago and I feel now that the longer its left the longer its going to tar my history. I plan on obtaining a degree and getting a good job in IT, but if I have a bad history I can not escape, I can not see myself being able to buy a property, etc any time soon. Now that I've just hit 30 something this is somewhat a concern. I don't want my history to affect what me and my partner can do in the future. Do I await my fait, or be proactive and take the leap. It could be that the mortgage company give up, as from previous experience with my mum, this did happen when she was jointly named on a mortgage, but on the other hand, the longer I leave it, the longer it will cause problems in the future. To add to it all, I have tried a couple of times to obtain a credit report from both Experian and Equifax and I do not seem to exist, however trying to obtain one today and Experian said I had already received a report, which is not the case as the time I previously registered I did not exist. ARGGHHH !!! If anyone could offer a tiny bit of advice it would be most welcome
A confused debtee
Kelly
P.S Really sorry for the essay

Cumbrian_Male

Can I ask some ??'s

I have a DMP with cccs but 1 creditor won't accept the payment. Our disposable income is less than 1% of what is owed.

Been told today that they are filing a claim at county court for a CCJ against me.

I work in the credit industry and will be dismissed if it is successful.

I have 2 dependant children and a wife who is disabled on IVB.

Can they force us to sell the house if they get a charging order? and if I'm sacked and have to claim benefits if I go BR will we lose the house?

Will fill in more detail if needed but just want gereral advice will read whole thread tomorrow.

TIA

sarah_skint

i have added them on to my spreadsheet sandra - many thanks, yes I am going br on my own, am just hoping experian pull there finger out and sort out the dissociation between me and the other half! Not that hes got any money either - i found out yesterday he has near on maxed his overdraft - I could kill him!!

sarah_skint

pebbles - most people will not know about your br if you don't tell them, however it does appear in the local paper and the london gazette.

You can fill out the br forms online, i have done this as i have 4 kids and trying to keep 40 pages of paper in order proved more than a nightmare!!

As regards to bank accounts sandra or mike will probably be better answering that one - they will be here soon!

Best Wishes
Sarah

sarah_skint

kelbird,
don't apologise for the essay - you have questions like all of us!!

i am no expert but i really would try and get all 3 of your credit reports, the one that said they send you your report that you have not recieved - i would give them a ring and enquire.
If you do go br you would need the details from these companies to put on the forms or they would be excluded. I've said my little piece hope that helps a little please await further replies
Sarah