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Questions about Bankruptcy - Please Help!

sickasachip
Posts: 6 Forumite
Dear All,
I wonder if you could offer some advice:
After visiting the CAB for advice on our debts they said they could write to our creditors to reduce our monthly payments to them or consider going bankrupt which would sort out our 2 mortgages and secured debts which are the biggest financial burden we have. However, my husband wants to get a loan before we do the Bankruptcy option to fund a bond we need for rented accommodation etc. I have read that doing this may stop your chance of bankruptcy being granted. Is this the case?
Thanks for any advice.
SickAsAChip.
I wonder if you could offer some advice:
After visiting the CAB for advice on our debts they said they could write to our creditors to reduce our monthly payments to them or consider going bankrupt which would sort out our 2 mortgages and secured debts which are the biggest financial burden we have. However, my husband wants to get a loan before we do the Bankruptcy option to fund a bond we need for rented accommodation etc. I have read that doing this may stop your chance of bankruptcy being granted. Is this the case?
Thanks for any advice.
SickAsAChip.
0
Comments
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It could be seen as irriasponsable (sp?) by the official reciever so i wouldnt advise doing it.
If you go to your local council there homeless dept will pay your deposit for you and you pay it back to them in intrest free inalments.
Thats what we did any way the whole process took 5 days from when we approached the council and gave the details to when we got the keys from our landlord:j WILL GET THERE SOON :j
WATCH OUT FOR THE PIG FLYING PAST!!
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:0 -
Hi there, Have a look at the bankruptcy supporter thread. There is some very good info and support over there...
http://forums.moneysavingexpert.com/showthread.html?t=2738440 -
Thanks for that, I am really reluctant to do that, but when you are in this situation it all seems very tempting. I know I'm not gonna do that now. I'll just muddle through. Thanks a lot.0
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sick as a chip
do you want us to help you get straight?
You could always post your SOA adn we can have a helping hand at where you could cut back etc?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
sickasachip wrote:Thanks for that, I am really reluctant to do that, but when you are in this situation it all seems very tempting. I know I'm not gonna do that now. I'll just muddle through. Thanks a lot.
No need to 'muddle through it, sickasachip, there are many people, here, who have been through what you are going through, maybe even worse.
The whole point of this forum is that we can share our experiences - good and bad - and advise others in order that they don't need to 'muddle through it' and get ripped off by the financial vultures on the way.
So give us a few more details ad we'll genuinely try to help.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Thanks Rog2, I will go through all my stuff tonight and post my soa on here tomorrow. Thanks for the encouragement.0
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sickasachip wrote:Thanks Rog2, I will go through all my stuff tonight and post my soa on here tomorrow. Thanks for the encouragement.
Well done mate :beer: things will only improve for you now.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Just remember sickasachip we are all here to help:j WILL GET THERE SOON :j
WATCH OUT FOR THE PIG FLYING PAST!!
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:0 -
Another point to remember when going bankrupt which is related to Bankruptcy is that you do not have to pay income tax whilst bankrupt, this was quite a surprise to me. It would help in your case if you have to pay a deposit back to the council.0
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Here's my background: I'm 38, married with 2 boys and my eldest sons girlfriend now lives with us. My husband gave up work about 10 years ago after straining his back. He's been in and out of work/University since then but most of the time we've had very little money from him. He convinced me to take on a second mortgage 4 years ago and swore he would get a job to pay for it. I then stupidly agreed to another secured loan 2 years ago with the same promise. He has made very little attempt to get a 'proper' job and for the last 10 months he has been doing casual work. This means some weeks we only get one days wage, other weeks he could work nearly a full week. I get paid monthly which pays for virtually everything. His wage pays for our council tax arrears and gas, electric etc. We don't have enough money to do a decent shop for food and new clothes are just none existent.
Oohh and here's the clincher - he's been having an affair for the last 2 months.
So, now I want to go bankrupt and get myself and my kids a place of our own so I can start afresh. He is adamant he dosen't want to do that, but, I'm only going to look after us now, not him.
Here's a brief outline of my statement of affairs:
My wages £1069 per month
His wages £500 per month approx
Child benefit £70 per month
Tax credits £200 per month
Mortgage £200 per month
2nd mortgage £450 per month
Secured loan £150 per month
Lloyds Loan £10 per month Balance £6000
Lloyds CC £8 per month Balance £2600
Lloyds overdraft £400
Capital one £5 per month Balance £1000
Capital one £5 per month Balance £469
Ikea £2 per month Balance £649
Lombard £8 per month Balance £6000
Provident £40 per month Balance £1000
AIC £5 per month Balance £1000
02 £5 per month Balance £1200
BT £5 per month Balance £500
Telewest £ not yet agreed Balance £400
Barclaycard £ not yet agreed Balance £2000
Council tax £151 per month
Water £45 per month
Gas £80 per month
Electric £65 per month
TV Licence £11 per month
Car Insurance £26 per month
Any money left over goes on food, school meals, mobile phone bills etc. We have no life or home insurance or any savings.
I would be grateful for any comments or suggestions and if you think going bankrupt would be the best alternative.0
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