Started the BR ball rolling but have some questions please

singingsister

Hi guys,

Hubby and I are in a position where it looks like we have no alternative but to go down the joint BR route.

We have made contact with a company (who incidentally administered one of our friends bankrupty's and also is a "loose" friend).

We have a meeting with him on the 5th November to look at all the figures and our options moving forward but he's been really good and and he has spoken to the person who would be the OR and they have said that as we are "friends", they will in effect charge us for 1 person even though we would both be going bankrupt. There's also a possiblity that hubby could use his PPI insurance that's paying out as he got made redundant for the court fees but I'm unsure how this would work (maybe because the PPI pays to our joint account, and then hubby pays the monthly loan - so we'd stop paying the loan and use that money to pay the fees).

But before we really start the ball rolling I have some questions:-

1) I have read that providing your household goods (tv etc) don't cost more than £1000 each, they won't take them. We have a 42" LCD TV that we bought outright about 2 years ago but we don't have sky or virgin - just freeview. Would they take the TV? It's probably worth about £200 - we paid about £350 2 years ago.

2) we have a home phone line and broadband through Primus at £14 a month. We didn't used to have a phone line and paid 3 £15 just to have mobile broadband (that was rubbish service) so our combined service is still very cheap. They won't make us lose that will they? We don't really use the landline for making calls as it's only free evenings and weekends and the actual call costs outside these times are horrendous!

3) We both have mobile phones which we do use for making all our calls etc. I have an Iphone 4 and hubby has a Samsung Galaxy S. Hubby got his phone when he was working and used it for business and personal. He could actually reduce his tariff as he doesn't use all his minutes - but T-Mobile won't allow that mid contract. I'm praying we wouldn't have to lose them. We have a 21 month old daughter who goes to nursery. I'm not easily contactable by phone at work. G-d forbid something happened to her and they couldn't contact me if we lost our phones :-(

4) Our car. We have a 2005 Peugeot 2005 on HP that's arranged direct with Peugeot (think it's paid off January next year) that I need to get to work and to take our daughter to nursery etc (she goes one day a week for developmental reasons). I could get to work by public transport but would work out alot more expensive than the petrol used to get to work and puiblic transport would take me over an hour each way, rather than 20 minutes in the car. If we did lose the car, our daughter wouldn't be able to go to nursery as it's really not esaily accessible by public transport. Again, we could do it but it would be very unfair on her so we'd probably have to take her out of nursery - which would be detremental to her developement. When I checked "we buy any car" about a month ago, they valued the car at £2400, I've just revalued it and they've said £1508! Would they take the car?

My head is swimming with so many questions I have a headache.

We also rent. I know that your landlord can't throw you out (and we've never missed any rent payments in the 2+ years we've lived there) but if when our tenancy is up next July, she wants her house back (her prerogative) then I know we'll have issues renting somewhere else, although having my parents as a guarantor might help.

If people can help allay my fears I would gratefully appreciate it.

Sarah
x

dojoman

Please have look here as most of your questions will be answered there.

https://forums.moneysavingexpert.com/discussion/1056083


Also there is no way you can both go BR and only pay 1 set of fees.


Please contact one of the charities below, they will offer free and impartial advice.

https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/

Please do not pay anyone to help you go BR, it is a total waste of money.

tigerfeet2006

singingsister wrote: »

Hi guys,

Hubby and I are in a position where it looks like we have no alternative but to go down the joint BR route.

We have made contact with a company (who incidentally administered one of our friends bankrupty's and also is a "loose" friend).

We have a meeting with him on the 5th November to look at all the figures and our options moving forward but he's been really good and and he has spoken to the person who would be the OR and they have said that as we are "friends", they will in effect charge us for 1 person even though we would both be going bankrupt. There's also a possiblity that hubby could use his PPI insurance that's paying out as he got made redundant for the court fees but I'm unsure how this would work (maybe because the PPI pays to our joint account, and then hubby pays the monthly loan - so we'd stop paying the loan and use that money to pay the fees). Please, please, please also get free impartial advice from one of the FREE debt charities. You will have to pay for 2 BR fees if you are both going BR, YOU CANNOT GET OUT OF THIS, so £1400 (unless you qualify for a court fee redemption) You do not have to pay for anyones advice with free help from the charities and this board.

But before we really start the ball rolling I have some questions:-

1) I have read that providing your household goods (tv etc) don't cost more than £1000 each, they won't take them. We have a 42" LCD TV that we bought outright about 2 years ago but we don't have sky or virgin - just freeview. Would they take the TV? It's probably worth about £200 - we paid about £350 2 years ago. no they will not take this.

2) we have a home phone line and broadband through Primus at £14 a month. We didn't used to have a phone line and paid 3 £15 just to have mobile broadband (that was rubbish service) so our combined service is still very cheap. They won't make us lose that will they? We don't really use the landline for making calls as it's only free evenings and weekends and the actual call costs outside these times are horrendous! This is fine

3) We both have mobile phones which we do use for making all our calls etc. I have an Iphone 4 and hubby has a Samsung Galaxy S. Hubby got his phone when he was working and used it for business and personal. He could actually reduce his tariff as he doesn't use all his minutes - but T-Mobile won't allow that mid contract. I'm praying we wouldn't have to lose them. We have a 21 month old daughter who goes to nursery. I'm not easily contactable by phone at work. G-d forbid something happened to her and they couldn't contact me if we lost our phones :-( you will be allowed a certain amount towards phone bills and this just goes under one payment on the forms.

4) Our car. We have a 2005 Peugeot 2005 on HP that's arranged direct with Peugeot (think it's paid off January next year) that I need to get to work and to take our daughter to nursery etc (she goes one day a week for developmental reasons). I could get to work by public transport but would work out alot more expensive than the petrol used to get to work and puiblic transport would take me over an hour each way, rather than 20 minutes in the car. If we did lose the car, our daughter wouldn't be able to go to nursery as it's really not esaily accessible by public transport. Again, we could do it but it would be very unfair on her so we'd probably have to take her out of nursery - which would be detremental to her developement. When I checked "we buy any car" about a month ago, they valued the car at £2400, I've just revalued it and they've said £1508! Would they take the car? First off it will be up to Peugeot whether they take the car as it is still on HP. So you need find out this first and then we will go from there.

My head is swimming with so many questions I have a headache.

We also rent. I know that your landlord can't throw you out (and we've never missed any rent payments in the 2+ years we've lived there) but if when our tenancy is up next July, she wants her house back (her prerogative) then I know we'll have issues renting somewhere else, although having my parents as a guarantor might help. It can be difficult but not impossible

If people can help allay my fears I would gratefully appreciate it.

Sarah
x

The court/judge will normally ask whether you have taken professional advice that bankruptcy is in your best interest. If they believe you have not taken proper or sufficient advice then your bankruptcy may be refused. There are many places and organisations that you can get advice from, but the ones that people on this board have found most useful are listed below:

Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Also read the Look Here First sticky https://forums.moneysavingexpert.com/discussion/1056083

singingsister

Yes the company he works for charges...

Money Debt & Credit administration fee

Single Case - £500
Double Case - £750

But he told me that he'd waive those fees as I'm a "friend".

The other fees the website states are:-
The Court Fee
The OR Fee

Are these fees correct?

If it turns out we'd have to pay him their "double case" fees then we'd certainly take our "business" elsewhere.

How on earth do we ring Peugeot and ask them (without setting alarm bells ringing!) if they'd want the car back?!

tigerfeet2006

So you are paying £500 on top of the £1400 court/OR's fees. Why? You don't need to.

It wouldn't set alarm bells ringing. Just ring up and say you are in the middle of sorting out your finances and certain things may happen depending on certain answers. Say you will be finishing paying for the car on xx/01/12 9check your date to be certain) and you wondered if you were to go BR but still pay for the car will they be OK with that. If not then you won't go BR until it's finished being paid off.

singingsister

tigerfeet2006 wrote: »

So you are paying £500 on top of the £1400 court/OR's fees. Why? You don't need to.

It wouldn't set alarm bells ringing. Just ring up and say you are in the middle of sorting out your finances and certain things may happen depending on certain answers. Say you will be finishing paying for the car on xx/01/12 9check your date to be certain) and you wondered if you were to go BR but still pay for the car will they be OK with that. If not then you won't go BR until it's finished being paid off.

Well he's told me that as I'm a friend he'd wave the £500 (would actually be £750 as it's a joint case). I'm going to be blunt and ask him again if he's going to waive it. If he's not....we're off elsewhere!

Thanks for the advice about the car. I'll get hubby to check the paperwork and get him to give them a quick call.

tigerfeet2006

OK understood

But I will just say it is worth ring National Debtline and getting a second opinion.

singingsister

tigerfeet2006 wrote: »

OK understood

But I will just say it is worth ring National Debtline and getting a second opinion.

Thanks. Hubby did ring CCCS but they really confused him and they wanted his income etc. He mentioned that in November he would be losing his JSA as he'd been on it 6 months and they said he would have to call back then when he knew what he would be getting benefits wise as our entitlement to housing benefits might change.

He also mentioned that I was on a temporary contract at work and hopefully would be going permanant in November (still waiting to hear) but that I would of course be asking for more money.

They told him that until they had actual figures, they couldn't do anything!

tigerfeet2006

And what they are saying is sensible and true. How can you make any proper decisions until you know what your income is going to be? You will also need to put your correct outgoings down as well and if they are going to change in the next few weeks or so it is worth waiting until you have those figures.

Don't rush into anything, take your time and read the board -starting with the Look Here First sticky, read threads, read more threads, ask questions, read, ask, read. Even if you don't think a thread applies to you read it any way, you never know when it may or what else you pick up.

KNOWLEDGE IS POWER

It has probably taken you a few years to get into the situation you are in now so you won't fix it over night. Take your time and make the descicion after getting yourself knowledgeable about your situation and where it may be heading.

Ineedaname

As said above, it will cost you £1400 to declare yourselves Bankrupt. There is absolutely NO need to pay anyone to help you fill out the forms, whether they are a 'loose' friend or not.

Seek free impartial advice and if that advice is to go BR then download and fill out the forms yourselves. The majority of board members have done just that and can help you with anything you get stuck on, as can the Bankruptcy Clerk at your Court.

The BR Petition form is just facts and figures which only you would know. The other form looks complicated but a BR Clerk can talk you through it in a few minutes - for FREE.

NeverAgain_2

Another vote for steering clear of the debt company, even if they waive their fee.

By doing the forms yourself, you will better understand the process and your obligations in the years to come.

There's nothing to be frightened of, but you do need to know.