The Bankruptcy & Supporters Club - Part 2

Mike_St_Helens

Psychokatz wrote:

Hi

We are seriously into bankruptcy and have a tel interview this afternoon with Consumer Credit Counselling Service... Most of the debt - around 90k is in my husbands name, there is no joint debt. They are asking for the income expenditure breakdown for both of us - which we are pulling together now.. will they make the both of us bankrupt of just my husband.

Is there any advice anyone can give for the initial stages?

This month is the first month we have not paid a number of the creditors - do we offer a minimum payment (which will be far below what they are expecting) or not pay at all.... they is very little money...

We are in a major mess and not sure which way to turn.. any help is hugely appreciated...

Ta x

Hi there...

Im sure tha CAB / CCCs will advise you very well.. Just make sure you resraech what thay advise as best plan and make sure its right for you...

There are loads of really good sites to read up

http://www.debtquestions.co.uk/debt_forum/
http://www.nationaldebtline.co.uk/england_wales/index.php
http://www.piggybankrupt.co.uk/http://www.insolvency.gov.uk/

Mike xx

Psychokatz

Thanks Mike

Claire x

Richard_S

Psychokatz wrote:

Hi

We are seriously into bankruptcy and have a tel interview this afternoon with Consumer Credit Counselling Service... Most of the debt - around 90k is in my husbands name, there is no joint debt. They are asking for the income expenditure breakdown for both of us - which we are pulling together now.. will they make the both of us bankrupt of just my husband.

Is there any advice anyone can give for the initial stages?

This month is the first month we have not paid a number of the creditors - do we offer a minimum payment (which will be far below what they are expecting) or not pay at all.... they is very little money...

We are in a major mess and not sure which way to turn.. any help is hugely appreciated...

Ta x

Hi Psychokatz,

The CCCS or any of the other debt charities will only offer advice, it's up to you guys what you decide to do. If the majority of the debt is in one name then it will make things easier in the long run if only one of you declare bankruptcy.

If you've got to the point where you can't pay all of yr creditors my advice is to not pay any of them, with the exception of priority debts, ie mortgage or rent, utilities and obviously groceries.

You'll be bombarded with letters and phone calls and our response to that was dump the post and ignore the phone. You could be a little wiser and change yr phone number and filter the post; open it and if you don't like the look of it just drop it a banana box until you can face actioning it.

I was very methodical at the "beginning of our end" ensuring that all phone calls were answered and all mail responded to but after a while it becomes a torrent and the whole thing descended into a farce, we plugged the fax into the phone line and never really bothered opening the post unless it looked personal.

You need to build a war chest prior to yr bankruptcy, a cash reserve that will enable you to pay for your bky and all the million and one other things that will rear their ugly heads when you can no longer rely on a credit card.

In these circumstances "cash is king" and depsite what our revered leaders are trying to do with electronic financial transactions (Orson Wells wasn't far of the mark) "cash will always be king".

Hope I don't sound cynical, but having been declared bankrupt six months ago I can no longer reserve a hotel, book a flight business or pleasure, buy goods and services on line, pay congestion charges or fill the car with petrol unless I have my great grandfathers birth, wedding and death certificate.

After 30years of continuous contributions to this countries economy am I supposed to just drop off the face of the earth.

In summary, be selfish, look after your own self interest and to hell with the people you owe money to.

I'm not bitter, just twisted :rotfl:

Rich

Psychokatz

After reading that I don't see bitter or twisted... just black and white, a relief when most things are various shades of white envelopes, vibrating phones and open me now or die emails...

Thanks for the advice, will certainly take on board.....

Claire

tight_jock

Psycho.
Welcome to our world. Nothing to add to Rich`s post as it covers everything I would advise. Nice one mate:D

Good luck with your journey. And keep posting - things are a little slow on here lately but you will eventually get advice .

:beer:
TJ

master99

Repeated Sorry

master99

Hello every one,

1) I owe around £40,000

2) unemployed for the last two and a half years. on JSA

3) managed to keep up with payments due to building PC'S and modding peoples PC'S and other stuff.

4) spoke to national debt line 6 months ago they said go bankrupt its the only way forward.

5) I have nothing of value accept I bought a plasma 14 months ago for £1400 but sold it 3 months ago due to it having picture and sound problems.and basically needed the money it was just a street sale.meaning it was (tom !!!!!! and Harry off the street) got £400 cash for it paid some of my creditors with the money and bought food. but on the forms it says give names and address if i have sold anything in the last 5 years i have sold loads of stuff i don't know the people i sold too i don't give out receipts and keep a track of people. everything else i have are just hardrives and tower cases worth £50 to £80 what will the OR think?

6) being I am on JSA its hard to save up for bankruptcy but will do it never the less when i get a CCJ will the judge accept me paying £5 a month each creditor or £1 a month each creditor.? i know the creditors will not accept this and if they apply for the bailiffs to kick down my door and take very thing could that happen.?

7) when i fill bankruptcy forms on line do i need 3 copies of every thing? print them out phone up the court attend the day and sign them in front of them?

8) is it possible I am looking at a bro or bru bcos i took out credit while i was unemployed to pay off 3 creditors and ended up with a bigger debt so really the consolidation did not work.?

The last bomb to drop, the weapon of mass destruction is i have recieved letters from CSA claiming i have a child from 11 years ago. the upsetting thing is that i have been in the same place for the last 20 years and didn't know a thing about this child. will that be included in bankruptcy. as u can see even when i go bankrupt my future is not secure purely bcos of the CSA have been thrown into the mix. please do not judge me but advice is welcome

im stressed and a broken man i feel i just dont care anymore.

thank you.

Richard_S

master99 wrote:

Hello every one,

1) I owe around £40,000

2) unemployed for the last two and a half years. on JSA

3) managed to keep up with payments due to building PC'S and modding peoples PC'S and other stuff.

4) spoke to national debt line 6 months ago they said go bankrupt its the only way forward.

5) I have nothing of value accept I bought a plasma 14 months ago for £1400 but sold it 3 months ago due to it having picture and sound problems.and basically needed the money it was just a street sale.meaning it was (tom !!!!!! and Harry off the street) got £400 cash for it paid some of my creditors with the money and bought food. but on the forms it says give names and address if i have sold anything in the last 5 years i have sold loads of stuff i don't know the people i sold too i don't give out receipts and keep a track of people. everything else i have are just hardrives and tower cases worth £50 to £80 what will the OR think?

6) being I am on JSA its hard to save up for bankruptcy but will do it never the less when i get a CCJ will the judge accept me paying £5 a month each creditor or £1 a month each creditor.? i know the creditors will not accept this and if they apply for the bailiffs to kick down my door and take very thing could that happen.?

7) when i fill bankruptcy forms on line do i need 3 copies of every thing? print them out phone up the court attend the day and sign them in front of them?

8) is it possible I am looking at a bro or bru bcos i took out credit while i was unemployed to pay off 3 creditors and ended up with a bigger debt so really the consolidation did not work.?

The last bomb to drop, the weapon of mass destruction is i have recieved letters from CSA claiming i have a child from 11 years ago. the upsetting thing is that i have been in the same place for the last 20 years and didn't know a thing about this child. will that be included in bankruptcy. as u can see even when i go bankrupt my future is not secure purely bcos of the CSA have been thrown into the mix. please do not judge me but advice is welcome

im stressed and a broken man i feel i just dont care anymore.

thank you.

Hi master, (sounds a little like some kinky role play)

I haven't got time at the moment to address all your concerns individually, I'll do that after work this evening but in summary most of your fears are unfounded and things should work out ok for you during the bankruptcy process.

A good first step to make would be to contact the CCCS or specialist debt advisor at the CAB and see what they say, the judge will ask if you've taken professional advice about the implications of bky so may as well do it now.

You may be stressed and feel like a broken man at the moment but there is a route back to sanity and contentment and you've just picked up the map, so get ready for the journey cos it's a difficult one, but eminently worthwhile once you get started.

Richard

sarah_ace1

had OR interview and went really well. car is exempt and it's all sorted. not as bad as i thought it would be and now i'm freeeeeeeeeeeeeeee

shameless-about-money

Richard_S wrote:

Hope I don't sound cynical, but having been declared bankrupt six months ago I can no longer reserve a hotel, book a flight business or pleasure, buy goods and services on line, pay congestion charges or fill the car with petrol unless I have my great grandfathers birth, wedding and death certificate.


Rich

What nonsense!

Get yourself a prepaid card, something like Cashplus or others, there are a lot of them about now.

You preload the card with money and then use it exactly like a Mastercard or Visa.

Cashplus costs £9.95 initially plus £4.95 per month or £1 per transaction. However, there are no interest charges. Have had my Cashplus card since about last August and it is invaluable for everything you mentioned in your post.

There is no need to feel out of place in the World, you just haven't got the right tools yet.