Help Me Im Having a bad day

Debt_Free_Chick

CCCS did discuss Bankruptcy but we decided against it as for one it goes in the local paper for all to see

Ah, that's true. Everyone looks for that tiny print in the paper to see who they know has been made bankrupt Do you check? And ..... so what? It's no-one elses business. Going bankrupt happens to all sorts of people for very sad and unavoidable reasons. No-one will know unless they're the nosey type that looks out for that sort of thing.

2) They remove assetts which they think may be sellable

Only things of value ... antiques, cars worth more than £2,000, valuables. Not your furniture, TV, CDs or other ordinary living stuff.

3) You have to tell your landlord etc

Do you? What does your lease say? Normally, your landlord doesn't care, so long as you pay his rent. Check your lease/tenancy agreement and see what it says.

and I know that after 5 years it will all be over

Could be as soon as 9 months under the new bankruptcy rules (Enterprise Act 2004) but will probably be 12 months. Unless you ran up the debts by having a deliberately wild and exotic lifestyle, with the intention of going bankrupt. Or, if the debts relate to persistent & excessive gambling.

but I am strong enough to do it.

You sound better already

What happens after the 5 years, all debts cleared and can get a mortgage again ( it sound too simple) will our lives be invaded by assessors.....

You fill in some papers. You go to your local court. You will find no-one is judgemental, they are just doing their job. Some people find that the Judge is actually very kind and wishes them luck! You have a 2 min hearing in front of the Judge - he just checks that the paperwork is in order.

You then need to see the Official Receiver (OR). Sometimes you can see him/her straight away. More often than not, you make an appointment for a telephone interview. During that interview, you go through all your finances. The OR is only interested in anything you have that can be sold to pay your debts. The OR may take some of your surplus income (what you have left after all your essential bills are paid) to pay to your creditors.

Once you have your interview with the OR, he/she will contact all your creditors and tell them you are bankrupt. From that point on, they cannot contact you. They can only deal with the OR. If the OR gets anything from you e.g. assets to sell, or some surplus income, then they give this to your creditors. And that's all they get. The rest is written off.

The OR will tell you when you are discharged i.e. when your bankruptcy ends - probably after 12 months. Any payments you have been making to the OR end. You have your life back.

You will find it very difficult to get credit (DEBT!!) as your bankruptcy is shown on your credit record for 6 years. But your current late payments and defaults are on your credit record for 6 years anyway.

A mortgage may be more difficult to get ... but not impossible. Some mortgage companies are more understanding and there are more bankrupts out there than you imagine.

Have a look here

http://www.nationaldebtline.co.uk/england_factsheets/factsheet_01.php3

and here

http://www.insolvency.gov.uk/

Let us know what you think

sunflower_2

hi there HELP

sometimes it makes it easier if you know others are in the same situation

well u are defo not alone on this one

i for one, am in a right state financially
all started when i got divorced, my income reduced by about 80% and i still have same cost mortgage and bills to pay

some days it just seems like life cant get any worse
other days i just think "its only money & at the end of the day i have my son and we are both healthy"

am sure a lot of people would love to have your life
you have a hubby and 2 kids, this is something others can only dream of
indeed i wish i had a partner to share my problems with...

change your phone number for starters - and get anonymous caller reject
some companies are sly dogs and come through as unavailable or out of area, but i just dont pick up...
if you do answer their calls just sound angry and say they hav the wrong number
will get your number off their records

try and keep your chin up

you only live once !

Debt_Free_Chick

On the local paper front - how many people have seen bankruptcy declarations as there isn't even an area for it in our local paper???

You need to buy that well known paper ....... the ...................

London Gazette

anonymo_3

This may sound very contraversial to some but I felt it had to be said.
The following is not a criticism of HELP, but just my observations and may not be accurate and is not intended to offend anyone.

It appears to me (an average mse reader) that HELP is feeling sorry for themselves and is not facing up to debt. Now before someone gets angry or starts flaming just read this properly please! In HELP's posts HELP mentions blame at CC companies and also asking other ppl for help e.g. everyone giving her a pound or there being a fund for ppl in debt (I think we should have some kind of world fund to help people in debt.) (where would the money come from for this? i'm sure many ppl would resent having to pay just to help others out of debt that was their own fault.) HELP appears to be looking for a quick way out (when i mean quick i mean quick like months!) of this, (which is fair enough considering the size of the debt.) However realistically apart from bankruptcy there is no quick way out of it without dragging others into this.

Just a few points which i thought should be considered.

Please don't be offended.

HELP_4

Thanks Dent free Chick and everyone else. I feel a bit better talking to youall and the B does seem a bit easier. Will the OR take our car which is on an options arrangement (if so how do I get another) who will give us credit or finance, also we have a tv which has not been paid for probably around £2,000 owing on it. We have shares due up this year £4,000 thwy are obviously going to take this where as on a DMP we can keep it. Oh what to do.

HELP_4

Sorry typing error Debt Free Chick.

HELP_4

Message to anonymo

I have spent the money I admit to that I hold my hands up but I also believe that I and many others have fallen into the money lenders trap. I an all for paying back (why do you think I am on a Debt M Plan) and have not filed for Bankruptcy as an "easy way out" that debt is mine and I am paying for it. As for a quick way out a girl can dream cant she. I always give to charity shops (what goes around comes around) . I have always helped others financially or with time, if I had good fortune tomorrow i would share it.

Debt_Free_Chick

If the car is necessary for work, then the OR will allow you to keep some money to replace it. If it's on finance, then it will probably go back to the finance company.

Yes - with the DMP you do get to keep £4000 ... but it's not much use to you, is it? Remember, you have the debts too.

The TV will probably go (how much for a TV?????) and you'll have to buy the same crummy model for £500 that everyone else has got

Seriously .... is all this "stuff" that important to you? If so, then you are likely to find yourself bankrupt again in 10 years time. Think hard about what's important in life .... it's not stuff, honestly. You must have realised that when you lost your home?

I'm sorry if this seems harsh, but I'm getting a picture of how your debt arose. I would guess that you had a lot of "stuff" and it probably gave some people the impression that you were well off or "well to do". Think very hard about doing that again in the future. You know where it's likely to lead you

tru

Anonymo, I can see what you're saying but when you've juggled and juggled and suddenly the balls all fall down you panic and it hits you hard. When it happened to us I thought exactly the same as HELP did, it actually took a few months after we set up a repayment plan for me to calm down and realise that the world isn't going to end after all

HELP, don't worry about the phone calls, we had the same at first, I reckon they do this to try and frighten you into paying more (it works too, scared to death I was!). We had letters for months as well, "you must clear this debt in seven days or we'll take you to court". Each time we had a phone call or letter I rang the debt agency (I know, I know, but I didn't know about all the free help available at the time) they told me to ignore it and as I was paying something off the debts then there wasn't a lot they could do. Eventually they left us alone.

HELP_4

Ur right......we probably did give people that impression in fact we defo did. Our kids did not want for anything and now theyr'e stupid parentsare paying the price. U r not telling me anyhting I dont know or think in the first place, jsut never admitted it before. Have to sign off now. Thanks very much and hope to speak tomorrow.