make do and mend for tougher times

Molly41

Proud Mummy Moment on a tough day - my youngest son who had a year out of school before his GCSEs has won a school prize for ICT. Im so proud of him - this was in the class where I had to intervene as he had finished all his course work for his qualification and was spending the time teaching and helping the others in his class. Now this was very noble but he had revision of his own to do but reflects his lovely nature x

fuddle

It's a document called the Deed of Acknowledgement. It effectively says "I know there will be shortfall if the house is repossessed and I agree that the debt will be mine" If she signs it after bankruptcy she'll have the debt, if she signs it before bankruptcy it will be covered by the bankruptcy.

Basically sign nothing, not even a handing over the keys receipt regarding the house after bankruptcy.

If she rents out the flat she needs permission off the mortgage company, there's no two ways about that and I suspect she will be found out because she'll have to declare her rental income for tax purposes.

As a friend to you Katie I have to say that for your own sanity, yourself or SSL must not take your friend in. Bankruptcy does things mentally to the most stable self-respecting person. I suspect she is going to need a lot of professional help through this. One thing is though, tell your friend from me that practically bankruptcy is absolutely fine, there's nothing to worry about the process, it's very quick, simple and done respectfully. It's the beating up we give ourselves that does the harm.

Send me a PM anytime Katie if you or SSL or your friend needs any help regarding it. I would say that the best thing to do is find somewhere to rent before the bankruptcy. Once that is on the credit files it becomes somewhat more difficult. Try her council, with impending homelessness/affordability she might get a higher priority banding.

Also, you have to pay to go bankrupt. We had to save £600 and it has gone up to £700 now. If she receives certain benefits she will need £525.

Also, I rang national debtline. Free and impartial debt advice that can give your friend other options that may be open to her. 0808 808 4000

weeze210

Hi all, hope you don't mind me joining again?
I have settled here in Wales and got used to the rain and mud, although we have had some lovely weather too!
I have been taking anti'ds for a few months and feel alot better.
My son has started high school and seems a lot happier, he's even joined the school football team and is going to practice at lunch times and is going to his second after school match on thursday.
I have two new puppies, they are springers like our other dog but these two are female and I hope to be breeding them when they are old enough. They keep me very busy at the moment but are worth it as they are gorgeous and so funny.
Hubby is at last going to be full time at the motorbike school so won't be away all week working as an electrician. This might mean less money but as long as we can pay the bills we'll be happy. Its my 4th wedding anniversary today and hubby is away but never mind. The motorbike school have asked my hubby to be a director as a thankyou for all his dedication and hard work, this will mean he'll have a say in how things are run and a bit of job security.

Weeze x

katieowl_2

Thanks for all that info Fuddle...can you tell me though what happens if there IS no money to declare bankrupt??? There's no way she can raise £700??? Not unless it's something the bank will lend on?


Kate

fuddle

Does she have any debt now Katie? A judge will only allow a bankruptcy order to go through if she cannot pay her debt. If there is no money to go bankrupt herself she could wait until a lender decides to maker her bankrupt - they pay but it's a very long process and a process that is full of threatening letters phone calls and doorstep callers. Its horrible and a process that I wasn't strong enough to withstand.

If it's just her mortgage she is struggling with it may be better to jump ship, let it get repossessed, see what the debt is and then think about bankruptcy, if she can't pay it then. I'm not at all qualified and scared about giving advice on here because it's just based on my circumstances and my opinion. The MSE bankruptcy board is full of people who work/have worked for the insolvency service and debt charities. They might be able to give you other options for your friend and even SSL. xx

[Deleted User]

MONNOGRAN - Had you not heard, they'd double booked the 12th of December and cannae fit us all into eternity until the 22nd at the earliest, no prior bookings even on the find you a room in a posh hotel for peanuts site! Such a dissapointment isn't it?

GINNY - Very glad that all was well today and the recovering patient is tucked up in his own bed, keep taking the cocopops, The lurcher is veri plesd vat yew is onna saym wavlenf as hym an sendsis yew a veri Biggggg sssslllluuurpppppppppppp!!!!!!!

Take care all Cheers Lyn xxx.

katieowl_2

fuddle wrote: »

Does she have any debt now Katie? A judge will only allow a bankruptcy order to go through if she cannot pay her debt. If there is no money to go bankrupt herself she could wait until a lender decides to maker her bankrupt - they pay but it's a very long process and a process that is full of threatening letters phone calls and doorstep callers. Its horrible and a process that I wasn't strong enough to withstand.

If it's just her mortgage she is struggling with it may be better to jump ship, let it get repossessed, see what the debt is and then think about bankruptcy, if she can't pay it then. I'm not at all qualified and scared about giving advice on here because it's just based on my circumstances and my opinion. The MSE bankruptcy board is full of people who work/have worked for the insolvency service and debt charities. They might be able to give you other options for your friend and even SSL. xx

Yes there is mortgage arrears, and also £5k owed to the bank, I would imagine there is other stuff that has not been paid. Someone who already seems to posess a pair of "La la I'm not listening headphones" and doesn't open their post will probably be able to ignore the threats, better than most, I'm guessing. I'll send SSL over to the boards here I think.... ???

Tks again

Kate

fuddle

Definitely send SSL to MSE Bankruptcy. I read all I could from there. I couldn't have done it without all the information on those threads. I just hope yourself and SSL don't end up shouldering all the worry.

katieowl_2

fuddle wrote: »

Definitely send SSL to MSE Bankruptcy. I read all I could from there. I couldn't have done it without all the information on those threads. I just hope yourself and SSL don't end up shouldering all the worry.

Me too!!! I've got POA for her which was set up a long time ago, when her health issues were physical not mental. I'm really TOO far away to sort anything out, and TBH I need her at arms length for my own sanity. There was a reason I sent DD to collect the dog when we re-homed him a couple of weeks ago :eek:

Kate

shegar

weeze210 wrote: »

Hi all, hope you don't mind me joining again?
I have settled here in Wales and got used to the rain and mud, although we have had some lovely weather too!
I have been taking anti'ds for a few months and feel alot better.
My son has started high school and seems a lot happier, he's even joined the school football team and is going to practice at lunch times and is going to his second after school match on thursday.
I have two new puppies, they are springers like our other dog but these two are female and I hope to be breeding them when they are old enough. They keep me very busy at the moment but are worth it as they are gorgeous and so funny.
Hubby is at last going to be full time at the motorbike school so won't be away all week working as an electrician. This might mean less money but as long as we can pay the bills we'll be happy. Its my 4th wedding anniversary today and hubby is away but never mind. The motorbike school have asked my hubby to be a director as a thankyou for all his dedication and hard work, this will mean he'll have a say in how things are run and a bit of job security.

Weeze x

Hi and its nice of you to come back and join us....Glad you are now taking something for your depression, you sound so much better.............