Been advised to take bankruptcy as 'the golden opportunity'

savagevixen

'It's an open forum! Anyone can post so always exercise caution when acting on info.'

I guess we all need to heed Martin's warning.

But I really hope shameless was right about the Housing Benefit, and that I was unlikey to get an IPA.

shameless-about-money

even with your housing benefit, you are still within IPA limits, it won't make a jot of difference

the info was given by someone who used to post here who worked for the OR. It is correct.

Richard_S

savagevixen wrote: »

'It's an open forum! Anyone can post so always exercise caution when acting on info.'

I guess we all need to heed Martin's warning.

But I really hope shameless was right about the Housing Benefit, and that I was unlikey to get an IPA.

Foxy,

Shameless does post some really good advice, I acknowledge that, if he/she is genuinely not using this site for commercial gain then I hang my head in shame.

As you say, this is a public forum so I have the right to say what I think and I will not, ever, under any circumstances, think something and not say it, if I think vulnerable people are being manipulated.

If that makes me a bad guy, I'll hold my hands up and confess.

Rich

Sooty0404

"A car of £2k is more likely than not to be taken by the OR."


"Sometimes they do, sometimes they don't, it just depends."

The OR is really only interested in vehicles that will bring a lot of money at auction, say over £3K.(your post 20.2.2007)

If you have trouble making up your mind perhaps you should consult a Psychotherapist - although I believe they are very expensive.

Richard_S

shameless-about-money wrote: »

Richard_S wrote: »

shameless,

perhaps you need my services as a psychotherapist? Unfortunately it does not come free - I am very expensive.

The green-eyed monster does cause problems for some! [/COLOR]

Good post shameless,

I fear you need my psychotherapy and it's priceless; your only hope is reincarnation.

Rich

Bakeybadoo

shameless-about-money wrote: »

Sometimes they do, sometimes they don't, it just depends.

The point is that there is no "fixed" limit to which the OR works - therein lies the problem!

I never said there was a set limit but that's the general consensus I've read here.

Calm yourself down. Dear me. For someone who hasn't gone BR, you sure do act like a know-it-all at times.

Bakeybadoo

shameless-about-money wrote: »

Abbey DO a Basic Bank Account but if you have borrowings with them they will most certainly close the account.

Did I say Abbey didn't do a basic account? No. I said Abbey will not allow BR's to apply for one. As a customer with Abbey, going the BR route, I know that thanks.

tomterm8

If you haven't had written contact / paid off etc these debts in six years, and they are unsecured, they will most likely be barred by the statute of limitations anyway.

Best advice: talk to CCCS, PayPlan & etc BEFORE doing anything, and especially before acknowledging a debt by responding in writing.

FlyingHigh_3

Thanks for all the feedback so far I'll try and address the key points below:

Bakeybadoo wrote: »

Depends what both are worth. Around £2000-£3000 for a car is considered reasonable. Anything over that and then you risk the OR getting it sold to pay off your debts, giving you a bit back to buy a runaround.

Well... my car is just a little run around and only set me back £400 last year! So I'm going to assume I'll be safe with that

Bakeybadoo wrote: »

Abbey do not accept bankrupts so get yourself another account before going BR.

Ah, I do have just the basic account and figured I should maybe setup a few other accounts beforehand 'just in case'

Bakeybadoo wrote: »

Co-op Cashminder will give you an electron card.

Barclays Basic will give you just a cashcard.

Even just an electron card would be an absolute godsend... it's such a pain to have to withdraw money everytime I want to do food shopping / get petrol / etc.! I think I'll check these guys out.

One of my debts is with barclays so I think I'll avoid them

shameless-about-money wrote: »

You are absolutely mad to go bankrupt for £10K.

If you get yourself onto a DMP with a reputable company you can have £10K paid off in no time at all.

For all the benefits of bankruptcy it does have repercussions for the rest of your life and is not a decision to be taken lightly.

I understand the £10k debt isn't huge in comparison to others who have taken the route of bankruptcy and the repercussions are there for the rest of my life but I would rather have a clean slate with that black mark against my name than have no life paying off the 10k for the next 3, maybe 4 maybe even 5 years. I'm in my late twenties and I want to enjoy my relative youth whilst I still can, having said that what are the other alternatives? bearing in mind that after all my expenses I am left with less than £100 for 'me!'

As far as I can make out, the downside to bankruptcy is that you are marked forever as having gone bankrupt.. correct? and that I am obliged to tell the truth when applying for credit etc.? Is that the only downside? because frankly I don't see how it could get any worse than the current situation. If I applied for credit now then I would simply be laughed out the door!!! Likewise I don't feel that I'm in any situation where I can realistically pay off my debts and come out of it 'clean' (in the sense that I will forever be worried that there was one debt I missed or overlooked or there will be something I've missed on my credit file) - I understand that there is obviously the time you spend being bankrupt until discharged but that's a short term disadvantage and I can deal with that.

In my mind it's better to have that fresh start with a big ugly black mark against my name than to have to tidy up the mess that I created, am I irresponsible? yes. was I young and naive? YES!!! I desperately want my life back and the fastest route is bankruptcy, if it takes the weight from my shoulders instantly.

Another question that's cropped up is... can a judge turn away my application for bankruptcy if he thinks the debt is too small to warrant it? or is it entirely my decision to make? That's my biggest worry at the moment

tight_jock

It`s your decision to make based on your circumstances and the advice of your chosen agency. As long as you have taken this advice there should be no problem .
:beer: