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Ask a StepChange (formerly CCCS) counsellor a bankruptcy question

edited 9 October 2018 at 10:56AM in Bankruptcy & Living With It
1.7K replies 383.7K views
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  • StepChange_JamesStepChange_James Organisation Representatives - Private Messages may not be monitored
    861 posts
    GoingUnder wrote: »
    Hi,
    If I have a change of circumstances with an IPA, are my payments frozen until it is sorted out? I only ask because Moonbeever have just told me that they will continue as already agrred until any changes are sanctioned by the OR?
    thanks

    Hello,

    The question is asked on this page (http://www.bis.gov.uk/insolvency/personal-insolvency/income-payments-orders-and-agreements#3) and it seems that it is at the OR's discretion.

    If you're situation has got worse then they might freeze payments but it's down to them.

    Hope this helps.

    James
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • Hi

    I am desperate for some advice for the sake of my marriage!!

    My husband and i have been paying a Debt Management Plan with the CCCS now for just over 5 years and whilst we have managed to pay almost £9000 off our debts so far we still have a balance of about £30000 we also have a secured loan which isnt on the plan which is another £10000 outstanding.

    We have a mortgage on our house which stands at £70000 and the value of the house is about £80000.

    We just cannot see any light at the end of the tunnel im in a frenzy everytime i see the DMP statement come through. My husband cant seem to cope with it all anymore and my nerves are in tatters!!

    Would it be easier all round if we went bankrupt? Or can the debt be written off as we have paid quite a large amount back already? And if we did would we lose our house? (if we lost the house we really would have nothing left) We do also have 2 cars worth about £500 each - i work 40 miles away from home and my husband requires his to get to work every morning.

    We arent on fantastically high incomes (we are both on £13000)

    Can anyone help or give me some advice as the best step?

    Sarah
  • StepChange_JamesStepChange_James Organisation Representatives - Private Messages may not be monitored
    861 posts
    Hi, a previous poster here :)

    I am going to declare myself BR in the near future. I am aware that the arrears on my duel fuel bill with British Gas will be included in the BR. The account with BG is in my name. My question is this: will my husband be able to start a new energy account with another provider in his name for our property? I understand that we could stay with BG but they've previously said that they may fit a prepayment meter in the house, which our private landlord doesn't like the sound of. So basically, when my debt with BG has been written off, can my husband start a new account for us in his name with a new energy provider?

    Thanks in advance.

    Hi Piggywinkle,

    I can't see any reason why your husband couldn't apply to a new energy supplier in his own name. Obviously he'd be subject to their usual checks but there shouldn't be a problem.

    Feel free to contact us if you'd like anymore help with going bankrupt.

    Kind regards

    James
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • Former_StepChange_RachelFormer_StepChange_Rachel Organisation Representatives - Private Messages may not be monitored
    252 posts
    RAHRAH700 wrote: »
    Hi

    I am desperate for some advice for the sake of my marriage!!

    My husband and i have been paying a Debt Management Plan with the CCCS now for just over 5 years and whilst we have managed to pay almost £9000 off our debts so far we still have a balance of about £30000 we also have a secured loan which isnt on the plan which is another £10000 outstanding.

    We have a mortgage on our house which stands at £70000 and the value of the house is about £80000.

    We just cannot see any light at the end of the tunnel im in a frenzy everytime i see the DMP statement come through. My husband cant seem to cope with it all anymore and my nerves are in tatters!!

    Would it be easier all round if we went bankrupt? Or can the debt be written off as we have paid quite a large amount back already? And if we did would we lose our house? (if we lost the house we really would have nothing left) We do also have 2 cars worth about £500 each - i work 40 miles away from home and my husband requires his to get to work every morning.

    We arent on fantastically high incomes (we are both on £13000)

    Can anyone help or give me some advice as the best step?

    Sarah

    Hi there, Sarah

    If you’re considering something like bankruptcy then please get in touch with us and we’ll review your budget to see if bankruptcy is your best option. It may be suitable for you considering what you’ve told me about the plan stretching on for quite some time.

    The main thing in the interim is to focus on keeping on top of your mortgage and secured loan payments as best as you can.

    Kind regards

    Rachel
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at [url="http://www.needtosleep.org]Need to Sleep[/url]

  • edited 10 January 2013 at 1:21PM
    sammie28sammie28 Forumite
    200 posts
    edited 10 January 2013 at 1:21PM
    Hi I'm currently trying to fill in the BR forms for myself and my husband. But i'm worried that if i fill something in wrong or put it in the wrong place, will they send us away on the day or even worse decline the BR?
    I'm not sure if i have filled them in correctly.

    It asks if he has sold , transferred etc a property in the last 5 years and i don't know what to put or if i should put anything. The house was reposssed in 2010 and there was a shortfall of 121,000!! But he didn't sell it or transfer it etc so should i fill that in?

    Do we have to put childrens young saver accounts and trust fund accounts on the forms?? There is only a matter of pennies in the young saver accounts but a few hundred in the trust funds. We don't pay in to them anymore.
    I assume they can't touch them, but the young saver accounts are with my bank!! Also my eldest (13) has his own account that our names are not on, will his account be ok? Again it is with my bank.
    Thanks in advance
  • StepChange_JamesStepChange_James Organisation Representatives - Private Messages may not be monitored
    861 posts
    sammie28 wrote: »
    Hi I'm currently trying to fill in the BR forms for myself and my husband. But i'm worried that if i fill something in wrong or put it in the wrong place, will they send us away on the day or even worse decline the BR?
    I'm not sure if i have filled them in correctly.

    It asks if he has sold , transferred etc a property in the last 5 years and i don't know what to put or if i should put anything. The house was reposssed in 2010 and there was a shortfall of 121,000!! But he didn't sell it or transfer it etc so should i fill that in?

    Do we have to put childrens young saver accounts and trust fund accounts on the forms?? There is only a matter of pennies in the young saver accounts but a few hundred in the trust funds. We don't pay in to them anymore.
    I assume they can't touch them, but the young saver accounts are with my bank!! Also my eldest (13) has his own account that our names are not on, will his account be ok? Again it is with my bank.
    Thanks in advance

    Hello,

    It's better to get the information on your bankruptcy forms right but putting something in the wrong box wouldn't stop you from going bankrupt.

    Section 9.1 of the bankruptcy form, listed as "Properties Disposed of in the last Five Years" should have details about the repossessed property listed. The shortfall should also be listed in the section for unsecured debts.

    If you're worried that the information you've put needs clarifying and you've not space on the form then you can use section 13 "Extra information" to explain things in more detail, to avoid confusion.

    The bank accounts section should include information of all accounts in your name. Providing the children's accounts are in their names then you should be fine, even if it is the same bank. If their accounts are in your name then they should be listed on the form.

    If you've had advice from us then you're advice booklet will have contact information for our bankruptcy support line which can help with going bankrupt. If you've not spoken to us then you could contact us for an advice session where we'll check bankruptcy is definitely the best option (http://www.stepchange.org/Contactus.aspx).

    All the best

    James
    I work as a debt advisor for StepChange Debt Charity (formerly CCCS) and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy

    If money worries are keeping you awake, read Paul's success story at Need to Sleep

  • sammie28sammie28 Forumite
    200 posts
    Thanks James for clarifying those things.
  • Hi I am currently in an IVA but am no longer working my husband now works in another country. I am considering bankruptcy as a better option but am concerned they will come and take items from the house like computer TV games console I have 3 children and this would upset them. Please can someone advise thanks ... Also as my income is solely from benefits is it likely that they will make an iPo on my husbands income
  • SystemSystem
    177.7K posts
    10,000 Posts Name Dropper
    ✭✭✭✭✭✭
    Hi I am currently in an IVA but am no longer working my husband now works in another country. I am considering bankruptcy as a better option but am concerned they will come and take items from the house like computer TV games console I have 3 children and this would upset them. Please can someone advise thanks ... Also as my income is solely from benefits is it likely that they will make an iPo on my husbands income

    Hi and thanks for your post.

    As you’re already subject to an IVA which is a legally binding document your first port of call is to speak to the Supervisor of your IVA who will be a licenced Insolvency Practitioner and will be able to advise you all about how bankruptcy would impact on your personal situation.

    On a general note, in bankruptcy you deal with the Official Receiver, they would look at your situation and any assets you have such as property. They wouldn’t be interested in domestic items such as TVs or game consoles.

    I’d recommend you speak to your Insolvency Practitioner in the first instance as they have access to all your details, we can’t give you any detailed advice while you are still subject to an IVA.

    We have a blogpost on the difference between bankruptcy and an IVA, this too might be useful.

    http://moneyaware.co.uk/2011/12/bankruptcy-the-differences-between-bankruptcy-and-an-iva/

    I hope this helps.

    Kind regards,

    Mat
  • Lots of different threads n info do wanted to ask and get done views

    I called NRAM today n asked to vutary surrender .. They ok n sending out forms .. I explained £16k negative equity etc .. I asked where I legally stood if I signed forms to surrender in Feb regarding equity as we are going to file BR in June .. Couldn't answer n apparently that team are non customer facing ...

    So if I sign these forms n then file got BR in June how does this affect me in future any ideas who I call ? I'm only wanting to sign as due to changes with concll tax etc we will have to pay this now as well as uniccupied insurance costing me £145 a month which I dont have :-( so want out ASAP ..
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