Going bankurpt on my mortgage. How much a month will i have to pay back if I earn 35k

debt_doctor

...sounds very 'fishy' to me (oh no, not that joke again!!)

Seriously though, I completely agree, and hence Fermi's message about not taking advice via PM......

DD

ladaowner55

I live in Gloucester and take home £2300 (£34,95 year before tax + £3000 on-call) per month (no kids or wife or girlfriend) and I want to rent a 2 bedroom flat for 900 a month but here is the difficult bit, I want to keep my newish hire purchase car for work purposes, at present it's £400 a month including maintanance. I do 300 miles per week traveling to work and last year I did 8000 business miles. I work for the nhs as a mobile on call it engineer and I cover the whole of the south west from Gloucester to st Austell. I could afford to pay the Official Receiver £500 a month does this sound reasonable?

ladaowner55

Definitely thinking bankruptcy is the way to go. Just need to find out if £900 a month rent is too much and I can keep the HP'ed car. at present I can move in to a new place as I am not bankrupt, but in 6 months time if the OR tells me to move out of the new £900 rental flat and find a cheaper place then it will be impossible as I will be BR by then.


if judge fails my bankruptcy what happens then? Can I not just take out an IVA?

won't my mortgage be defaulted because the building's freehold company has gone bankrupt? Its not insured more as that was covered in the freehold/maintenance fesses.

tigerfeet2006

ladaowner55 wrote: »

I live in Gloucester and take home £2300 per month (no kids or wife or girlfriend) and I want to rent a 2 bedroom flat for 900 a month but here is the difficult bit, I want to keep my newish hire purchase car for work purposes, at present it's £400 a month including maintanance. I do 300 miles per week traveling to work and last year I did 8000 business miles. I work for the nhs as a mobile on call it engineer and I cover the whole of the south west from Gloucester to st Austell. I could afford to pay the Official Receiver £500 a month does this sound reasonable?

The OR will expect you to rent a place that matches the size of your family. If there is just you then that is 1 bedroom. Is there any extenuating reasons you need a 2 bed. They will allow what is reasonable for the area you live in.

The HP car is a different matter. If there is equity in the car then the OR will take over the car and sell it to realise the equity. If there is no equity then I seriously doubt he will allow you to pay that amount each month to retain the car especially with all the other expenses on top. If by any chance he does allow you to keep paying then the HP firm will more than likely take the car back as most do not like BR's. Check your paperwork and maybe give them an anonymous call.

The OR will usually allow a car to the value of £1-1.5k but you may be allowed more because of the miles you drive.

Have you taken advice yet?

tigerfeet2006

Your first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *
Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
TF...x

ladaowner55

thanks tigerfeet2006. This is what I suspected would happen.


the Citizens Advice Bureau told me if I went the IVA route I would be able to keep the HP'ed car. Does that sound correct?

Can I investigate an IVA find out the figures and then change my mind? The £75 fee doesn't both me.

Anondebtadvisor

Car His usually allowable in an IVA as long as it is not excessive, creditors may think £400 is excessive when you could buy a cheaper car and pay the £400 towards your IVA

£75 fee for an IVA? i am not sure why there would be an upfront fee at all!

You can look at an IVA and if creditors request a modification at the creditors meeting you do not have to accept it and can do an alternative solution

ladaowner55

who should i used to create the IVA? As I've been told there are some right crooks out there.

What is a more realistic amount I can look to pay on a car monthly? £250? Remember I need the car to do 32,000 miles per years so it cannot be a 6 year old Lada and will need to be road worthy for the full length of the IVA which would be 5 years

32,000 miles X 5 years = 160,000 miles over the life of the IVA so it would need to be a near new car, including servicing. Without said car there is no job and no way to make any payments back. That doesn't even include any personal miles in the car.

tigerfeet2006

Contact any of the debt charities in my last post and they will help you sort an IVA or send you in the right direction of someone who is reputable.

Also post on the IVA & DRO board for information on IVA's
http://forums.moneysavingexpert.com/forumdisplay.php?f=159