Bankruptcy

Keeping_Positive

Yes just let them know. I went br without missing any payments and not really been chased. Only one to call was Lloyds and they stopped after a couple of calls.

Angela230787

Hi Keeping Positive, thank you for your message, that is good, I always thought till now that to go bankrupt you had to be behind on payments and everything.

It is something I have never looked into, just thought to go bankrupt you had to be out of work, and behind on payments, why I thought that I dont know.

I have my brother's wedding tomorrow and then on wednesday will be starting all the forms, which I hope will be ok.

AliBi

Hi Angela,

I was declared BR on 6/7/12 and will be discharged from bankruptcy on Saturday.

Despite feeling just like you do before I went to court etc, this past year has been really uneventful.

My main debt was to HMRC with a few older credit card and loan debts that I had defaulted on. When I filled in the BR forms, I couldnt remember who half of the debts were too and how much, so I just put down what I could remember. Some of the companies involved I just called and asked how much I owed, knowing that they couldnt chase me if I was BR anyway so it made making the call easier.

For my SOA I used guidelines from Bankruptcy Forum websites so that I knew the amounts were acceptable.

I had to make an appointment at my local court (a quick phone call confirmed that for me) and on the day turned up at the required time. A friend came with me because I was really nervous, but tbh, it wasnt anywhere near as bad as I feared. The clerk at the court went through my forms with me and took my payment. He was really kind and explained the process. We were then taken to the Judges chambers and he asked me if I was aware of the implications, and had I taken advice. And that was it! I was there approx 3 hours, lots of waiting around so just 'people watched' the comings and goings at court

The OR called me that afternoon and arranged a date for my interview. He asked a couple of easy questions and that was that.

On the day of the interview I had my SOA to hand, plus pen and paper and a large glass of water. The call came at the arranged time and took an hour in total.

He asked me the circumstances leading up to my debt, and just basically went through everything. No hidden questions, all straightforward. He said that he could see I had got into debt from trying to keep a roof over our heads and he understood.

All in all he was kind and professional. Said I could keep my car (53 Corsa), had to give them my £5 Premium Bonds and pay £50 for my interest in my Life Insurance.

The past year has been uneventful. I have a basic bank account with Barclays who have been brilliant. Had a couple of my debtors getting in touch, but once I told them I was BR and gave them the information, they just left me alone.

No more calls or letters on the mat, it really is a liberating feeling.

Please dont be worried about the process, I promise you that the decision about BR is harder than the actual bankruptcy process itself.

Enjoy the wedding tomorrow, soon this whole worry will be behind you

A xxx

Angela230787

Thank you for your reply.

The wedding went well, although been very tired today so not looked at the BR forms yet.

Will I have to put my pension on there I only started my pension in Feb have around £500 in there, if I have to put this down I will check the exact amount in there and write that down.
That is the only thing I have both my banks are now empty and I have no savings.

I will look on some forums aswell about filling the forms out, esp the SOA part. I am just so worried about doing something wrong.

Angela230787

Hi,

I have just been looking through the Bankrupty forms and have looked at question 3.9 under Assets
question is Do you have the use of a motor vehicle that you do not own?

Which I do, my dad has a Mazda 3 on HP with Santander which I did use to pay for but now he has taken over the payments with 3 years to go, the car and the Registration Documents are all in my dads name, I just help now with money towards Petrol, Tax and Insurance.

I know I have to tell them about the car, but is there any chance they will take the car? as its not mine, I did use to pay the monthly payment every other month for the past two years, but since losing my job my dad has said he will pay the remaining on it each month. The car is £170 a month with 3 years to go.

All I will paying towards the car no will be the petrol that i need, which wont be much each month about £40 if that, and put about £10 back a month to pay for my part of the insurance and tax.

Thank you for any advice on this
Angela

wharty

Angela230787 wrote: »

Hi,

I have just been looking through the Bankrupty forms and have looked at question 3.9 under Assets
question is Do you have the use of a motor vehicle that you do not own?

Which I do, my dad has a Mazda 3 on HP with Santander which I did use to pay for but now he has taken over the payments with 3 years to go, the car and the Registration Documents are all in my dads name, I just help now with money towards Petrol, Tax and Insurance.

I know I have to tell them about the car, but is there any chance they will take the car? as its not mine, I did use to pay the monthly payment every other month for the past two years, but since losing my job my dad has said he will pay the remaining on it each month. The car is £170 a month with 3 years to go.

All I will paying towards the car no will be the petrol that i need, which wont be much each month about £40 if that, and put about £10 back a month to pay for my part of the insurance and tax.

Thank you for any advice on this
Angela

With regards to the car, may i ask when you transferred it to your Dads name? I am not sure how these things work to be honest but the reciever may have an interest if there is value in the car and you only transferred it recently. Somebody with better knowledge than me will help with that though.

Put it down as a vehicle you use but do not own because if it's a conditional sale or Hp agreement then you don't own it until you make the final payment. I had a vehicle with Santander and i put it down as them owning the vehicle and not me.

Angela230787

Hi I havent transferred the car, its always been in my dad's name I just transferred money to my dad's account every other month to pay for the car like he would pay £170 for say Jan, then Feb I would pay £170 Mar he woulc pay etc etc, but the car has always been in his name, the HP and the Registration document.

wharty

Angela230787 wrote: »

Hi I havent transferred the car, its always been in my dad's name I just transferred money to my dad's account every other month to pay for the car like he would pay £170 for say Jan, then Feb I would pay £170 Mar he woulc pay etc etc, but the car has always been in his name, the HP and the Registration document.

I would imagine you would be fine then. What a nice Dad!

Like i say just put down you use it and that's it.

Angela230787

Yeah he is great, although he does use the car the same amount I do, but he is great, we did think we would have to give it back but he says he can pay it.
I guess on my out goings I can still put down petrol and that and just say its for the use of my dad's car.

The past few weeks have been very tough, it was my own fault I lost my job, and I was ready to move out thinking my parents wouldnt want me there if I can't pay my own way, but they are being great I couldn't ask for better parents, after what I have put them through.

wharty

Angela230787 wrote: »

Yeah he is great, although he does use the car the same amount I do, but he is great, we did think we would have to give it back but he says he can pay it.
I guess on my out goings I can still put down petrol and that and just say its for the use of my dad's car.

The past few weeks have been very tough, it was my own fault I lost my job, and I was ready to move out thinking my parents wouldnt want me there if I can't pay my own way, but they are being great I couldn't ask for better parents, after what I have put them through.

The toughest part of a bankruptcy is the preparation and the worry that goes before it. Once it's done you do wonder what the worrying was all about. My experience has been very positive. Just take it as an opportunity to start from scratch and learn from any mistakes. Me and my wife will only live to our means now. We will live of one wage even if i get another job, that way if we lose a job again we will be fine. I am enjoying being a house husband now, looking after my 4 year old daughter. I wish you all the luck in the world, chin up!