Bankruptcy advice for Student-to-be

fermi

Cars are complicated. Assuming that you want to keep it:

In order for you to be able to keep your car, you must convince the Official Receiver that it is required for your work or your reasonable domestic needs.

Some detailed info on how the OR will assess this can be found at:

http://bankruptcy.informe.com/viewtopic.php?t=72

or

http://www.debtquestions.co.uk/debt_forum/viewtopic.php?t=14954

(but beware the server on the first link is being a bit grumpy tonight, so try the second if it doesn't work)

You will also see from that info, that even if the OR lets you keep a car the normal maximum value before they make you sell it and buy a cheaper one is about £2000.:eek: This is not a guaranteed figure, but a general indicator.

If you decide that you are going to try and convince the OR to let you keep a car, I would advise to get several different valuations in writing if possible on your current vehicle so that you can provide the lowest one to the OR. Otherwise they will just go with the book figure in Parkers guide.

As I said it's best to prepare your case beforehand so you can indicate this on the BR forms if you want, but most vitally for arguing your case during your interview with the OR.

Again, I hope that helps.

missylou_2

Hi not sure if this is much help to you so if not sorry!

In order to keep hold of your car it would be wise to check out the shift patterns of the various hospitals where you will complete your clinical placements and compare these to the corresponding public transport timetables to get you to/from these locations. You may well find that in your area like many other parts of the country a nursing career and public transport are simply incompatible!

Also once you have completed your first clinical placement you can sign up to work part time as a nursing assistant through local NHS nurse bank. Money not great but above min wage. Also future employers look on this in a positive light when selecting newly qualified recruits.

Skinto123

Fermi and missylou that's brill help thanks for the advice. I am waiting to hear from Citizens Advice about going to see someone also. I will keep you posted about how I get on. Thanks again!

thewayitis_2

University study is very expensive, and though you've been deemed disadvantaged enough to be given a very generous bursary (most people dont get this!) you are going to struggle to live while you are there. As a student nurse I think they expect you to practice for long hours on the wards when you aren't in lectures, so theres little chance to fit part time work around drinking and partying.

Are you sure this is the right time to be leaving paid work to study? You have no savings behind you, a lot of debt that you really shouldn't blame the banks for, and just your parents tired generosity to keep things afloat during tough times. Declare bankrupt and the banks are going to refuse to give more credit, so where are you going to get the extra money you'll need to live?

You could always spend the next couple of years clearing your debt, reclaiming bank charges, getting as much of the other persons (fraudulent?) debt written off as possible, and in the process learning about money management (you'll need this as a student nurse!). Then you can do Uni as a mature student like it was meant to be done - with a bit of your own savings behind you and in a shower of cheap student beer!

BettiePage

Oldernotwiser wrote: »

I have to disagree; unfortunately you can't study to be a nurse with the OU.

Yes you can, but you need to be sponsored (not very likely in the current climate though).

http://www.open.ac.uk/hsc/nursingintro.htm

OP, as a student nurse your petrol costs are likely to soar, mine are approx £100-£120 pm at the mo. That doesn't include wear and tear on the car (my exhaust fell off the other week).You may, depending on where the uni is, be able to claim travel expenses, but your placement must be more miles away than your uni. You also have to pay for a carpark pass if at the hospitals. My current one is £10 a year, my last placement was £45 per year. This can't be claimed back.

Working around study and placements is difficult, but many, including me, do it. However after 40 hours a week, not counting self study and travel, you won't have much time or energy for doing this.
University hardship funds are available, but are obviously based on a persons personal circumstances.

Also, I'm not sure how BR would look when coming to apply for a job. Not sure it's as strict as the police but the nmc are big on a flawless background and with student places being cut and jobs as rare as rocking horse !!!!, you need all the help you can get to make yourself stand out in a good way.

BettiePage

Oh, and if you're doing the diploma, the bursary is probably around £460 ish a month, if doing the degree, you'll probably get £0 as your parents would be expected to support you as you still live at home.

Oldernotwiser

BettiePage wrote: »

Oh, and if you're doing the diploma, the bursary is probably around £460 ish a month, if doing the degree, you'll probably get £0 as your parents would be expected to support you as you still live at home.

If someone's over 25 they're classed as an independent student and not assessed on their parents' income for student loans.

catewithers

savagevixen wrote: »

You really need to assess your situation and take responsibiliy for yourself. You are not a child, you are not even 18. You are a grown adult and what you are expecting is beyond belief.

I think this is a little uncalled for. The OP asked if others think it is worthwhile her going bankrupt and what the main implications of this are.

What arrangement she has come to with her parents and what they are prepared to do for her is really none of our concern. You and your family may not do the same, but that's your business. It doesn't mean everyone's family should operate in the same way.

The OP is clearly taking responsibility for herself by assessing her situation and asking for information about one option she is considering. That strikes me as pretty adult behaviour.

BettiePage

Oldernotwiser wrote: »

If someone's over 25 they're classed as an independent student and not assessed on their parents' income for student loans.

Oops, missed the op's age. Sorry. They still wouldn't get very much though.

I'm 37 and get £350pm ish on the degree bursary, hence why I still do my paid job too.

Edit: Bursary calculator here http://www.nhspa.gov.uk/sgu/news/NEW%20STUDENTS%20rates%202007%2008.pdf if the link works.

debtmonkey1

Julie,

Hi-did the deed today. Please ignore savagevixens bit about 'living beyond your means'-as Martin has said on the sticky there is no judgement on here! I too was guilty of 'living beyond my means' when I was younger (I'm 41 now) & wished I'd gone BR before-years ago!

I would take the proper advive as stated. Your aim should be that on the BR paper (if you indeed chose this route-but looking at what you've said it's a viable option) or SOA (statement of affairs) you have NO or a 'negative' ammount showing as left after all your bills. This way there will be on IPO/IPA (confused the hell out of me before I looked it all up but essentially means you'd be tied in to paying the Official receiver for THREE years-although you would be discharged after 1 year-where as if no additional income 1 year max-probably six months until you are discharged (released from bankruptcy).

Check out other posts on here, google 'trigger figures for bankruptcy' (beleive it or not due to the freedom of information act 90% of the Official receivers technical manual is on-line-if you want to check out this I'm sure some kind soul who's better with computers than me will post a link!), also look at the debthelpuk web-site & in particular the 'ask the expert' section-Simon W on there is a qualified money advisor-without his help myself (& my other 1/2 3 years ago) would not have had the confidence to do the deed or indeed know the full figures for your outgoings you can put down (beleive me a lot more generous than I thought-if say you are paying your parents £200 keep you could easily 'raise' this on the BR form to £350 & the Official receiver would not query it-remember the aim is ON additional income or a negative-I beleive as well that you can have up to £90 disposable income & the OR is not interested until it goes OVER £90-again one of the experts on here will confirm/deny this).

Don't worry about the bit in the paper-how many sad gits scour the tiny 'court/bank' notices in the back of the paper??! It will only appear once though in the local rag.

You can get a basic bank a/c with web banking & electron visa from Co-Op -called cashminder-I'm doing mine tomorrow.

yes-after discharge you CAN get a mortgage-allbeit at a slightly higher rate & you might have to save for a bit for the deposit. Also-you can get a pre-paid credit card (you simply 'load' it at the Post-office)-it's a gold mastercard (google 'cash plus')-£10 to buy it, £4-95 a month (if you use it a lot) OR a simple £1 each time it's used (if you don't use it much). You can also I beleive get a pre-paid maestor card called a 'bread' card too (google!).

So....the only thing for 6 years you can't get is credit...certainly in my mind it's a GOOD thing!!

I'm fairly new to the boards but IGNORE any judgemental posts. It's YOUR call what you do. I can quite easily put my hands up & say that I've taken out some credit in the past knowing that I'd struggle to pay it back &/or thinking I just would not bother to pay it back ( Iwas younger & dafter then!) BUT the reality gets you in the end-phone calls, people coming to your house, CCJ'S, etc & in the end my mental health (& a claim for £78000 on a house I had repo'd 18 years ago!) & well-being is more important so I went BR. There really is hardly any stigma to it these days-honest!

I applaud people who have hage debts & really really cut back & scrimp/save for 10 years or so (& have the constant hassle of negotiating with creditors, etc!) but my opinion (& I stress my opinion-everyone can sort their debts out how they want to) is why bother?? BR legislation is in place to help people make a fresh start-which is what I did. Those that feel we've 'cheated' or that it's the 'easy-way' are sadly misguided & have no right to judge people morally.

Anything else you need-just holler!!

Right...more cider to celebrate being debt free now (!)

Take care & get some advice too-also do check out those sites I mentioned.