off sick..about to go bankrupt

caliew

Get the one with the highest interest away first and look out for hidden interest charges in your terms and conditions of credit cards and loans. I know you sound busy but even follow the mse money making tips, if you are not able to get out to work due to childcare there are other ways. Do you know there was a man in America who had an inflatable paper clip from a skip and he swapped and swapped til he got a house?. Sell on ebay, gumtree, Facebook forums assets not needed ie toys games clothes etc, get freebies on freecycle, free eagle, gumtree and upcycle the items you don't need and sell again on ebay gumtree etc - you know what they say one mans junk is another mans treasure. I see you have a car finance make the car work for you drive around collecting freebies on auth. Sites - be very careful if you do that though stay safe. Get shot of DVDs, books, electronic games on the likes of music magpie and any other link that is MSE recommended and legally stream your entertainment on free legal weblinks. Find your hobby and turn it into a career that fits round your childcare there are student grants and childcare support that you can get to study at college, you have kids no one will see you homeless there are always kind people to help but you have to also help yourself, life is not that bad I have a disabled child and a healthy other child, a 80 year old dad with a heart condition and arthritis and a mum with critical kidney disease and manic depression. I have been there myself with pnd but as long as you have a few hours in the day to get you sorted that's what you want and your finances - go for it and don't stress as your kids grow up so fast enjoy that they are blessings, there are lots of ways to get out of a mess but be pro active.

Cobalt77

sherr wrote: »

I paid £2,200 for it at a car auction less than a year ago, auto trader is giving a range of prices Between £1,200-£2,000 and the lowest price on parkers is 1,200. Where do they get their estimates from when considering a DRO?

Okay, this is how I would deal with the situation personally.

The V5 is NOT proof of ownership, and this is confirmed by the Police (Proof here: https://www.askthe.police.uk/content/Q743.htm )

and to quote from that source:

In the case of a car used by a married couple, ownership of any property is usually classed as joint

So, I would argue that the £1,200 car (if it were valued at that) is in fact jointly owned, and thus my personal "share" is £600 (presumably husband isn't going BR?). This joint ownership is backed up by the fact hubby pays insurance & tax - I assume insurance is in joint names and why would he pay the insurance for your car if he didn't part own it?

If anyone wanted to get p1ssy with that, you could equally argue that your hubby owns the car and you are just a named driver (remember, the DVLA V5 is NOT proof of ownership, so it's irrelevant if you are named on the V5 anyway)

Based on this, I seriously doubt anyone would bother wasting hours arguing the toss over what amounts to £200 (at best) anyway.

HTH

sherr

Cobalt77 wrote: »

Okay, this is how I would deal with the situation personally.

The V5 is NOT proof of ownership, and this is confirmed by the Police (Proof here:

and to quote from that source:



So, I would argue that the £1,200 car (if it were valued at that) is in fact jointly owned, and thus my personal "share" is £600 (presumably husband isn't going BR?). This joint ownership is backed up by the fact hubby pays insurance & tax - I assume insurance is in joint names and why would he pay the insurance for your car if he didn't part own it?

If anyone wanted to get p1ssy with that, you could equally argue that your hubby owns the car and you are just a named driver (remember, the DVLA V5 is NOT proof of ownership, so it's irrelevant if you are named on the V5 anyway)

Based on this, I seriously doubt anyone would bother wasting hours arguing the toss over what amounts to £200 (at best) anyway.

HTH

Great thank you! I still have the receipt that shows it was paid for half in cash and the other on my husbands card

Cobalt77

sherr wrote: »

Great thank you! I still have the receipt that shows it was paid for half in cash and the other on my husbands card

Now why didn't you mention that in the first place, you mvppet?

That receipt may just be the icing on the cake you need, as it totally backs up your joint ownership case. Hopefully, some of our resident experts will now be able to comment on whether you are good to go on the DRO route

alltaken

I would highly recommend creating a new post in the IVA/DRO forum with a Statement of affairs. They will work wonders on your figures.

http://forums.moneysavingexpert.com/forumdisplay.php?f=159

debt_doctor

Hi,
The DRO regime will not accept joint ownership of a vehicle. Either the applicant owns a car outright or they do not own one at all.
Valuation is by Parkers and the applicants view is taken on whether it is in 'poor' or 'good' condition.
If a vehicle is too old to get a free valuation on Parkers (10years) then we intermediaries have to accept the applicants own valuation.
If an applicant feels that their vehicle falls below even the 'poor' value then they need to demonstrate a lower valuation, perhaps from an independent trader.

Selling a car and buying a cheaper one is fine, and often happens.


It would make far more sense (if possible) to enter in to a DRO than go bankrupt.



Income / expenses look ok for a DRO - It's applicants income minus what they spend it on. No need to involve partner.
DD

alltaken

You'll be hearing from the moderator shortly :rotfl: Reported.

mezzantezzas

Hello. I just wanted to let you know that I spent days going over and over my SOA as if my life depended upon it. When I spoke to the Official Receiver she barely made any reference to the detail of it all. I rent so had no house to sell and no car or valuables either. I'd anticipated being grilled on every penny and having to justify each item I'd spent money on.. I even imagined I'd have tv hifi etc removed by baliffs.. doh! I soon realised she was more interested in the practicality of my financial situation and the fact that my outgoings virtually outstripped my income thus making it unrealistic to consider repayments to creditors. If you're currently only receiving half pay then that is what you put on the form. It's also worth bearing in mind you can let the OR know of any changes at the time you speak to them on the phone.. so if your income goes up or down, just let them know. It's certainly not an exercise in judging your lifestyle or blaming you for anything so please feel reassured that you can just be honest and don't miss out any of your regular expenses even if you have to list them separately on the form. I went bankrupt just after new year and was scared & alone dealing with the whole situation but it was worth sticking it out and was no where near as bad as I'd expected. I did write out a 'crib-sheet' with the breakdown of my income, outgoings & expenses including important doggy costs like my 2 terriers boosters flea+ worming etc. I had to calculate that I paid for window cleaning & other obligations as a tenant.. and all sorts of things you might overlook but still have to pay out for across the year. I'm sure with your four children there are all sorts of financial commitments that you just can't ignore even if they're one off costs. Just remember to work it out as a monthly figure. For example my landlords expect me to have the carpets cleaned annually at a cost of £160. So I divide into 12 (£13.33) The window cleaner is 4.50 fortnightly so x26 (£117) then divide by 12 (£9.75) & that shows I'm paying a total £23.08 p.c.m for those services. It seems nit picking but I have to pay for it and actually never realised just how much the little things mount up. Don't feel guilty about what you need to live on and please don't try to be virtuous and not include items or try to anticipate a time when you'll earn more. Just say it like it is Now. If you are nervous about explaining yourself at the interview stage.. then do like I did & have a breakdown or crib-sheet beside written you just incase they ask about certain items, but I think you'll find the OR is more concerned with the general picture of your debt not the minute detail. I just had to explain I'd become overwhelmed with debt after long term illness left me, like you, on half pay. It was much simpler than I'd expected and such an enormous relief afterwards. Instead of spending every penny on servicing debt I can really concentrate on getting well and looking after my elderly father who I can actually afford to visit more often now. In my OR interview I was told not to feel ashamed or guilty as I was doing the right thing. You will feel so much better once you can start to live your life without this burden. If you get the chance try going to the CAB (some GP practices have outreach workers) But above all else don't worry.. you've taken the first steps and it Will get better. Good luck.
What helped me: *CAB
*Martin's 'Mental Health & Debt 2015' downloaded from MSE main site.
*The great advice from these forums
*Actually telling people I cared about & being amazed nobody was shocked or judged me.

luvchocolate

Please may I suggest for very long posts as above they are broken down into paragraphs?
It makes it much easier to read.

blindman

Cobalt77 wrote: »

tomtontom, is seems I do appear to have hit a nerve with that one.

Just for complete clarification, are you accusing me personally of fraud? If so, would you be kind enough to make a clear and unambiguous statement to that effect here on this thread within the next 24 hours?

I look forward to your response in due course.

So pointing out that this poster is the ultimate keyboard warrior gets the post deleted?

The moderators must really be in your pockets.

If they delete this I would like them at least to PM and open a discussion as to why ....

Sad day for MSE-seriously gone downhill since I joined at the outset.