Is this the way please help??

Angel1980_2

Me and my OH have approx £35k of debt.

I also have £16k student loan taken out in 1999 can this be put onto the bankruptcy?

My SOA is on the DFW forum.

I have been told that if we go BR they can take away our pets to regain some money is this true?

Please help any advise is going to help

JCS1

Student Loans from 1999 can be included in your bankruptcy.

And with regards to your pets, unless you have an expensive pedigree dog, or a valuable horse, the OR wont take any action

Angel1980_2

What about a parrot?

If my student loan couldnt be taken into account i wouldnt think about it as i would be BR and still 16k in debt, but someone told me the law had changed and they could.

I just cant decide if this is right, what should i really take into account?

JCS1

It would depend on the value of the parrott.

JCS1

Just to clarify on the student loans, the 'new' loans when you repay when you are earning over a certain amount in the year can not be included in a bankrupcty, the 'older' ones can be

NEIL77

hi ther i went br 2 years ago dont worry the or will not take awy your pets they are only interested in possesions of high value at the time i was worried but nothing was taken off me as its not worthwhile and to be honest not worth the hassle

wherediditallgo

Far from taking away your pets, you can include money in your SOA to feed & care for them. Unless your pet is a pedigree something or extremely rare, the OR isn't going to be thinking about whether you should keep them or not. Even where the pet is pedigree/rare or expensive to maintain, they could only ask you to consider the costs of keeping them, & they may only allow you a certain amount towards keeping them, but they can't tell you to get rid of them - by restricting the amount of money you have, you may end up making the decision yourself, but they can't make it for you.

davidh71

There still seems to be some confusion over student loans. The new ones started in 1999 and as far as I am aware can no longer be included in Bankruptcy (since 2004). The information I have found seems to say that older student loans have always been exempt from bankruptcy - but alot of people seem to suggest they can be included. Hopefully one of the more knowledgeable people on here can clarify this!

I had very similar debt to you and the best option for me was to go bankrupt, despite being left with my student loan (It took me about a year to accept it though!). I'm not saying bankruptcy is right for you though - you have to figure out what's best for you.

fermi

No student loans (no matter when they were taken out) can now be included as a 'provable debt' in a new bankruptcy.

From: http://www.insolvency.gov.uk/faq/faq.htm (and many other sources)

If I am made bankrupt, will I still have to repay my student loan?

Yes. Since 1 September 2004 all outstanding student loans cannot be claimed in bankruptcy. They remain the responsibility of the (former) student to repay within the terms of the loan arrangement. If you were made bankrupt before 1 September 2004 you may still have to repay your student loan. Clarification should be requested from the Official Receiver who is dealing with your affairs.

Whether the loans were granted under the old or new systems is now immaterial. The loophole that did exist prior to 2004 has been comprehensively closed by the new legislation. The only possible circumstances now that could lead to the loans being provable is if a bankruptcy was granted before 2004 and then only for the older style loans.

Student loans & Bankruptcy

Until recently you could include your student loans in bankruptcy along with your other debts. The law has recently changed so that from 1 September 2004 (Income Contingent Loans – post 1998) or 1 July 2004 (Mortgage Style Loans 1990-1998) student loans are no longer provable in bankruptcy. This means they are not written off with your other debts at the end of the bankruptcy.
If you now choose bankruptcy as an option for dealing with your credit debts you will not be able to include your student loans in the bankruptcy. You will still have to pay back your student loans in the usual way.

The law is now 100% clear. My loans were pre 1998 and have not and cannot be written off by my BR last year. I still have to pay them back. But I don't mind.

Angel1980_2

Thanks guys
Guess student loan would be ok i only pay about 30 quid a month back