help on reasons for BR

creditcardshuffler

Hi I am contemplating going bankrupt pretty soon!!

I have 30K+ unsecured debts and am paying minimum payments and slowly going under despite following all Martins advice and having been switching to the lowest interest rates around.

My problem is this what is a valid reason for BR ??

Will the OR grill me etc. as to how I got in this state of affairs?

Last year I found out that because I was not giving my common law partner enough housekeeping each week she had run up a 6K credit card bill (over several years), she has no real income (child tax credit and child benefit only) so when I found out I got a consolidation loan to pay off her debt as well as some of mine. If I go BR now with this loan still running will the OR include her in the BR and wipe out her bank accounts etc. as well as mine?
We have no joint financial ties apart from her being a second card holder on a couple of my credit cards

Also we have a car worth about two and a half grand we live several miles from town and a car is essential. would the OR make us ell it and could we buy it back and if so would I only have to buy back my "interest" in the car (It is registered in my name)

I am going to the citizens advice this week and am wondering what I should take with me.

I am getting very stressed with all the what if they do this or that can any one help please?

debt_doctor

First thing is your wife has no debts because you paid them off. A second card holder will not be responsible for the debt unless the 2nd card holder is named on the bill. If you go bankrupt then you will just put the loan down as your debt ( as indeed it is).

The car is at risk, its always difficult to 2nd guess the OR on these issues, you would have to plead your case.

Remember the important thing you said though that your going to the cab, because until you have done that, you should never just plunge for the BR route, although it may well be a good option for you.

As for reasons for bankruptcy, well, it may have been a combination of redundancy, short time, loss of overtime, dismissal, illness, accident, depression, relationship breakdown, exceptional family pressures, retail therapy, gambling, business failure, or something else !!

Please take all relevent paperwok with you when you go to CAB

Best wishes

DD

ClaireLR

Hi creditcardshuffler

I struggled with what to put down as my reasons for being in debt on the forms. It helps if you break things down, for instance, I had £23k of unsecured debt, some of which were loans where I had consolidated, so I sat down and thought about what I had had the original loan for. Credit cards and small amounts (I had an overdraft for £100) I just put down as generally living beyond my means. The larger amounts I found easier to explain than the small ones, if that makes sense.

It also helped me to write everything down (someone here advised me to) and I even submitted a letter with my petition explaining everything and kept a copy for my interview. I found that helped the most as I knew that being put on the spot I wouldnt remember a thing.

Hope that helps, keep us posted as to how you get on at the CAB.

Claire. x

creditcardshuffler

Thank you for the advice.

I am now waiting for a debt advisor from the CAB to ring me for an interview. I realised I will need to see a professional befor I took the BR Plunge. I have been reading this and other forums ever since I got my "remedy" from the cccs web site.

These forums have been invaluable and have given me a LIGHT AT THE END OF A LONG DARK TUNNEL

Thanks once again I will keep you all posted.....