Bankruptcy and official receiver

Jojopa123

Hi again going to cab tomorrke for bankruptcy. After receiving shortfall in mortgage. Im.married new with a baby. On on stat maternity. I have no finanical link to my hubby. And no assets.

Im so scared i feel sick im worried about the or will they look.at my bank ststments ans say hey here whats this.

I always been in debt i was and am woth payplan but just cant cope anymore since this shortfall came in. Im worried they look at my bank statements and say why you soend 30 in next.or why sis you take out a 400 loan in july. I was ok then as didnt have shortfall.

Also im panicing my hubby doenst want to get involved he ia scared for his money they cant use hia income can they all debt is in my name

Jo

debt_doctor

Hi,
It will be fine, the CAB are there to help you not judge you.
How much is the shortfall and the total of your other debts?
DD

ukamber1

Jojopa123 wrote: »

Hi again going to cab tomorrke for bankruptcy. After receiving shortfall in mortgage. Im.married new with a baby. On on stat maternity. I have no finanical link to my hubby. And no assets.

Im so scared i feel sick im worried about the or will they look.at my bank ststments ans say hey here whats this.

I always been in debt i was and am woth payplan but just cant cope anymore since this shortfall came in. Im worried they look at my bank statements and say why you soend 30 in next.or why sis you take out a 400 loan in july. I was ok then as didnt have shortfall.

Also im panicing my hubby doenst want to get involved he ia scared for his money they cant use hia income can they all debt is in my name

Jo

Hi Jo, try not to worry..CAB are only there to help you.....once the bankruptcy is done, you can start putting all this behind you. Yes, they might ask questions about your bank account and what loans youhave etc but thats just to get a clear picture and is very normal...and dont worry about the £400 loan in july etc...many people take out new debt to try and pay off old debt, to try and take some of the pressure off but it never lasts for long before that pressure builds again.

As all debt is in your name and no financial link, it shouldnt effect your hubby in anyway...

I'm sure once you've done the bankruptcy process you will start feeling alittle better very soon....

best wishes

worriedmamma

Hi

Honestly, don't worry. Every expense isn't going to be scrutinised, you're a person with a family and a baby, you're going to need to buy clothes and other essentials. Please make the call to StepChange or NationalDebtline and speak to them, they will be very helpful, non-judgemental and give you the best advice for your personal situation.

Good luck, I've felt such a huge weight off my shoulders since I submitted my application for bankruptcy.

Jojopa123

Thank you all.

My total debt is about 47 grand which 20 is what im paying payplan and 27 shortfall.

I get paid 15 everymonth so my oct wage is going to be short 2 weeks wages snd rest maternity pay. Is it best to wait till i get my stat maternity pay in nov. Eeee im so scared. They defo cant touch my hubbys wage? Im scared od the or if she says why you took out a loan ans now goinf bankrupt truth is i was ok just paying payplan but this extra 27 grand shortfall i cant afford it and cant afford payplan anymore will they not say well you knew you were pregnant its your own fault?

worriedmamma

Jojopa123 wrote: »

Thank you all.

My total debt is about 47 grand which 20 is what im paying payplan and 27 shortfall.

I get paid 15 everymonth so my oct wage is going to be short 2 weeks wages snd rest maternity pay. Is it best to wait till i get my stat maternity pay in nov. Eeee im so scared. They defo cant touch my hubbys wage? Im scared od the or if she says why you took out a loan ans now goinf bankrupt truth is i was ok just paying payplan but this extra 27 grand shortfall i cant afford it and cant afford payplan anymore will they not say well you knew you were pregnant its your own fault?

I think the OR sees these cases every day and understands everyone is different and as a PP said, loans taken out are usually to cover debt or help along the way. The point is if bankruptcy is your only option then that's what you need to do. I really think you need to speak with someone who can give advice and reassure you over the phone.

Having a family isn't something that you will get judged for - everyone circumstances can be different. I expected to go back to work soon after my last child but couldn't as our situation changed, we ended up having to move house as our rented house was being sold and now our rent bills are higher... honestly please do not worry - you need to seek advice and do a full income and expenses with StepChange or NDL and then go from there..... good luck, the sooner you sort it the better.

Jojopa123

Thank you i will. I must admit yous have been a god send thanks. My only worry is my hubby he worrys they will take his surplus money and im scared they will say oh you waited till you on maternity but i just received the shortfall letter other day. Quick question should i stop paying all debt now? Im looking to take mortgage to obdensman about shortfall x

worriedmamma

They cannot touch your husbands money. If the debt is just in your name, and isn't named on it or guarantor for it, then his finances is irrelevant. They can ask for his input into household expenses, which you can just say is paid 50/50, they may want to see proof of this, but again, it doesn't matter what he earns, your finances are viewed totally separately. It took me a while to get my head round this initially.

They won't think you waited til maternity leave, the problem is that comes with having a family is that this means you are unable to work for a while and your income takes a hit, this is seen as any other drop in finances, life happens, and if BR is the best option for you then that's that. Definitely speak to someone as I think you'll feel much more reassured to hear advice from the professionals x

worriedmamma

Oh and you stop paying into your debts from the date your bankruptcy order is made. For me this was the day after I sent my application online.

tigerfeet2006

The OR will most likely query why you took a loan out in July. You were on a DMP and took more debt on. Make sure you can explain the reasoning behind the loan.

On the plus side at least it was only £400 so you are not going to get a BRO maybe just a stern word or two.

National_Debtline

Hi Jojopa

Jojopa123 wrote: »

Quick question should i stop paying all debt now? Im looking to take mortgage to obdensman about shortfall x

Yes, I would advise you to stop your debt repayments now - anything you pay in between now and the bankruptcy will just be dead money. Remember that you need to set aside £680 for the bankruptcy fees as it is.


By all means complain to the Financial Ombudsman about the shortfall if you feel you have grounds for doing so. You may find, however, that once you've gone bankrupt and are no longer being pursued for the debt, there is no longer any great incentive to do so.


I hope your appointment at CAB tomorrow is fruitful.


Dennis
@natdebtline