Urgently need advice. Considering suicide :(

edited 30 November -1 at 1:00AM in Bankruptcy & Living With It
50 replies 7.9K views
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  • elsienelsien Forumite
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    SRA handbook:

    5.2
    If you have been declared bankrupt, entered into any individual voluntary arrangements (IVA) or have had a County Court Judgment issued against you it will raise a presumption that there has been evidence that you cannot manage your finances properly and carefully.

    Guidance note

    (i)
    The following might help to establish confidence in your ability to run your business/carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles:

    (a)
    the bankruptcy/IVA/County Court Judgment occurred many years ago and there is evidence of subsequent sound financial management and conduct to show that creditors have been repaid;

    (b)
    you were affected by exceptional circumstances beyond your control which you could not have reasonably foreseen.


    Any chance of appealing on those grounds, if it comes to it?
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • Looks like that would be a possibility.

    I'll still try my best to prevent this becoming a bankruptcy though -
    elsien wrote: »
    SRA handbook:

    5.2
    If you have been declared bankrupt, entered into any individual voluntary arrangements (IVA) or have had a County Court Judgment issued against you it will raise a presumption that there has been evidence that you cannot manage your finances properly and carefully.

    Guidance note

    (i)
    The following might help to establish confidence in your ability to run your business/carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles:

    (a)
    the bankruptcy/IVA/County Court Judgment occurred many years ago and there is evidence of subsequent sound financial management and conduct to show that creditors have been repaid;

    (b)
    you were affected by exceptional circumstances beyond your control which you could not have reasonably foreseen.


    Any chance of appealing on those grounds, if it comes to it?
  • ThisSucks wrote: »
    The Citizens Advice Bureau and Step Change seem to have a very different opinion from yours. They've pointed out that the property company will simply want to recoup as much of the money that's owed as possible. Making me bankrupt would cost them around £4,000 all in, including their legal fees. While technically I would be liable for some of those costs myself, I simply do not have any assets or disposable income. They've said no lawyer worth their salt would advise the property company to go ahead with bankruptcy unless they were 100% sure I owned significant assets or had a job where some of the salary could be taken.
    Since neither of these situations apply to me, the property company would be taking themselves from a situation where they are £7000 out of pocket, to a situation where they are £11,000 + out of pocket.
    Also, given that I actually used to live in a property owned by them, they were fully aware of my declining health and personal situation. I lived there for quite a while and was always a good payer with no issues at all, until my circumstances took such a change for the worst.
    Common sense should show that I'm not just an !!!!!!! who felt like living rent-free.
    Yes, a volunteer in CAB probably does have a different opinion to someone working in finance. While they mean well they are often not the best informed or most qualified.

    It’s the same case with step change.

    Why does their reasoning matter to you anyway? I’ve given you a clear reason why they may go ahead. I’ve actually given you two.

    If you genuinely are in serious trouble with debts then I don’t see that going to university is likely to be possible or sensible for a while.

    Leaving aside the work that you can’t do, what work do you think that you could manage? Warehouse work, bar work, serving in a shop, delivery driving?

    You need to find something that you can manage to see if you can avoid bankruptcy, while continuing to work with your support network to sort out your health issues.
  • ThisSucks wrote: »
    So it's difficult to see how the property company would benefit from this at all then?
    They are extremely unpleasant people but even so, I'm not sure they'd choose bankruptcy just out of pure spite. They must imagine this benefits them in some way?
    How are they unpleasant? They just want to get what they are owed.

    I think that it is not helping you, personalising it in this way, making it seem that they are out to harm you. They really won’t be, they want to recover the money you owe them, nothing more.

    I think that if you understand this it will help, as at the moment you feel as though they are picking on you.

    I wish you well.
  • SusieTSusieT Forumite
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    It may well be worth you getting citizens advice, or if you can afford it a solicitor to write to them and you keep a copy of a letter stating that as they are aware you got into arrears not because you did not want to pay or because you could not manage your money, but because of your partner leaving, your health and being in and out of hospital, that your case worker was helping set up a plan etc. Also that you are intending to attend university in order to become and work as a solicitor, doing this would enable you to enter into a repayment agreement with them. If they make you bankrupt they would lose all the fees and the amount owing as you have no property that could be sold, and you are living on benefits.
    By doing that you may well be able to argue against the bankruptcy with the court, and if they did go ahead you would have evidence for the SRA that you had tried everything to fight it, and that you had fully intended to pay it back, so there may still be a way to become a solicitor.
    Credit card debt - NIL :j
    Home improvement loans 41,000 now 30,130 26% paid original finish dates 2025 and 2027
    Mortgage 100,000 now 64,513 35% paid
  • This is all very sound advice. Thank you.
    SusieT wrote: »
    It may well be worth you getting citizens advice, or if you can afford it a solicitor to write to them and you keep a copy of a letter stating that as they are aware you got into arrears not because you did not want to pay or because you could not manage your money, but because of your partner leaving, your health and being in and out of hospital, that your case worker was helping set up a plan etc. Also that you are intending to attend university in order to become and work as a solicitor, doing this would enable you to enter into a repayment agreement with them. If they make you bankrupt they would lose all the fees and the amount owing as you have no property that could be sold, and you are living on benefits.
    By doing that you may well be able to argue against the bankruptcy with the court, and if they did go ahead you would have evidence for the SRA that you had tried everything to fight it, and that you had fully intended to pay it back, so there may still be a way to become a solicitor.
  • I said that the property company consists of a number of very unpleasant people, not that pursuing a debt that's owed makes a person unpleasant.

    I lived in property owned by this company for a number of years and have witnessed the way they treat tenants, run their company etc over the years, so I'm quite well placed to judge what sort of people they are. Way before I fell into hardship, back when my rent was always paid on time or even early, I would still have described the people running this company as deeply unpleasant....

    I'm sure (or at least I presume) that you are trying to help but unfortunately your posts come across as missing the point for the most part.
    How are they unpleasant? They just want to get what they are owed.

    I think that it is not helping you, personalising it in this way, making it seem that they are out to harm you. They really won’t be, they want to recover the money you owe them, nothing more.

    I think that if you understand this it will help, as at the moment you feel as though they are picking on you.

    I wish you well.
  • Forgot to add, I've spoken to Citizens Advice, who referred me to their specialist debt team.
    Their view is that I should continue with the Debt Management Plan StepChange has accepted me into
    SusieT wrote: »
    It may well be worth you getting citizens advice, or if you can afford it a solicitor to write to them and you keep a copy of a letter stating that as they are aware you got into arrears not because you did not want to pay or because you could not manage your money, but because of your partner leaving, your health and being in and out of hospital, that your case worker was helping set up a plan etc. Also that you are intending to attend university in order to become and work as a solicitor, doing this would enable you to enter into a repayment agreement with them. If they make you bankrupt they would lose all the fees and the amount owing as you have no property that could be sold, and you are living on benefits.
    By doing that you may well be able to argue against the bankruptcy with the court, and if they did go ahead you would have evidence for the SRA that you had tried everything to fight it, and that you had fully intended to pay it back, so there may still be a way to become a solicitor.
  • elsienelsien Forumite
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    Jeez.

    Find a fee paying company to rip you off, then emigrate.
    Interesting perspective.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • edited 14 January 2019 at 12:46PM
    ThisSucksThisSucks Forumite
    24 Posts
    edited 14 January 2019 at 12:46PM
    Well you've most certainly cheered me up mate. I was laughing out loud as I read through your comment.
    Actually the idea of buying an extra 3 months or so is a very good idea.
    It gives me time to possibly reduce the debt down to below £5k.
    I'm going to explore selling stuff on eBay, carboot sales etc.
    I thought I'd already sold everything of value, but not necessarily.
    I'm going to pull out all the stops to make extra cash and see what I can come up with.
    I won't be absconding abroad though LOL!
    {Edited by Forum Team}
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