bankruptcy

pug_in_a_bed

tanya wrote:

hi all /viktory/smam 21

Im, single, employed, tenant no assets (car, nor house) drowning in £22.000 debt. Attempted to pay through CCCS but according to them it will take me 16 years to clear it... Part of my debt is Student Loan
Viktory, Smam21 when did u file for yours so yr Student Loand was included? And if u dont mind me asking which part of the country was yrs filed in?

I dont think I can deal with increased amounts of stress as I just got ill with cancer and all those threatening letter are making me suicidal.

I also get pension, part work - part me contributions, and am not clear on when would OR claim my pension if they decide to take it? Would my employer have to know then?
Also does anyone know which banks take bancrupt customers, or can I open basic account prior to filling?
At the moment I have basic account no overdraft etc, just electron card and account that allows direct debits.

Desperately in need of advice, as trying to get to CAB in London is like winning a lottery (wishfull thinking) :-)

:wall:

Thanks for any info

T
x

Hi tanya

1) Yes, my student loan was included, i'm in liverpool but infortunately the law changed in early september 2004 which means that student loans are no longer included in the debts of bankruptcy. How much is your loan?

2)I believe the OR only takes private pensions. I had to sed proof of what was in my pensions fund and he expressed no interest in it as it was a)£200, b) paid through employers, not privately.

3)Banks will take bankrupt customers, but not all - although I believe there is a law beginning to take effect which means that all banks must provide a basic bank account for customers with poor credit and so on. Many banks do the basic bank account set up, of no overdraft or cheques but with facility for dd's and a card - i'm with the co-op.

4)If you aren't in debt with your current account and you did happen to go bankrupt likely that would work in your favour and you'd probably be able to keep it. My old hsbc account was frozen on the day i declared as I owed them money. If you did file, you would need to tell the bank prior to this to see what they think. If you've no money owing and havent had any, i'd see no reason they wouldn't want to keep you on - apart from making very little profit from your had earned cash!

5) If I were you I'd make an enormous effort to get to the CAB, they are excellent and will really, really, really help. I realise your situation is stressful what with being ill and everything but they can help you out with so much.

My advice here: cut and paste your post/posts referring to your situ and start a new thread

post your debt broken down into loan, credit cards with the APR, ammounts owing on each adn your incomings/outgoings.

You'll get more helpful responses that way.

Don't fret: the mse board is and has been a lifeline for me at times - these people know their stuff!

ukboy

With regards to my situation would it be best if i gave up work for a couple of months with regards to BR and then start again, although i have rent and council tax to pay but at front and foremost of my mind is my g/f and two wonderful kids i really dont think i can have the fees ready in a month or so and my biggest creditor natw*st is starting to get really arsey :-(

pug_in_a_bed

Hi UKboy
Not sure why you'd want to give up work in relation to bankruptcy? Could you please clarify that? Do you mean in relation to problems you're having raising the fees?

If thats it, then I believe there maybe some hope. Before you go to the court, you fill a form out which has your incomings and outgoings etc and the clerk at the court makes a judgement as to whether you pay the whole thing or just a partial ammount. If you're in really awful dire straits then you may get some help but I'm not sure what they look for - I personally had to pay the lot. Someone who had a different experience may be able to advise.

I don't think you should give up your job though, as after you have declared you can start rebuilding everything - I think it might feel awful if you begin again unemployed unless you have a guaranteed position to return to. This in itself could prove extremely problematic for you; ie the OR may be very concerned that you deliberately left your job. It could be seen as wreckless and not work in your favour at all, though I totally understand that you're feeling desparate.

Apparently there are some charities who may also help. The CAB maybe able to supply some info about this.

Can you borrow from a friend or family member - reminding them that after you have declared you will be in a much better postion to pay them off as they will be your only debt.

ukboy

Finally,i have the £460 for the courts just got a couple of up to date balances to acquire and im ready to go,got a nasty phonecall from littlewoods personal finance yesterday regarding a default on my account and wanting immediate payment of £69 which i do not have shall i tell them to take a running jump and advise them that i have the money in place or shall i be nice and offer each creditor £1 token payments as a gesture of goodwill and to show the courts i have been trying the best i can not my idea of being honorable to my credit agreements i know but the way i look at it now is it really worth paying any of them anything as im almost ready to rock and roll !!!!

newfunk

Tell them to take a run and jump.....you will feel so much better, its exactly what i did, just before I went bankrupt!!

ukboy

thanks newunk,will ring all crditors first thing saturday morning and explain that everything is ready to go just needed someone to tell me i am in a way right not sure if i am or not but hey not long now hopefully i can explain to the courts that i have not been reckless in spending it was just a case of high costs of payment and the juggling around of loans/cards to pay them the money on time to be honest i have had a basic bank account since october and have only had one bounced DD costing me £32 which i can live with as i now know i can live within my means :-)

newfunk

I wouldnt worry about it if I was you, I went for thousands, and I couldnt have cared less what they said or did...At the end of the day its just money! As long as you dont get yourself in the same mess when discharged!

ukboy

no worries of that happening as once this is sorted credit will be the last resort and to be honest i dont think ill ever need it AGAIN !!!!

ukboy

I have informed all four of my creditors earlier this morning of my plans and they seem to be fine on all of this i have learnt now that it is best to be honest with them all and hope someone may learn from me that this is the way forward,ringing the courts on monday for my appointment !!!! :-)

ukboy

Finally got the money sorted and a date set for next week which is a relief,although still a little scared about the whole thing,but to the best of my knowledge i have not spent it willy-nilly so i see no reason why the judge would say no,heres to better times though and the promise of never borrowing again !!!! :-)