please advice needed for cc debts

malloandson

hi to all
i have around 40k of credit cards debt all soley in my name, i have previously used a informal arrangement with all creditors, but now i have no surplus income but the creditors still hounding me with defaults threats of ccj and courts, i am tempted to apply for bankruptcy but i am concerned with acouple of things,
firstly I am not named on our mortgage, but may be classed as having a financial interest in the property and my wifes mother bought her a car last year with a loan from her credit union, but the car is registered in my name soley for cheaper car insurance, i think it would be classed as a asset, would appreciate any advice, thanks

Triker

malloandson wrote: »

hi to all
i have around 40k of credit cards debt all soley in my name, i have previously used a informal arrangement with all creditors, but now i have no surplus income but the creditors still hounding me with defaults threats of ccj and courts, i am tempted to apply for bankruptcy but i am concerned with acouple of things,
firstly I am not named on our mortgage, but may be classed as having a financial interest in the property and my wifes mother bought her a car last year with a loan from her credit union, but the car is registered in my name soley for cheaper car insurance, i think it would be classed as a asset, would appreciate any advice, thanks

Hi there, well firstly welcome to the DFW board, and thank you for posting, we know how hard it is.

Secondly are you able to post an SOA

all is explained here
http://forums.moneysavingexpert.com/showthread.html?t=107280

click on the blue writing and it will take you to a post that explains all.




that way we can have a good look at your finances and see where we advise where you can make savings.

Snaggles

Hiya - you could try posting this on the bankruptcy forum - I know you are only considering it at this stage, but the people over there have loads of knowledge of how it all works and what is likely to happen.

What I would say though, is that if you are considering bankruptcy, do take professional advice from places such as the CCCS, the Citizens Advice Bureau etc, and make sure you understand the implications of it before you go ahead.

If you speak to one of the debt charities, you may be able to do a DMP rather than go bankrupt, but they will give you the information you need in order to make that decision.

Triker

I'll give your post a bump tomorrow to see if anyone can advise differently. XX

fermi

First of all it is vital to get some free professional and impartial advice. The court/judge normally checks that you have.

As snaggles says, although you are considering bankruptcy it may not be your best option. A professional advisor will be able to go through all the options with you and help work out which is best for you.

[SIZE=-1] You can contact:
[/SIZE]

• [SIZE=-1] Your local CAB Office and ask to speak to a 'money advisor'.[/SIZE]
• [SIZE=-1]The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 [/SIZE]
• [SIZE=-1]National Debtline - Tel: 0808 808 4000 [/SIZE]
• [SIZE=-1]Payplan - Tel: 0800 917 7823.[/SIZE]

On the questions specifically about bankruptcy:

malloandson wrote: »

firstly I am not named on our mortgage, but may be classed as having a financial interest in the property

That is possible if you have in some way contributed to the purchase of the property. This could be contributing to the mortgage payments for some time, either directly or indirectly. Or it could be contributing to the deposit, or paying for significant routine maintenance.
All depends on how much 'interest' you feel you might have accrued.

malloandson wrote: »

and my wifes mother bought her a car last year with a loan from her credit union, but the car is registered in my name soley for cheaper car insurance

The "registered keeper" is not the legal owner. While the first check the Official Receivers would do is to see if you have a vehicle registered in you name, if you can prove that the vehicle was purchased by your wife with finance she took out then it should not be considered to be your asset and so can't be claimed.