bankruptcy for me

MummyHol

Hi everybody

I've got a couple of questions that i hope someone here will be able to help me with before i start the long process of bankruptcy. I did have a quick look onm the forum to see if they'd already been answered but couldn't find what i was looking for (especially with my 9 month old causing havoc in various ways, haha)

The basic situation is that i will probably go bankrupt but my live in partner won't. We're housing association tenants so we don't own any property and everything we have belongs to my partner (ie car, tv, furniture & games consoles). The only things i own are my clothes, a few cds and a fair few books (none of which are of any great value). Our computer is his mothers (she let us take it with us when we moved out of her house on the condition that we bought a cheaper model for her to keep). One of the consoles has an extended product insurance which is in my name because the store club card is in my name but he paid for it (i hope that makes sense).

What i really want to know is if me going bankrupt will affect my partner and if my partners assets will be 'taken into consideration' because we live together?
The thing i am really worried about is the fact that one of my loans was taken out so my partner could buy a new car (we did desparately need a new one before our little boy was born because our old one was practically falling apart & costing us a small fortune to keep repairing). Like i say, the car was purchase by my partner and is in his name but will they reposses this because the loan was taken out so i could give him the money to buy it??

Also, my partner is trying to reclaim bank charges on an old account which was in our joint names but is now no longer in use (we're about to close the account because they keep trying to take out direct debits that we've already cancelled and therefore charging us because there is no money in there to pay it with- damn abbey!!!) will bankruptcy affect the outcome of this?

I'm sorry if this post doesn't make much sense- watching my son and typing at the same time is more difficult than i imagined.

Thanks for reading this.

LesleyL_2

hi MommyHol

bumping this up as your thread seems to have been missed

someone will have some answers for you (((Hugs))))

Lesley

LesleyL_2

bumps a daisy !

MummyHol

HSBC are now harrasing me over the phone- saying they're taking a loan repayment on friday so i have to make sure the money is in there by thurs!! I've told them that i'm not giving my permission for the money to be taken by them so i want the transaction stopped but they say all i can do is write a letter & send it to my branch!! What rights have they got to take money out of my account that i've told them they can't have (if they take it i won't be able to buy any gas/electricity/food for the rest of the month). Can they take it when i've told them no?

tigerfeet2006

MummtHol if you bank with the same people you have the loan with they have every right to take the money. Open a new account now and remove your money before Thursday or they will take it.

Sorry I haven't time to look at the rest but promise to later.

winnie81

Hi MummyHol, My partner went bankrupt last year and I did the deed at the start of January. Our situation is the same as your own where he owned pretty much everything and I had just clothes etc. They never looked at either of our belongings really as nothing was worth much and the car is a lease car from OH's work. Your partners assets will be fine as they are 'his'. The only only thing that affected me when he went BR was our joint current account which had an overdraft of about £300 which feel on me to pay as obviously he couldn't favour that creditor.

I am sure one of the more knowledgeable guys will be only shortly to reply about the loan payments being taken out. I vaguely remember that they can't take money for debt repayments without your consent I think its something about reproproiation or something.

I will have a did about for you and come back

Claire x

Is it benefits you are receiving into the account as thats what I remember reading they can't take money from certain benefits to pay debts if it will leave you short for essentials?

MummyHol

Yeah the loan & account are with HSBC. I'm going in there today to remove all the money & am going to set up a basic cash card account with another bank (barclays) tomorrow.

Will they still take the money if i remove it all- i mean will they make me overdrawn?

winnie81

MummyHol wrote: »

Yeah the loan & account are with HSBC. I'm going in there today to remove all the money & am going to set up a basic cash card account with another bank (barclays) tomorrow.

Will they still take the money if i remove it all- i mean will they make me overdrawn?

If you are planing on BR don't worry about any charges on the HSBC account as the BR will wipe those out

fermi

There is more info in the link below from the website of the Financial Ombudsman Service regarding the rights of a creditor to "set off" one account against another.

banking: firms' right of 'set off'

With the car, the legal ownership is held by whoever provided the funds, not who the car is registered to.

Since you provided the money via a loan then it could either be said to be yours (subject to the loan) or that you "gifted" the money to him. The OR will probably want to investigate it's status, and if they decide you have an interest in it you would have to provide good reasons why it is essential to keep a car rather than just convenient. Or your partner may be able to make an offer to buy out your interest.

The OR won't go after your partners possessions, and the sorts of household/children's items you mention aren't worth claiming either.
When they ask you to list "assets of value" on the forms they mean items that will make a lot at auction. So, antiques, painting, very valuable jewellery, big plasma TV's worth a few thousand etc. Day to day things aren't worth listing.

tigerfeet2006

Yup! they most likely will put you into o/d but it won't matter if you are going BR.

Really gotta go now very late.

fermi

winnie81 wrote: »

If you are planing on BR don't worry about any charges on the HSBC account as the BR will wipe those out

Yep. You will lose the HSBC account anyway, so transfer essential things over to Barclays.

That way anything HSBC runs up on your old account will just go into the BR.