I'm Not Allowed to Go Bankrupt

pistonbroke

It would definately help if you detailed what the outgoings are, unless you ahve a mortgage that seems excessive. If you have a mortgage, might have to let the house go, even if there is no equity in it. It is only bricks and mortar after all.

Rylynn

Oh goodness more for me to think about then! I need to look at my SOA or I&E and get it sorted out.

I do agree on the "only bricks and mortar" as to be honest they are not worth the heartache and worry. I do not own my own house, and can only agree with others here that you get more advice on this and get an income and expenditure or SOA not sure if they are totally different things? Statement of Affairs I take is what SOA stands for?

Shame you did not realise about Tax Credits and that they will only back date for 6 months. Surely you should stop paying any mortgage if that is the bulk of the money going out? but as others have said you need more information.

Good luck though with it all.

diablobear

Hi there, I'm just a little worried about the Tax Credits. If you don't have children you have to work 30 hours and above in order to claim. If your income it £400 p.m. then you may earn less than minimum wage - which I know Tax Credits struggle with. Worth giving them a call as I could be completely wrong about this. Good luck with everything.

Dez-Titute

The OR can refuse BR to protect you from going BR a second time after discharge.

Rylynn

Sorry why do they struggle with people on the minimum wage, surely they are the very people they need to be helping out! my goodness things make me wonder about this country at times. And if you do have children you are okay on 25 hours then? sorry this is very new to me, as I was full time on 37 hours, had to drop when returning after long term illness. I do hope this lady can claim them.

Dez-Titute

Rylynn wrote: »

Sorry why do they struggle with people on the minimum wage, surely they are the very people they need to be helping out! my goodness things make me wonder about this country at times. And if you do have children you are okay on 25 hours then? sorry this is very new to me, as I was full time on 37 hours, had to drop when returning after long term illness. I do hope this lady can claim them.

True life is unfair.The most needy usually end up with the thin end of the wedge.Politics Hey.:mad:

Rylynn

Dez-Titute wrote: »

True life is unfair.The most needy usually end up with the thin end of the wedge.Politics Hey.:mad:

My dad long since dead bless him aged only 53, used to tell me, the rich get richer and the poor just get poorer, it seems nothing has changed in over 25 years, shame on our system is all I can say. I could really rant about it as well, we even have the NHS saying if you pay for cancer drugs you can no longer get NHS treatment, okay for the rich they dont need to worry do they, the poor get denied them, try to buy their own to be shot in the foot!

I still cannot work out why tax credit people want you earning more than the minimum wage, some places only pay that!

maxmycardagain

banksshouldworry wrote: »

I just had a call with the CCCS this morning and they've told me that I will not be allowed to go bankrupt even though I have over £68k in unsecured debt. Why?

I'm in a deficit budget situation (more money going out than coming in) even once my creditors are excluded from my balance sheet. Therefore, the judge or OR would most likely not accept a bankruptcy.

I just thought I'd update you here in case it helps someone in a similar situation considering bankruptcy.

The counsellor has recommended that I pay just £1 token payments to my unsecured creditors and focus instead on generating enough income to live on.

Once I move out of a 'deficit budget' to earn something to live on we can then look at options including bankruptcy or a debt management plan (DMP).

It was great to speak to the CCCS counsellor today - she was great and I highly recommend the CCCS. Phone them on (0800) 138 1111

banksshouldworry

theres something seriously wrong if your having to live on £400 a month, even if your single you would be entitled to help.

maxmycardagain

Rylynn wrote: »

My dad long since dead bless him aged only 53, used to tell me, the rich get richer and the poor just get poorer, it seems nothing has changed in over 25 years, shame on our system is all I can say. I could really rant about it as well, we even have the NHS saying if you pay for cancer drugs you can no longer get NHS treatment, okay for the rich they dont need to worry do they, the poor get denied them, try to buy their own to be shot in the foot!

I still cannot work out why tax credit people want you earning more than the minimum wage, some places only pay that!

no-one should be on less than the NMW anyway, if the OP has a payslip they can report the employer to ACAS and DWP (i think) without giving their name

dalip

Since OH and i changed jobs we are on min wage of £5.52 a hr and we are agency. We take home £148 each after tax. No kids(all grown up) but when i checked the only thing we are entitled to is £2.42 a wk off C/T. Our rent is £93 a wk,ct £123 a mth,that along with gas,electric we really are struggling. At the end of the day i would rather be where we are now than 6 mths ago. Who said bc was easy???.

You have to way up the pro's and con's before you make a descision that may affect the rest of your life.
D