Going round in circles!!!

Summer74_2

Hi,
I have read a lot of the threads on this site and they are very positive and supportive in this scary time. However, there is a lot of information in here and I am one of life’s worriers and can drive myself insane with what ifs, buts and maybes.

I have managed to get myself into over £43k of debt through bad management after being made redundant 3 times in 6 years (minimum pay outs). Each time I consolidated thinking once I was settled it would be easy to pay it back. Hindsight is a fantastic thing as is the CAB (wish I found them sooner).

I am aware that I am in a more fortunate position than some on this site as I currently have a good job. I have a DMP in place with the CAB but it will take 8.5 years for me to pay off my debts. However, I currently live 70 miles from where I work and am office based. The travelling is affecting my health, especially as I work long hours, and my fuel bill is ridiculous and keeps growing. Therefore, I want to move closer to work but finding the money for a deposit, agency fees and van hire is proving stressful. Due to this and concerns for the future (what if I get made redundant again or something else happens?) I have spoken to the CAB with regards to declaring myself bankrupt.

The CAB has not deterred me and in fact I have a meeting with them next week to discuss the implications and complete the paperwork. Although the CAB can offer me a lot of practical advice I think my questions don’t necessarily have definite answers and I think they can only be answered based on experience.

I am going round in circles trying to decide if it is best to declare myself bankrupt now or after I move? If I do it now it wont be in the papers near where I work but will the OR tell my landlady and will they tell my company? Also, will it make it difficult for me to get a new tenancy agreement or should I move first and secure the tenancy agreement first? But then it will be in the paper local to work. Also, we have security checks at work as we deal with commercially sensitive information so what impact would bankruptcy have on my security checks?

I know these probably seem like trivial questions but my main concerns are;
1. ending up homeless
2. loosing my job

therefore I don’t know which is the best scenario.

I am also aware that some people will probably think I should persevere with the DMP but I am finding it stressful and I have been treated for depression once and really don’t ever want to go back there. Any advice would be gratefully received.

Thanks
Summer74

Dez-Titute

Totally understand your situation,
Please post further info re your circumstances and maybe someone can throw you the lifeline you so desparately need.
Dez

Summer74_2

I'm not completely sure what further information to post. There is probably a lot more info. Is there anything specific that would help people to advise me?

dalip

Summer74 wrote: »

Hi,
I have read a lot of the threads on this site and they are very positive and supportive in this scary time. However, there is a lot of information in here and I am one of life’s worriers and can drive myself insane with what ifs, buts and maybes.

I have managed to get myself into over £43k of debt through bad management after being made redundant 3 times in 6 years (minimum pay outs). Each time I consolidated thinking once I was settled it would be easy to pay it back. Hindsight is a fantastic thing as is the CAB (wish I found them sooner).

I am aware that I am in a more fortunate position than some on this site as I currently have a good job. I have a DMP in place with the CAB but it will take 8.5 years for me to pay off my debts. However, I currently live 70 miles from where I work and am office based. The travelling is affecting my health, especially as I work long hours, and my fuel bill is ridiculous and keeps growing. Therefore, I want to move closer to work but finding the money for a deposit, agency fees and van hire is proving stressful. Due to this and concerns for the future (what if I get made redundant again or something else happens?) I have spoken to the CAB with regards to declaring myself bankrupt.

The CAB has not deterred me and in fact I have a meeting with them next week to discuss the implications and complete the paperwork. Although the CAB can offer me a lot of practical advice I think my questions don’t necessarily have definite answers and I think they can only be answered based on experience.

I am going round in circles trying to decide if it is best to declare myself bankrupt now or after I move? If I do it now it wont be in the papers near where I work but will the OR tell my landlady and will they tell my company?if you are in arrears or there is a bc clause in your tenancy then the OR may well inform them.No the OR does not tell work you are bc but your tax code would change to nil so whilst there are other resons for this the wages dept may have suscipions Also, will it make it difficult for me to get a new tenancy agreement or should I move first and secure the tenancy agreement first?You may fail the credit after bc and a lot of posters on here have found it easier to move brfore bc.If after bc you may find you need up to 6 mths rent in advance and a guarentor But then it will be in the paper local to workSO. Also, we have security checks at work as we deal with commercially sensitive information so what impact would bankruptcy have on my security checks?Should not be on a security check only a credit check would show

I know these probably seem like trivial questions but my main concerns are;
1. ending up homeless
2. loosing my job

therefore I don’t know which is the best scenario.

I am also aware that some people will probably think I should persevere with the DMP but I am finding it stressful and I have been treated for depression once and really don’t ever want to go back there. Any advice would be gratefully received.

Thanks
Summer74

Personally i would wait until you have been back to cab before you make any major descisions.Yes many of us have found our thoughts go round in circles all part and parcel of the debt process i am afraid.D

Dez-Titute

dalip wrote: »

Personally i would wait until you have been back to cab before you make any major descisions.Yes many of us have found our thoughts go round in circles all part and parcel of the debt process i am afraid.D

Morning Dalip,Sun shining again
Can always rely on you:T

Summer74_2

Thanks Dalip and Dez for taking the time to respond and for your advice.

I have a Security Check (SC)\Counter Terrorist Check (CTC) Questionnaire in front of me at the moment. Within it are questions have you ever been declared bankrupt, subject of CCJ, defaulted on loan (guess I did this entering into DMP?), party to voluntary agreement, had repossession proceedings commenced against you? The only one I have at the moment is the default. I wonder if it is worthwhile just submitting this before the bankruptcy and see what happens.

With regards to it being in the local paper. I know there are worst things that could happen in this situation but I am a very private person, people at work don’t even know when I am dating. Also, I suppose it is the stigma that is attached. I job that I do means I work with very strong and opinionated people and I have to work with them everyday. Due to the redundancies I need to keep this job for as long as possible for my CV. Do you have to declare yourself bankrupt if you take a job with a new company?

Also, I have read somewhere about the payments for 3 years. Are there guidelines for this written down anywhere? What is included and the limit you are allowed. I notice on here somebody said you were allowed £200 per person housekeeping. I currently have £215 agreed by CAB and my advisor said courts are more lenient. I am not getting this impression of the OR though from some of your comments. Also is it up to 50% of your spare income they can take?

Thanks again for your advice. I know I will probably have more questions and more circles to go round before I have completed this….please be patient with me.

Thanks
Summer

Br0ok5y

I can't pass too much comment on monthly expenditure only I can confirm that IPO/IPA payments are for a maximum of three years.

With regards to the SC and CTC check it would be very worthwhile speaking to the employer with whom the position is with etc. I recently applied for and was offered a position with the MOD and it included a SC. I rang up and explained I was an undischarged bankrupt and they said I would more than likely be ok as personal finances were not heavily looked at for that position.

It very much depends what you do, who you do it for your situation etc. Again, if you passed the check and then went bankrupt you'd have to tell them. Again its quite possible you would be ok. Make some anonomous phone calls and enquire.

Waspeze

Is the security check partly to assertain whether you're in a blackmailable position? The fact that it mentions ccjs, defaults as well as BR may cause probs (you will probably have already defaulted)... is it possible to ask HR annonymously what the implications of BR is with regards to your job?

You only have to declare BR to your company if they ask or there is something in your contract (my company don't know... not officially anyway!)

Not sure how many people actually read the BR section in the paper... never actually found mine... but do understand some people wanting privacy, unfortunately its done as it used to be mainly businesses that went BR and they tended to have local creditors who could then check in the paper.

With regards to the IPA (Income Payments Agreement) .. this last 36 months and is payable if you have over £99 surplus income left after all reasonable living expenses have been taken off. What you pay is a % of that surplus ranging from 50 - 70% depending how much it is (I pay 66% on my surlpus of about £360)

Not sure where you got the H/K figure from... I had £200 on mine and it got reduced to £163 which seems to be the "norm" .. however due to the increases in everything this number may well be disputed now so you may be able to get more!

Summer74_2

I'm not in a blackmailable position but I could possibly have minimal MOD, Police technology information at some point which I suppose somebody could want to buy. I don't at the moment as we don't get these jobs that often but I could in the future. I could always refuse work on them but that would have a negative impact in itself I suppose.

debtissoeasytogetinto

"I have a Security Check (SC)\Counter Terrorist Check (CTC) Questionnaire in front of me at the moment. Within it are questions have you ever been declared bankrupt, as you have not been made bankrupt yet, you can honestly say no! because you are thinking of it, does not automatically assume that you will do it. subject of CCJ, defaulted on loan (guess I did this entering into DMP?), that would be a yes am afraid. party to voluntary agreement, had repossession proceedings commenced against you? The only one I have at the moment is the default. I wonder if it is worthwhile just submitting this before the bankruptcy and see what happens. you can always inform them later of your change in circumstances.

With regards to it being in the local paper. not many people actually read these! it's only the people going BR or are BR or thinking of it that do, just to check out the size of the notice. I know there are worst things that could happen in this situation but I am a very private person, people at work don’t even know when I am dating. Unless you tell them, why, even then - use my answer - "my private life is that private!" and walk away - people are askin to be nosey more often than not in my experience anyway. Also, I suppose it is the stigma that is attached. I job that I do means I work with very strong and opinionated people and I have to work with them everyday. You are strong remeber that; it takes a lot to think about going BR and the process before and after. remeber you have lived through a number of redundancies. You won't be office gossip for long if it does happen, people will always find something/one else to talk about. Due to the redundancies I need to keep this job for as long as possible for my CV. Do you have to declare yourself bankrupt if you take a job with a new company? Unless they specifically ask for it on the application form then no or unless you work in I am aware that if you have gone bankrupt and the position you are going for is in any way related to financial accounting,that you must declare this to the prospective organisation in the interview process.
It does not automatically exclude you from the shortlist, as it would be addressed in the interview process, and you would have to supply the bankruptcy papers prior to employment, also company director and any role that comes under the FSA.

Also, I have read somewhere about the payments for 3 years. Are there guidelines for this written down anywhere? What is included and the limit you are allowed. I notice on here somebody said you were allowed £200 per person housekeeping. I currently have £215 agreed by CAB and my advisor said courts are more lenient. I am not getting this impression of the OR though from some of your comments. Also is it up to 50% of your spare income they can take?

Yes the IPA/IPO can be for 3 years, but this can change with your circumstances. Unfortunately the OR can take up to 70% of any surplus income over a certain amount

If you post your I&E on here; someone will go through it, each OR has different opinions.


Hope this helps.

disetgi

shadowdragon

I think the Data protection act effects some of your questions just remember that when your employer asks for information about yourself it has to be "FIT FOR PURPOSE".

For example and extreme but applying for a job emptying the rubbish bins it doesnt matter if you have a BC order on you as your not a Director or handling money or looking after the financial interests of anybody. So they shouldnt ask that question.