Please help me Obi-Wan-Kinobis!

SkintyMcFlinty

Hi all - This is my first post on here - I've been lurking for a couple of weeks now. Decided to post as my head is whirling and I'm not sure where to start. Suppose the beginning would be a good idea.

Well, I've had an initial conversation with the CCCS re: my situation. It aint good (no! I hear you cry in mock surprise). Basically, I'm looking at bankruptcy. Having thought about how I got here, a majority of it has been general expenditure but some has just been overstretching myself when I've seen something I've just had to have - I'm not saying I'm designer bag queen or bought a yacht in St Barts but there have been some unneccessary purchases along the way. How will this be viewed? Will this extend my bankruptcy period?

How far back will the OR want to delve into my finances? I've got year's worth of paperwork so its all there but its that element of not knowing what to expect thats gnawing away at me at the moment. (As I type I'm waiting for someone from CCCS to return my call.)

I've got very little equity in my property, probs about £5K after ERF of £3.5K and estate agency fees (I'm assuming they have to be taken into account). So, I'm willing to let the house go. This is also because once my fixed term mortgage ends, who know how much the interest rates have gone up and I don't want to be in a state financially again. So, my question is: do I stop paying everything now - CCs, Mortgage, Loans, etc? I've opened a Co-op account to pay my wages into but not sure which DDs to take with me? Do I save up a deposit and month's rent to go to rent asap? At the moment, all my bills are paid and uptodate but thats only gotten me further into debt. But, if I were to rent now I'd probably pass a credit rating. Does the OR contact LLs? Would I be better in saving up 6 months rent? Is this the way to do it?

I'm sorry to waffle but this is all swimming around in my head, I'm worried CCCS won't return my call and until they do I don't know where to start. I'm not sleeping and my eyes feel like I've been rubbing sand into them. My head is throbbing...... blah, blah, blah - sorry, I'm just going into meltdown now.... HELLLLLLLLLLLLPPPPPPPPP!!!!! :eek:

Waspeze

Relax my young padawan :D

SkintyMcFlinty wrote: »

Hi all - This is my first post on here - I've been lurking for a couple of weeks now. Decided to post as my head is whirling and I'm not sure where to start. Suppose the beginning would be a good idea.

Well, I've had an initial conversation with the CCCS re: my situation. It aint good (no! I hear you cry in mock surprise). Basically, I'm looking at bankruptcy. Having thought about how I got here, a majority of it has been general expenditure but some has just been overstretching myself when I've seen something I've just had to have - I'm not saying I'm designer bag queen or bought a yacht in St Barts but there have been some unneccessary purchases along the way. How will this be viewed? Will this extend my bankruptcy period?

How far back will the OR want to delve into my finances? I've got year's worth of paperwork so its all there but its that element of not knowing what to expect thats gnawing away at me at the moment. (As I type I'm waiting for someone from CCCS to return my call.) Can be any time .. mine was 12 months usually between 12-24 months, anything you haven't got the OR can get straight from the banks etc

I've got very little equity in my property, probs about £5K after ERF of £3.5K and estate agency fees (I'm assuming they have to be taken into account). So, I'm willing to let the house go. This is also because once my fixed term mortgage ends, who know how much the interest rates have gone up and I don't want to be in a state financially again. So, my question is: do I stop paying everything now - CCs, Mortgage, Loans, etc? I've opened a Co-op account to pay my wages into but not sure which DDs to take with me? Do I save up a deposit and month's rent to go to rent asap? At the moment, all my bills are paid and uptodate but thats only gotten me further into debt. But, if I were to rent now I'd probably pass a credit rating. Does the OR contact LLs? Would I be better in saving up 6 months rent? Is this the way to do it? The OR is supposed to contact your LL but can sometimes be persuaded not to if sent the tenancy agreement.

Might be worth having a read of Scarletts Diary if you haven't already (i'll find the link)

I'm sorry to waffle but this is all swimming around in my head, I'm worried CCCS won't return my call and until they do I don't know where to start. I'm not sleeping and my eyes feel like I've been rubbing sand into them. My head is throbbing...... blah, blah, blah - sorry, I'm just going into meltdown now.... HELLLLLLLLLLLLPPPPPPPPP!!!!! :eek:

Hi and welcome .. i can't really help too much with house questions but others will be along soon !

SkintyMcFlinty

Hi - thanks Waspeze - made me smile so you did! Which I haven't been doing a lot of lately! I've been reading Scarlett's diary which has been an eye opener and kind of pointed me in the right direction, I think. Just after some clarification that I have indeed picked things up correctly....

Waspeze

Scarletts diary is a good read for anyone starting down this route.

As I said above, unfortunately i'm not too clued up when it comes to houses and what order you should be doing things as I only ever rented.

There are plenty on here though (as i'm sure you've seen by lurking) who have owned houses who will be better equipped to answer!

Any non house questions you have I might be able to help with

SkintyMcFlinty

I do have one non-house question. I've got an old banger car - 2000 reg, vw polo worth about £1,000 and I do need it to get to work. Will I have a fight on my hands to keep it do you reckon? Thanks for your replies so far by the way:beer:

Waspeze

Unfortunately cars are a grey area so I can't sit here and say you'll get to keep the car or you'll definitely lose it.

First of get it valued using the parker guide as this is what the OR will use.

I got to keep mine (it was only worth £200) but I persuaded my OR that it was necessary as without it it would have added over an hour each way to my journey time by using public transport (to take 1 hour 40 mins to travel 12 miles to work was a bit much) and he accepted that.

Really you need to have some very good arguments that it is essential not just convenient... if the OR doesn't make it exempt then there is still a chance that you can buy it back from the OR for a reduced amount so all won't be llost!

peachyprice

Hi Skinty,

If you need it to get to work you should be fine, we got to keep both ours because we needed them to get to work. The OR isn't interested in doing anything that will mean you cannot continue working as normal.

dalip

SkintyMcFlinty wrote: »

Hi all - This is my first post on here - I've been lurking for a couple of weeks now. Decided to post as my head is whirling and I'm not sure where to start. Suppose the beginning would be a good idea.

Well, I've had an initial conversation with the CCCS re: my situation. It aint good (no! I hear you cry in mock surprise). Basically, I'm looking at bankruptcy. Having thought about how I got here, a majority of it has been general expenditure but some has just been overstretching myself when I've seen something I've just had to have - I'm not saying I'm designer bag queen or bought a yacht in St Barts but there have been some unneccessary purchases along the way.that could apply to a lot of us if we are honest How will this be viewed?Slap on the wrist but unless it's for something really extrav like a £2,000 cruise 3 mths before bc,should be ok Will this extend my bankruptcy period?no virtually unheard of,but may place restrictions on you.

How far back will the OR want to delve into my finances?usually 12 mths,may be 2 yrs but they can go back 5 yrs if they suspect foul play I've got year's worth of paperwork so its all there but its that element of not knowing what to expect thats gnawing away at me at the moment. (As I type I'm waiting for someone from CCCS to return my call.)

I've got very little equity in my property, probs about £5K after ERF of £3.5K and estate agency fees (I'm assuming they have to be taken into account). So, I'm willing to let the house go. This is also because once my fixed term mortgage ends, who know how much the interest rates have gone up and I don't want to be in a state financially again. So, my question is: do I stop paying everything now - CCs, Mortgage, Loans, etc?Once you have been advised that bc is your best optin the yes stop paying all creditors but keep on top of utiltiy bills I've opened a Co-op account to pay my wages into but not sure which DDs to take with me? Do I save up a deposit and month's rent to go to rent asap? Your decision but the majority or people on here seem to go for that optionAt the moment, all my bills are paid and uptodate but thats only gotten me further into debt. But, if I were to rent now I'd probably pass a credit rating. Does the OR contact LLs?If there is a bc clause in the tenancy or youare in arrears then yes,but as waspy says they can sometime bend the rules and not inform the LL. Would I be better in saving up 6 months rent? Is this the way to do it?If you wait until after bc a lot of LL will ask for 6mh rent or a guarentor.

I'm sorry to waffle but this is all swimming around in my head, I'm worried CCCS won't return my call and until they do I don't know where to start. I'm not sleeping and my eyes feel like I've been rubbing sand into them. My head is throbbing...... blah, blah, blah - sorry, I'm just going into meltdown now.... HELLLLLLLLLLLLPPPPPPPPP!!!!! :eek:

After CCCS have called you ring your local court and find out what system they operate for bc. Some have what they call a drop in service, others you have to book(and they may not have an apointment available for several wks)so that is the first pot of call. Also ask them how many copies of your SOA,Statement Of Affairs, they require as this can vary from 1-3. When al that done come back and ask lots and lots of questions,it keeps us busy:D .

Welcome by the way:D .D

SkintyMcFlinty

Hi - I've given you all thanks - hope thats good etiquette!! Thank you all for your helpful comments. The CCCS rang and gave me lots of things to be getting on with, mainly finding myself a rental and moving into it asap! Also, stop all non-essential DD's, pretty much what you guys have said. Glad to have a plan of action. So, (1) ring estate agents and enquire about rental properties and the prospect of a skint tenant (2) stop DD's and (3) ring court for BR papers. So, watch this space.

Thanks again x x

dalip

Hi AGAIN

Its amazing once you see a path you can go down all the confusion dissapears and a more postitive attitude come along.Keep us posted.

So_Sad_Angel

SkintyMcFlinty wrote: »

I'm sorry to waffle but this is all swimming around in my head, I'm worried CCCS won't return my call and until they do I don't know where to start. I'm not sleeping and my eyes feel like I've been rubbing sand into them. My head is throbbing...... blah, blah, blah - sorry, I'm just going into meltdown now.... HELLLLLLLLLLLLPPPPPPPPP!!!!! :eek:

Hi,

I`m always the last to welcome new people!! so Hi Skinty & welcome honey.

Hope you are feeling more positive now..that last comment will be recognised by many on here & those who are just `lurkin` so well done for sharing.

Well...sounds like you are on your way to sorting everything out!!Still a way to go but remember you always have our support so keep posting.

Angiexx