Urgently need advice. Considering suicide :(

enthusiasticsaver · 29 December 2018 at 10:01PM

ThisSucks wrote: »

Thanks once again.
@Enthusiastic, you are quite right in that it doesn't seem to make sense for them to take this course of action given that it would have zero impact on them getting their money back.
I am thinking maybe it's important to confirm to them that I have zero assets and zero disposable income for the foreseeable future and that I'm unwell.
There used to be a sort of charity called something like Community Legal Advice. I will see if they still exist and could write a letter on my behalf.
I'm trying to calm down and realise that at the end of the day it's unlikely the property company has some kind of personal vendetta against me or cares about me either way. They just want to get their money. And if they really want their money, it doesn't look like making me bankrupt would be the best way for them to get it.
It's so strange to me how so many horrible things can happen at once. 2018 has been like a horror story for me. Everything bad that could possibly happen, did happen.

Exactly right. To them you are a number and although maybe they already know you have had problems it will be unlikely to register. I think this is a process they have to go through to weed out the cannot pays from the will not pay. Tell them your situation. So sorry you have had such a bad year and do hope 2019 is better for you. Keep posting for support. If you are alone sometimes these things seem much bigger in your head so getting other perspectives may help you feel less alone IYSWIM.

sourcrates · 29 December 2018 at 10:10PM

You see it does not matter what legal moves these companies make, if you don’t have the assets to realise, then it’s all pointless.

Try not to worry about this, they simply cannot take what you do not have, an IVA requires you to have disposable income, so forget that route.

A letter explaining your situation, saying that you cannot pay, is about all you can do for now.

There is always a simple solution so try not to let it get on top of you.
Stepchange and/or National Debtline May be of help.

fatbelly · 29 December 2018 at 10:33PM

In the old days when bankruptcy was a court-based process I used to accompany clients on their day in court. We had already done the paperwork (in triplicate), got the application fee together and talked through what would happen.

They went through the forms and made their sworn statements (on the bible) with a very nice lady who treated them very politely. We then went for a coffee in the court cafe and returned half an hour later for the nice lady to hand over a certificate of bankruptcy.

They obviously started the day nervous but ended it ecstatic. Debts gone, no-one was unpleasant to them. The process for petitioning for your own bankruptcy has changed a lot but I tell the story because, for my clients, bankruptcy was a good thing. If you have debts, but no assets and less than £20 surplus income, it still is. Particularly if someone else is paying for it!

It's a much better option than paying £7000 at £15 per month for the next 40 years. I think you should just encourage them to go for it.

sourcrates · 29 December 2018 at 11:50PM

fatbelly wrote: »

In the old days when bankruptcy was a court-based process I used to accompany clients on their day in court. We had already done the paperwork (in triplicate), got the application fee together and talked through what would happen.

They went through the forms and made their sworn statements (on the bible) with a very nice lady who treated them very politely. We then went for a coffee in the court cafe and returned half an hour later for the nice lady to hand over a certificate of bankruptcy.

They obviously started the day nervous but ended it ecstatic. Debts gone, no-one was unpleasant to them. The process for petitioning for your own bankruptcy has changed a lot but I tell the story because, for my clients, bankruptcy was a good thing. If you have debts, but no assets and less than £20 surplus income, it still is. Particularly if someone else is paying for it!

It's a much better option than paying £7000 at £15 per month for the next 40 years. I think you should just encourage them to go for it.

I was on the same train of thought, sadly I suspect it’s just a threat and that once they have scrutinised the situation, they will vanish back into the woodwork.

ThisSucks · 30 December 2018 at 12:49AM

Thank you for your kind reply.
There would be some issues with bankruptcy for me, including future employment.
Having a bankruptcy on my record would be a huge problem career-wise once I'm back on my feet and back to work. And given my financial state I would struggle to be able to open a new bank account. Presumably when you're made bankrupt your bank kicks out out?
My bank has actually been so great to me and I've been with them for years.

The most sensible option, as far as I can see, is to set up a repayment plan, even if just a fairly nominal amount for now. Agree to review the repayments regularly, and increase them as my situation improves. And give them the security deposit (which at present is just sitting with the deposit protection company. Does that sound sensible?

The alternative would be for them to spend whatever it takes to make me bankrupt, get no money from me at all, and then a year later presumably they can no longer even try to get that money?

fatbelly wrote: »

In the old days when bankruptcy was a court-based process I used to accompany clients on their day in court. We had already done the paperwork (in triplicate), got the application fee together and talked through what would happen.

They went through the forms and made their sworn statements (on the bible) with a very nice lady who treated them very politely. We then went for a coffee in the court cafe and returned half an hour later for the nice lady to hand over a certificate of bankruptcy.

They obviously started the day nervous but ended it ecstatic. Debts gone, no-one was unpleasant to them. The process for petitioning for your own bankruptcy has changed a lot but I tell the story because, for my clients, bankruptcy was a good thing. If you have debts, but no assets and less than £20 surplus income, it still is. Particularly if someone else is paying for it!

It's a much better option than paying £7000 at £15 per month for the next 40 years. I think you should just encourage them to go for it.

[Deleted User] · 30 December 2018 at 8:15AM

You've had the best advice, from some of the most knowledgable and useful members of this forum, i would ask that you now set aside some time today to read through these money sections of the forums.

It will tell you - how others are in the same situation as you - their highs and lows - and how they are moving through their situation.

You will have a lot in common, and it will help you to see that the way you are feeling is exactly the same as some of them, you'll be quite surprised at the number of others who are in the same state of panic and fear.

It will help you, take some time and look, please

PurpleFairy26 · 30 December 2018 at 8:37AM

I wouldn't give them your security deposit for your flat, is this not a condition of your property?

Please continue to look after your MH during this difficult time and seek support for a source you've had access to in the past or the Samaritans.

Take care.

fatbelly · 30 December 2018 at 12:41PM

ThisSucks wrote: »

Thank you for your kind reply.
There would be some issues with bankruptcy for me, including future employment.
Having a bankruptcy on my record would be a huge problem career-wise once I'm back on my feet and back to work. And given my financial state I would struggle to be able to open a new bank account. Presumably when you're made bankrupt your bank kicks out out?
My bank has actually been so great to me and I've been with them for years.

The most sensible option, as far as I can see, is to set up a repayment plan, even if just a fairly nominal amount for now. Agree to review the repayments regularly, and increase them as my situation improves. And give them the security deposit (which at present is just sitting with the deposit protection company. Does that sound sensible?

The alternative would be for them to spend whatever it takes to make me bankrupt, get no money from me at all, and then a year later presumably they can no longer even try to get that money?

Yesterday was a good day. You moved from considering suicide to considering a long-term future in the financial services industry!

Seriously, ask your professional body what the effects of the different forms of insolvency would actually be. That includes a DRO, because you qualify.

The Official receiver would allow you to keep your bank account if used for normal ins and outs and it is not overdrawn. You really don't owe your bank any loyalty so if it is worth switching then switch. Basic banking is now open to all.

It does not make sense to give them your security deposit if you have an option not to. You need to be making moves to get that back. I doubt offering them a token amount would change what they are going to do. Given your situation as it exists they will either go forward with lodging their statutory demand and lose more money, or write the whole thing off.

Willing2Learn · 30 December 2018 at 4:20PM

Hi ThisSucks,

Just wanted to add my support. You have already received excellent guidance from the forum. I wanted to say that you need to remember that EVERY problem ALWAYS has solutions. Sometimes the solutions cannot be seen, but they are always there...just got to keep working at it and everything will become visible again...

Good luck!

sourcrates · 30 December 2018 at 5:12PM

ThisSucks wrote: »

Thank you for your kind reply.
There would be some issues with bankruptcy for me, including future employment.
Having a bankruptcy on my record would be a huge problem career-wise once I'm back on my feet and back to work. And given my financial state I would struggle to be able to open a new bank account. Presumably when you're made bankrupt your bank kicks out out?
My bank has actually been so great to me and I've been with them for years.

The most sensible option, as far as I can see, is to set up a repayment plan, even if just a fairly nominal amount for now.

Creditors don't always look at things from the perspective of common sense unfortunately.

But you do have a number of options here actually, i would say forget about them wanting to make you bankrupt, once they realise your circumstances, that option will be dropped like a hot stone, no company in their right mind would part with the best part of a grand for absolutely no gain, its not going to happen.

So what can you do, obviously you cannot pay the debt in full, but you could make an offer to make nominal payments towards the debt, as a gesture of goodwill.

Or you could ask them to write it off completely,as you have no realistic hope of paying off the debt as things currently stand.

Another option, as Fatbelly has already mentioned, is a DRO (Debt Relief Order) best to look it up on the Citizens advice, National Debtline or stepchange website, but in a nutshell, you must have debts of 20k or less, no assets or car worth more than 1k, must not be a homeowner, must have £50 or less, left after all essential bills are paid at month end, this is the critical part.

A DRO, or any other form of insolvency, will only show on your credit file for 6 years, after which it will be gone forever, so lots of options here for you, however, we don't want to jump the gun just yet, i would wait and see what reaction you get after you have written to them, then take it from there.

I`m hoping you can take all this onboard, as there is a chance this thread will be closed due to the title of your post, good luck.

Urgently need advice. Considering suicide :(

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