No other choice but to become bankrupt
2007isgoingtobemyyear
Posts: 9 Forumite
Hi All, What a year 2006 was, i have spent the best part of the last 6 months goingt through a nasty divorce and had to sell my beautiful home. I am now renting on a year contract from October 6, 2006. There are defo some advantages to renting.
I have about £40,000 in total of debt that was made through my marriage, over spending and doing the house up and trying to keep hubbie happy is his quest to keep up with the Jones!
Since moving into my rented accomidation, I was advised by the CAB to stop making my monthly repayments so that I could have enough money to cover the sols and rent costs.
I now have a better paid job but after paying rent and utilities and allowing myself £250 for food and doctors/dentists and the other very small things. ( I have sky and one mobile my phone bill is £25 per month I dont have the internet or a computer at home)
I have a car which has no HP agreement on this and is 4 years old and work approx £3000 at a push. I travel 20 miles to work each day and having looked at the costs of a bus its still cost effective to keep my car.
I have an excess of £200 which isnt going to break the back of my debt for about £60 years.
Althought the CAB have been great with their advice I havent found their money department to be that speedy and I am a very big worrier.
I have researched lots on line and have found this site very helpful.
I need help through this, I have downloaded the formd to file but what I reallly need to know is what then happens.
If my back account is frozen (abbey basic account, debit card and £300 overdraft) will they still pay my direct debits or what happens?
will they take my car as that is my only assesst all of the little and I mean little savings that I had went into renting the house.
I welcome any help that you guys and gals can give they say that asking is the first step!
I have about £40,000 in total of debt that was made through my marriage, over spending and doing the house up and trying to keep hubbie happy is his quest to keep up with the Jones!
Since moving into my rented accomidation, I was advised by the CAB to stop making my monthly repayments so that I could have enough money to cover the sols and rent costs.
I now have a better paid job but after paying rent and utilities and allowing myself £250 for food and doctors/dentists and the other very small things. ( I have sky and one mobile my phone bill is £25 per month I dont have the internet or a computer at home)
I have a car which has no HP agreement on this and is 4 years old and work approx £3000 at a push. I travel 20 miles to work each day and having looked at the costs of a bus its still cost effective to keep my car.
I have an excess of £200 which isnt going to break the back of my debt for about £60 years.
Althought the CAB have been great with their advice I havent found their money department to be that speedy and I am a very big worrier.
I have researched lots on line and have found this site very helpful.
I need help through this, I have downloaded the formd to file but what I reallly need to know is what then happens.
If my back account is frozen (abbey basic account, debit card and £300 overdraft) will they still pay my direct debits or what happens?
will they take my car as that is my only assesst all of the little and I mean little savings that I had went into renting the house.
I welcome any help that you guys and gals can give they say that asking is the first step!
Its going to be my year, I am single at 26 and the days will be brighter! The word BANKRUPT will be my friend!!:T :T :T :T
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Comments
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We have our own Bankruptcy Supporters Club on this forum if you would like to go there and read the posts - I think it might help.
Bank accounts - you would have to have a basic bank account - which you have not got already - no basic bank accounts allow an overdraft!
Your car will probably be left alone although if it has a lot of value you might have to sell it for something cheaper.
Do go to the BCSC0 -
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Hi 2007igtbb and welcome to DFW.
It does look as though bankruptcy may be your best option, and the questions you raise are normal for anyone who is, or is asked to, conremplating bankruptcy.
As Sandra says - why not have a look through the Bankruptcy Club thread, where a) you will find that you are not alone, and b) you will find many of the answers to your questions.
As far as the Bank Account is concerned - the OR does not make the final decision - this is up to the Bank, but you probably won't be allowed to keep your overdraft facility.
There is a lot of confusing information, due to inconsistencies in OR interpretation, over what exactly will happen with your car. Normally, provided you need the car for work and it is of little value, the OR/trustee will allow you to keep it, ALTHOUGH he/she may take it, but will have to give you money in order to purchase a cheaper car. There is no hard and fast rule over this and ORs perception of what is acceptable appears to vary from, in some cases, £500 to £3,000. It appears to depend on individual circumstances and views of individual OR.
Good luck
Rog2I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
thanks for that I am going to go and post my thread on the correct one then. Your right its just all so blurred! YOu read so so much after a while that it just leaves your brain pickled!Its going to be my year, I am single at 26 and the days will be brighter! The word BANKRUPT will be my friend!!:T :T :T :T0
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Yeah thats good - I dont use the over draft I was just given it when i signed. i have just read the abby site for the accounts and I am going to make ab appointment with them and see what they say! thanks I am going to head the correct forum now!Its going to be my year, I am single at 26 and the days will be brighter! The word BANKRUPT will be my friend!!:T :T :T :T0
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Abbey will set up an account in person immediately!0
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