Bankruptcy Advice Please

up_the_creek_5 · 14 January 2007 at 12:33AM

Hello

As i have mentioned prev the best solution to my situation is bankruptcy (over £80K in debt), can't have an IVA, on a 20+ yr DMP with Payplan. Only thing holding me back was my job (Civil Servant). However, my employer has finally told me bankruptcy will not effect my job. However, before i start proceedings i have a few more questions.

Since starting with Payplan i have accumilated a rainforest worth of paperwork from my creditors i know i am supposed to send it to Payplan but should i send copies or the originals, also do i need to keep every bit of paperwork for the OR.

Also i am not sure when some of my credit agreements started & do not have all of the original agreements. Will i have to ask the creds for this or can i get this info from the Credit Ref Agencies.

Do i have to tell the creds i am applying for bankruptcy & do i contiune to pay the DMP up to the hearing.

What do i do re an IP, can Payplan do this also i noticed Myvesta have a bankruptcy assistance service with Grant Thornton for £53 has anybody used this?

Can i ask the OR to interview me at their office rather than on the phone (i don't want anyone to know). Will anybody come to the house.

The only active credit agreement i have now is for house contents & buildings insurance (monthly DD) will i be allowed to contiune with this.

Can i pick my bankruptcy date as all my DD'S & STO'S come out on about the 1st of the month & i don't want them to bounce.

Thanks very much

sandralovescats · 14 January 2007 at 12:47PM

up_the_creek wrote:

Hello

As i have mentioned prev the best solution to my situation is bankruptcy (over £80K in debt), can't have an IVA, on a 20+ yr DMP with Payplan. Only thing holding me back was my job (Civil Servant). However, my employer has finally told me bankruptcy will not effect my job. However, before i start proceedings i have a few more questions.

Since starting with Payplan i have accumilated a rainforest worth of paperwork from my creditors i know i am supposed to send it to Payplan but should i send copies or the originals, also do i need to keep every bit of paperwork for the OR.

Also i am not sure when some of my credit agreements started & do not have all of the original agreements. Will i have to ask the creds for this or can i get this info from the Credit Ref Agencies.

Do i have to tell the creds i am applying for bankruptcy & do i contiune to pay the DMP up to the hearing.

What do i do re an IP, can Payplan do this also i noticed Myvesta have a bankruptcy assistance service with Grant Thornton for £53 has anybody used this?

Can i ask the OR to interview me at their office rather than on the phone (i don't want anyone to know). Will anybody come to the house.

The only active credit agreement i have now is for house contents & buildings insurance (monthly DD) will i be allowed to contiune with this.

Can i pick my bankruptcy date as all my DD'S & STO'S come out on about the 1st of the month & i don't want them to bounce.

Thanks very much

You don't need to keep every bit of paperwork, no.

Your dates of acquiring any credit is on your CRF. The OR will find what he needs.

It would be better to stop paying your DMP as it is a waste of money - save it for your bankruptcy.

No you don't need to tell any of your creditors - they will find out from the OR post bankruptcy.

Yes you can ask for the OR Meeting to be in the Office and not on the phone, if that is what you prefer. Nobody will come to your home.

Your house insurance or car insurance is not classified as credit as such and so can be continued.

A lot of companies do bankruptcy assistance service. Myvesta were brilliant for me and I can highly recommend their services and the staff for their extremely friendly manner.

Yes you can choose your own bankruptcy date - phone the court and ask!
It is a good idea to do what you have suggested re planning around payday.

Also, you need to open a basic bank account if you haven' t already done so, and arrange to have your salary and dd's from there.

Hope all goes well!

Broken_hearted · 14 January 2007 at 12:55PM

So you are going bankrupt because it is easy, rather than try to pay.
You need to pay for your bankruptsy abot £450 I think. There is no point paying your DMP up to your bankruptsy date but if you don't you may get more hassle from creditors.

bizzylizzy · 14 January 2007 at 5:40PM

Broken_hearted wrote:

So you are going bankrupt because it is easy, rather than try to pay.
You need to pay for your bankruptsy abot £450 I think. There is no point paying your DMP up to your bankruptsy date but if you don't you may get more hassle from creditors.

Having gone bankrupt myself I can say that it is far from easy.
I thought this board was supposed to be non-judgemental?

joeblack066 · 14 January 2007 at 5:59PM

I had nasty comments too thats why don't bother much. Seems to me that its very "clique-ish" on here. Good luck with the bankruptcy, you're a strong person and will getthru this. Debs.

sanfrancisco · 14 January 2007 at 6:32PM

joeblack066 wrote:

I had nasty comments too thats why don't bother much. Seems to me that its very "clique-ish" on here. Good luck with the bankruptcy, you're a strong person and will getthru this. Debs.

I agree it can be a bit cliqueish sometimes. That is why I have raised reservations about all the individual DFW diaries. I think they should be on a seperate board. Sometimes it seems like a love in. I suppose this might be as a result of the length of the DFW journey. People make friends, who act as a great support to each other. This can sometimes seem exclusive andnot inclusive.

Having said that there is FAR more good than bad, and no one should be detered from making the life changing DFW journey because of a few negative comments. I read this board most days, and I honestly think the negativity is in the minority. So, please keep posting, or at the very least keep reading.

Bankruptcy Advice Please

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