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  • FIRST POST
    • MSE Andrea
    • By MSE Andrea 5th Nov 12, 5:58 PM
    • 9,005Posts
    • 21,790Thanks
    MSE Andrea
    Ask a StepChange (formerly CCCS) counsellor a bankruptcy question
    • #1
    • 5th Nov 12, 5:58 PM
    Ask a StepChange (formerly CCCS) counsellor a bankruptcy question 5th Nov 12 at 5:58 PM
    StepChange Debt Charity (formerly CCCS) has several counsellors answering questions in our forum.

    There are three ways to contact them:

    1 - To ask them a question please post it below and Allen, Linsi, Kirsty Rachael or Richard will post a reply here.

    2 - If you would prefer to ask a question in private you can send a private message to StepChange Private Messages and one of the counsellors will get back to you.

    3 Ė StepChange Debt Remedy is a free and confidential online debt advice tool. You can put a budget together at your pace, and you can also talk it over with an advisor through online chat.

    This thread continues from the previous Ask a counsellor a question thread one
    Last edited by MSE Andrea; 14-12-2016 at 1:40 PM.
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Page 66
    • ah888
    • By ah888 19th Apr 18, 11:03 AM
    • 3 Posts
    • 0 Thanks
    ah888
    urgent help
    Hi I am currently in the process of being made bankrupt by hmrc and have been given 8 weeks to arrange an IVA. the HMRC are not the ones I owe the most money to though. I had a business with a partner and a liquidator was appointed and they are asking for £750k. I have disputed all of this for the last 2 years and got to the point where their last offer to settle was £50k. but now if I want to do an iva they are wanting £750k again. so I'm back to square 1. so am I able to do a deal with them for the £50k then an iva with other debtors? also will the hmrc take say 25p in the £ at this point instead of me doing the iva? I have spoken with some people and know I can just go bankrupt but then my asset is my home and they will just come for that I believe. I do know that there are c companies out there who will buy the equity in it but once bankrupt its not a guaranteed. please help
  • StepChange_Allen
    Hi I am currently in the process of being made bankrupt by hmrc and have been given 8 weeks to arrange an IVA. the HMRC are not the ones I owe the most money to though. I had a business with a partner and a liquidator was appointed and they are asking for £750k. I have disputed all of this for the last 2 years and got to the point where their last offer to settle was £50k. but now if I want to do an iva they are wanting £750k again. so I'm back to square 1. so am I able to do a deal with them for the £50k then an iva with other debtors? also will the hmrc take say 25p in the £ at this point instead of me doing the iva? I have spoken with some people and know I can just go bankrupt but then my asset is my home and they will just come for that I believe. I do know that there are c companies out there who will buy the equity in it but once bankrupt its not a guaranteed. please help
    Originally posted by ah888
    Hi there

    Thanks for posting.

    I think due to the nature of the type of debt and what's happening with it I'd suggest speaking with Business Debtline. Their website is: www.businessdebtline.org and all their contact details are on there. They'll be able to take more in depth details of your financial situation and explain your options.

    I hope this turns out to be useful.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Crowlikethebird
    • By Crowlikethebird 24th Apr 18, 8:40 AM
    • 2 Posts
    • 0 Thanks
    Crowlikethebird
    Hi
    I am currently in 36k worth of debt. I am struggling to decide whether to go down the IVA route or bankruptcy.
    I do not have any assets. I live in a private rental. I work in a sector where I would not be impacted by bankruptcy.
    I have been in touch with a charity who have referred me to an IVA company but they seem very keen to get me started on an IVA when I need to check all my options.
    I do have more than £50 left after essential bills but not enough to meet min repayments anymore.
    I have a 9yo and my main priority is to get out of this situation ASAP.
    Any advice would be gratefully received.
  • StepChange_Allen
    Hi
    I am currently in 36k worth of debt. I am struggling to decide whether to go down the IVA route or bankruptcy.
    I do not have any assets. I live in a private rental. I work in a sector where I would not be impacted by bankruptcy.
    I have been in touch with a charity who have referred me to an IVA company but they seem very keen to get me started on an IVA when I need to check all my options.
    I do have more than £50 left after essential bills but not enough to meet min repayments anymore.
    I have a 9yo and my main priority is to get out of this situation ASAP.
    Any advice would be gratefully received.
    Originally posted by Crowlikethebird

    Hi there

    Welcome to the forum and thanks for posting.

    We can certainly assess your finances and see which debt solutions are available to you; and then assist you with that solution. You can register via our telephone service (please see www.stepchange.org/Contactus) or by using our online Debt Remedy tool: www.stepchange.org/DebtRemedy

    I hope this helpful, we look forward to speaking with you.

    Allen
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Crowlikethebird
    • By Crowlikethebird 24th Apr 18, 2:45 PM
    • 2 Posts
    • 0 Thanks
    Crowlikethebird
    Thanks Allen.

    I have been in touch already with Step Change. I think what I am asking is as I do not have any assets, is there much difference in going bankrupt compared with getting an IVA?
    Other than the upfront cost of the bankruptcy there do not seem to be any massive drawbacks when compared with IVA as both wreck credit rating, etc.
    An IVA is a much longer haul. Whilst I am keen to repay my debts I am more keen to get back on an even keel sooner.
    • Yvettedondo
    • By Yvettedondo 24th Apr 18, 6:42 PM
    • 1 Posts
    • 0 Thanks
    Yvettedondo
    Inheritance money
    My partner is due to get inheritance money, not a lot but we are concerned we will not get this due to our das. We need new things like freezer cooker and new dishwasher as all on their way out. Can we use this money or do we not even receive it does it go straight to the DAS people
  • StepChange_Rachael
    Hi

    Thanks for your reply.

    If youíve been in touch with StepChange I would suggest getting back in contact to discuss your options further, the reason is that itís difficult to give accurate advice on your specific situation without being able to see it fully.

    In general the benefits of bankruptcy to an IVA for someone might be that they donít have any assets that would be impacted, it wonít affect their work or housing situation and itís a quicker way of becoming debt free. The fee for some might not be an issue if they can get help through family/friends, trust funds etc.

    For one person an IVA may be the preferable solution and for another bankruptcy. If both solutions have been recommended because they have a good chance of success then itís usually up to personal preference, but I would encourage you to discuss it further with a free advisory service where they can see your budget and financial situation.

    If you'd like to get back in contact with us you can find out contact details here.

    Thanks
    Rachael



    Thanks Allen.

    I have been in touch already with Step Change. I think what I am asking is as I do not have any assets, is there much difference in going bankrupt compared with getting an IVA?
    Other than the upfront cost of the bankruptcy there do not seem to be any massive drawbacks when compared with IVA as both wreck credit rating, etc.
    An IVA is a much longer haul. Whilst I am keen to repay my debts I am more keen to get back on an even keel sooner.
    Originally posted by Crowlikethebird
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
  • StepChange_Rachael
    Hi

    Welcome to the forum and thanks for posting.

    You don't need to worry, inheritance or any other type of windfall won't need to be included in to your debt payment program (DPP). You can use this money however you wish for example home repairs.

    Hope this helps.

    Thanks
    Rachael

    My partner is due to get inheritance money, not a lot but we are concerned we will not get this due to our das. We need new things like freezer cooker and new dishwasher as all on their way out. Can we use this money or do we not even receive it does it go straight to the DAS people
    Originally posted by Yvettedondo
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • K3rrii3
    • By K3rrii3 9th May 18, 12:51 PM
    • 1 Posts
    • 0 Thanks
    K3rrii3
    Hi, quick question !!!128522;
    What happens to my accounts (catalogues) when my DMP finishes? They aren't defaulted, just show on my CF that they're being paid through a PP.
    Do I get the accounts back or can they still default them once they're settled?
    Thanks in advance!
  • StepChange_Kirsty
    Hi there,

    Thanks for your post and welcome to the forum.

    It would be up to your catalogue companies if they want to keep you on as a customer when you have finished your debt management plan (DMP). The companies should not wait to default you once the debt is fully repaid, if youíve missed payments or are paying less than the contractual payments to your creditors then they would normally send you a default notice within 3 to 6 months of first missing your contractual payments.

    If the DMP is with us at StepChange, you cannot continue to use or take out any new credit whilst in your DMP as this would be a breach of your DMP agreement. Even if you can use the accounts again once the DMP ends I would advise against doing so unless you were to pay for the items in full each time. Instead I would recommend that you start setting aside the money you were using for the DMP into a savings account and when something does come up that you need to buy youíll have already budgeted for it. This would avoid you running into difficulty again in the future.

    All the best.

    Kirsty

    Hi, quick question !!!128522;
    What happens to my accounts (catalogues) when my DMP finishes? They aren't defaulted, just show on my CF that they're being paid through a PP.
    Do I get the accounts back or can they still default them once they're settled?
    Thanks in advance!
    Originally posted by K3rrii3
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Standbystomach
    • By Standbystomach 16th May 18, 6:26 PM
    • 1 Posts
    • 1 Thanks
    Standbystomach
    Hi

    I declared bankruptcy in 2012.
    I believe the bankruptcy stays active on my credit report for 7 years. Fair enough.
    I've just seen my credit report and the items that were declared on my bankruptcy are on it and have recently been updated.

    The question is: is this normal?

    My credit rating is 537 which doesn't appear to be much lower than the average in my area. Fingers crossed and role on next year!

    Thanks in advance
  • StepChange_Rachael
    Hi


    Thanks for posting and welcome to the forum.


    Notices on your credit file normally stay active for 6 years and are then automatically removed. However, in certain circumstances they may stay on a credit file longer for example if you have a bankruptcy restriction arrangement or order in place, in these cases the notice of bankruptcy can stay on your credit file for as long as this is in place, potentially up to 15 years.



    As youíve not mentioned what the creditors have updated on your credit file itís difficult to say if this is normal process. It might be worth checking with a credit file reference agency to find out what creditors are able to update on your credit file under certain circumstances such as bankruptcy. The three reference agencies in the UK are Equifax, Experian and Call Credit (Noddle).



    Hopefully the notice will fall off your credit file soon as itís been 6 years since the bankruptcy petition.



    Take care
    Rachael






    Hi

    I declared bankruptcy in 2012.
    I believe the bankruptcy stays active on my credit report for 7 years. Fair enough.
    I've just seen my credit report and the items that were declared on my bankruptcy are on it and have recently been updated.

    The question is: is this normal?

    My credit rating is 537 which doesn't appear to be much lower than the average in my area. Fingers crossed and role on next year!

    Thanks in advance
    Originally posted by Standbystomach
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
    • Dprem84
    • By Dprem84 17th May 18, 4:10 PM
    • 1 Posts
    • 0 Thanks
    Dprem84
    Hi. I have a DMP with Step change. Some of the debt I am in is due to fraudulent loans taken out by someone I know; one without my knowledge and the other under co-ercion. I have not yet informed the police or action fraud of these but if I inform Step change, will they be understanding and be able to assist me?
  • StepChange_Kirsty
    Hi there,

    Thanks for your post and welcome to the forum.

    If you have a debt management plan (DMP) with us Iíd recommend giving us a call so we can discuss these debts further. You can find our contact details here.

    I can assure you weíll understand and weíll give you the best advice for dealing with these debts.

    We look forward to hearing from you.

    Kirsty

    Hi. I have a DMP with Step change. Some of the debt I am in is due to fraudulent loans taken out by someone I know; one without my knowledge and the other under co-ercion. I have not yet informed the police or action fraud of these but if I inform Step change, will they be understanding and be able to assist me?
    Originally posted by Dprem84
    I work as a debt advisor for StepChange Debt Charity and have specific permission from Martin to post on these boards to try and help those in debt. Read more information on StepChange Debt Charity in the Debt Problems: What to do and where to get help article. If you find you're struggling with debt and you need further help try our online advice facility Debt Remedy.

    Don't be afraid of getting debt advice. We'll help you take one more step towards getting help with your debt.
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