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    • hbp2008
    • By hbp2008 13th May 18, 2:03 PM
    • 36Posts
    • 3Thanks
    hbp2008
    BR help please - very scared and anxious!!
    • #1
    • 13th May 18, 2:03 PM
    BR help please - very scared and anxious!! 13th May 18 at 2:03 PM
    Hi all.

    I'm 27 and due to go BR this week due to my partner losing a 25k+ job due to long term sickness, meaning we can't keep up with debt payments like we were able to before. I'm absolutely terrified, if I'm honest! I'm putting on a brave face for everyone but I just really don't know how I'm going to cope.

    My main worry is my car - I have a 14 plate car and will probs be worth around 3.5/4k. It has cruise control on it and due to my disability it's something that I use (though its not a mobility scheme car) - my question is will they still take this/make me sell it for one of lesser value? Also, is it common that they will let a family member buy the car for what they would have raised for it at auction?

    Another questions is my household assets. I know it says essentials won't be taken, but what about things such as TV's, PC, mobile phones, books, wall hangings etc? I'm so so so embarrassed and upset that it has come to this, when I honestly didn't think it would

    Thanks all xx
Page 1
    • cuddlymarm
    • By cuddlymarm 13th May 18, 2:22 PM
    • 1,188 Posts
    • 6,124 Thanks
    cuddlymarm
    • #2
    • 13th May 18, 2:22 PM
    • #2
    • 13th May 18, 2:22 PM
    Hi
    Try not to worry
    They won’t t take assets, household stuff etc (unless you have a Picasso on your wall )
    We went BR (OH in 2009 and me in 2010) and the rules have changed slightly since then and more up to date people will be along soon but although scary it will be OK. Once you get your head round it it is a fresh start which will remove a lot of the worries you have now.
    Keep posting on here if you are worried or just want to talk to people who have been there and know exactly what you are going through.
    Cuddles
    • sourcrates
    • By sourcrates 13th May 18, 2:35 PM
    • 15,718 Posts
    • 14,783 Thanks
    sourcrates
    • #3
    • 13th May 18, 2:35 PM
    • #3
    • 13th May 18, 2:35 PM
    Hi all.

    I'm 27 and due to go BR this week due to my partner losing a 25k+ job due to long term sickness, meaning we can't keep up with debt payments like we were able to before. I'm absolutely terrified, if I'm honest! I'm putting on a brave face for everyone but I just really don't know how I'm going to cope.

    My main worry is my car - I have a 14 plate car and will probs be worth around 3.5/4k. It has cruise control on it and due to my disability it's something that I use (though its not a mobility scheme car) - my question is will they still take this/make me sell it for one of lesser value? Also, is it common that they will let a family member buy the car for what they would have raised for it at auction?

    Another questions is my household assets. I know it says essentials won't be taken, but what about things such as TV's, PC, mobile phones, books, wall hangings etc? I'm so so so embarrassed and upset that it has come to this, when I honestly didn't think it would

    Thanks all xx
    Originally posted by hbp2008
    Hi,

    The OR will not seize goods from you, unless you have things of significant value, such as antiques, valuable pictures, things of that nature.

    Second hand goods have very little value at auction.

    If you can demonstrate a need to use a vehicle with that modification, then you may be allowed to keep it, usually the only thing that may affect you will be an IPA if you have £20 or more surplus income every month.

    Can i ask why you are going bankrupt if its your partner that's lost there job ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • hbp2008
    • By hbp2008 13th May 18, 2:36 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    • #4
    • 13th May 18, 2:36 PM
    • #4
    • 13th May 18, 2:36 PM
    Thanks so much for the advice. It's so scary isn't it! I'm just trying to look at it like a fresh start for us both, but I can't help but be terrified that our lives are going to chance for the worse x
    • hbp2008
    • By hbp2008 13th May 18, 2:38 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    • #5
    • 13th May 18, 2:38 PM
    • #5
    • 13th May 18, 2:38 PM
    Hi,

    The OR will not seize goods from you, unless you have things of significant value, such as antiques, valuable pictures, things of that nature.

    Second hand goods have very little value at auction.

    If you can demonstrate a need to use a vehicle with that modification, then you may be allowed to keep it, usually the only thing that may affect you will be an IPA if you have £20 or more surplus income every month.

    Can i ask why you are going bankrupt if its your partner that's lost there job ?
    Originally posted by sourcrates
    Yeah I don't have any really expensive paintings or anything like that. I have TV's, a PC, mobile phones etc and the usual household things like dining table, sofas, wall decorations etc.

    Thanks so much for the reply x
    • sourcrates
    • By sourcrates 13th May 18, 2:42 PM
    • 15,718 Posts
    • 14,783 Thanks
    sourcrates
    • #6
    • 13th May 18, 2:42 PM
    • #6
    • 13th May 18, 2:42 PM
    Yeah I don't have any really expensive paintings or anything like that. I have TV's, a PC, mobile phones etc and the usual household things like dining table, sofas, wall decorations etc.

    Thanks so much for the reply x
    Originally posted by hbp2008
    They only do a telephone interview you know, they do not physically come round your house and inventory everything.

    All they will ask is do you have any assets of particular value, you just say no, likewise, make sure when they ask about the car to emphercise your disability and that the car is essential to you.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • hbp2008
    • By hbp2008 13th May 18, 2:44 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    • #7
    • 13th May 18, 2:44 PM
    • #7
    • 13th May 18, 2:44 PM
    They only do a telephone interview you know, they do not physically come round your house and inventory everything.

    All they will ask is do you have any assets of particular value, you just say no, likewise, make sure when they ask about the car to emphercise your disability and that the car is essential to you.
    Originally posted by sourcrates


    Ahh I see, I was expecting the possibility of somebody coming to my house and looking at every little thing I had in there! I was worrying so much!!

    Perfect, thank you. Hopefully even though the car is worth some money I will be able to keep it, even if a family member has to pay (they have kindly offered) as it really does help with my condition. Thanks so much
    • bewildered1
    • By bewildered1 13th May 18, 3:04 PM
    • 69 Posts
    • 41 Thanks
    bewildered1
    • #8
    • 13th May 18, 3:04 PM
    • #8
    • 13th May 18, 3:04 PM
    I'm sure someone will correct me if I'm wrong but I believe it is unlikely they will let you keep the car unless your friend buys it at market value. Market value is what it would cost to buy it from a private seller not at an auction or via retailer.

    The only other option is to sell the car and buy another valued at around £1000 which is the theoretical maximum amount the Official Receiver will allow you, though there have been instances when people have been allowed to keep higher value vehicles. There are cars of this value that have cruise control. My car is worth a lot less but it has it. If you can prove to the OR that you need the car, for example to commute to work at take your children to school, you should be able to keep it.
    • hbp2008
    • By hbp2008 13th May 18, 3:17 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    • #9
    • 13th May 18, 3:17 PM
    • #9
    • 13th May 18, 3:17 PM
    I'm sure someone will correct me if I'm wrong but I believe it is unlikely they will let you keep the car unless your friend buys it at market value. Market value is what it would cost to buy it from a private seller not at an auction or via retailer.

    The only other option is to sell the car and buy another valued at around £1000 which is the theoretical maximum amount the Official Receiver will allow you, though there have been instances when people have been allowed to keep higher value vehicles. There are cars of this value that have cruise control. My car is worth a lot less but it has it. If you can prove to the OR that you need the car, for example to commute to work at take your children to school, you should be able to keep it.
    Originally posted by bewildered1

    Sorry, I meant private value, not auction! When I get a quote for what the car is worth now, it's around 3.5/4k - I've had a look for a car with cruise control on it for less, but came up with nothing. Do you mind me asking what car you have?

    Thanks
    • bewildered1
    • By bewildered1 13th May 18, 3:30 PM
    • 69 Posts
    • 41 Thanks
    bewildered1
    Sorry, I meant private value, not auction! When I get a quote for what the car is worth now, it's around 3.5/4k - I've had a look for a car with cruise control on it for less, but came up with nothing. Do you mind me asking what car you have?

    Thanks
    Originally posted by hbp2008
    It's a Ford Focus. You will need to look for a MK2 model 2004 onward in Ghia trim to have the cruise control. A quick search on Autotrader shows they are being sold for £700 upwards though you may be able to get one less from ebay or pistonheads.

    I'm not saying the OR will definitely refuse to let you keep your car but at least there are options if you aren't able to.
    • debt doctor
    • By debt doctor 13th May 18, 7:14 PM
    • 4,360 Posts
    • 6,024 Thanks
    debt doctor
    Hi,

    Bewildered1 is right, your car is very much at risk, but if you can prove a need for a car then you will be allowed a car for £1000ish.

    Very helpful motor trade advice from Bewildered1.

    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • MEM62
    • By MEM62 15th May 18, 10:34 AM
    • 1,800 Posts
    • 1,405 Thanks
    MEM62
    As sourcrates asked, why are you going bankrupt because your partner has lost their job? On the face of it this makes no sense. There may be those that can help if you explain this further.
    • hbp2008
    • By hbp2008 15th May 18, 12:52 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    I relied heavily on their income to pay debts, it's debt that we have both accumulated, however it's all in my name.
    • hbp2008
    • By hbp2008 15th May 18, 1:03 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    I relied heavily on their income to pay debts, it's debt that we have both accumulated, however it's all in my name.

    Is this an issue when applying?
    • hbp2008
    • By hbp2008 15th May 18, 1:13 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    I have spoken to Step Change and they have advised BR is the best option for me at the moment x
    • TimeToRebuild
    • By TimeToRebuild 29th May 18, 11:29 AM
    • 27 Posts
    • 14 Thanks
    TimeToRebuild
    Hello

    I went bankrupt 6 months ago, i put on a brave face and was petrified, but really its not all that bad!

    Your Car is it paid off in full or does it have an outstanding balance?

    The car is tricky as it does have a decent value on it, all you can do is inform the OR of your situation, They will have a telephone interview with you, lasts about an hour, you basically go through your application and check everything is correct, they will ask about assets you have, unless you have artwork worth 1000's of 1000's they wont be interested.

    Things will get hard, the application is hard, the interview will seem scary...its not (i can guarantee when you hang up you will think why was i worried).

    The issue is accepting yourself and realizing you are doing this because you have no other choice and you want to tackle the issue, it takes a lot of courage to go Bankrupt.

    I wish you all the luck with the car, if you do sell it remember to sell it at market value, and the OR will ask what you have done with the money.

    If you have any questions about bankruptcy feel free to drop me a PM
    • hbp2008
    • By hbp2008 29th May 18, 1:02 PM
    • 36 Posts
    • 3 Thanks
    hbp2008
    Thanks so much, I've actually completed the application now and it's all been approved. I may lose the car, I've been advised to offer the auctioneers a settlement figure in order to keep it as it is deemed necessary for my health/condition but is too expensive to just exempt.

    I've had 2 OR's, due to sickness and both of them have been absolutely amazing. Really understanding, not judgmental at all and actually said to me, it's not meant to be a punishment, it's a fresh start to build again and learn from the mistakes.

    And you're right, it does take a lot of guts to do it, I'm amazed at myself and the strength I've had to be honest! Hope you're okay and you're getting on well with it all x
    • Bk83
    • By Bk83 3rd Jun 18, 2:38 PM
    • 2 Posts
    • 0 Thanks
    Bk83
    Hi

    I went bankrupt early May this year and have had my interview over the phone also had to send some docs off as proof did these about 2 weeks ago how long does it take to hear back from Official Receiver or would I have heard back by now?
    Thanks for any info
    • hbp2008
    • By hbp2008 4th Jun 18, 9:03 AM
    • 36 Posts
    • 3 Thanks
    hbp2008
    I'm the same, went BR 16th May, sent all my signed paperwork off, proof that they needed etc and haven't heard anything back. I think no news is good news? x
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