| T O P I C R E V I E W |
| phildeeuk |
Posted - 06 March 2010 : 17:07:48
Hi,
I am about to make myself bankrupt, I have hit hard times and with property prices dropping I have found myself in around £50K debt.
I am really worried about going bankrupt and the stigma attached to bankruptcy.....
Does being bankrupt leave your credit rating completely or will I be stuck with it forever im only 26....
Thanks |
| 12 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 07 March 2010 : 15:45:17
Hi,
I agree with debtinfo with a call to Paul from Reviva in the first instance or to Melanie at Jone Giles - they are excellent.
There is also this forum, unless your case is highly complex, you can do it yourself - the procedures are set for a DIY provision. However, there is a lot of stress that way - I know! That having been said, I did it and have had a good outcome and it was the only decision for me
Therefore seek professional advice from one of the other experts as stated above.
Good luck, Richard
quote:
Originally posted by debtinfo
Most solicitors dont have a great grasp of bankruptcy. so it is really a choice of an insolvency practitioner or the free advice (CAB, CCCS & National debtline).
There are experts attached to this site that i have heard only good things about particularly Paul at Reviva.
personally i dont think that people need to pay for advice unless it is hugely complicated. Of course some people feel that they can't do it by themselves, after all it is a life changing decision.
so if you do feel that help is needed try paul
"There are no problems - only solutions" |
| debtinfo |
Posted - 06 March 2010 : 18:36:40
Most solicitors dont have a great grasp of bankruptcy. so it is really a choice of an insolvency practitioner or the free advice (CAB, CCCS & National debtline).
There are experts attached to this site that i have heard only good things about particularly Paul at Reviva.
personally i dont think that people need to pay for advice unless it is hugely complicated. Of course some people feel that they can't do it by themselves, after all it is a life changing decision.
so if you do feel that help is needed try paul |
| phildeeuk |
Posted - 06 March 2010 : 18:17:39
thanks very much, who is the best people to get professional legal advice a solicitor or CAB? |
| debtinfo |
Posted - 06 March 2010 : 18:04:16
that sounds like decent advice, often recomended is the co-op cashminder account.
have a look at this link (its a bit or a read) from the insolvency service which explains all about incomes and expenditures.
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part2/part_2.htm |
| phildeeuk |
Posted - 06 March 2010 : 17:59:33
when they allow living expenses do they take into consideration phone lines/broadband or do they just allow you a BASIC living expense?
Also I haven't yet missed any mortgage/loan/creditcard payments, I was advised to cancel all the direct debits NOW, set up a new basic bank account with a bank I do not owe any money to and have my wages setup for that account and then wait 1 month before declaring Bankruptcy? |
| debtinfo |
Posted - 06 March 2010 : 17:52:58
they would average your pay over a number of months and set it accordingly. You would be expected to save in the better than average months to pay in the lower than average ones |
| phildeeuk |
Posted - 06 March 2010 : 17:49:28
My wage is varied some months I can earn £1800 a month other only £700. I have a base rate of £5000 per year then I get paid for calls and overtime (these are not guaranteed) how would a monthly figure be set? would I have to contact them each month and confirm it? |
| debtinfo |
Posted - 06 March 2010 : 17:45:31
dont worry feel free to ask away. The amount you are asked to pay back has no relationship to the size of the debt. It is worked out on your ability to pay. They look at your income and your essential outgoings and see how much surplus you have. If the surplus is less than £100pm you pay nothing, If it is more than £100pm you pay £50-70% (depending on the size of the surplus)of that over for up to 3 years |
| phildeeuk |
Posted - 06 March 2010 : 17:34:21
Thanks.
Also does anyone know what I would be required to pay back over the 3 years on £50K debt?
I know thats a varied question sorry. |
| debtinfo |
Posted - 06 March 2010 : 17:32:00
think about it this way, if you miss payments, go on to a DMP or an IVA, these all trash your credit rating for the same time (6 years)and they dont necessarily get rid of the debt permenantly. I dont think there is any problem with being a fire fighter. if you are worried put in an annonomous call to the HR department and ask them, tey are bound by confidentiality |
| phildeeuk |
Posted - 06 March 2010 : 17:28:37
Well to be honest, I dont mind losing my home or my car but I am worried about work - im a firefighter.... also how would I build my credit rating back up after the 112 months? |
| debtinfo |
Posted - 06 March 2010 : 17:19:46
it does leave your credit rating after 6 years although if someone directly asks you the question "have you ever been made bankrupt" then you would always have to answer yes.
What in particular are you most worried about |
