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| emmajane17 |
Posted - 03 June 2010 : 14:46:41
im about to file for bankruptcy, 18k in debt no job but am looking, once im bankrupt do i still pay off my debts ? my boyfriend has loaned me money for a car which i will need for work its worth £900 i owe him rent bills etc im very confused i have baliff letters that are very threatning the house is my boyfriends, ive no savings, assets my car but need in order to find work help!!!! |
| 6 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 03 June 2010 : 18:44:57
heck that was quick
you may be able to avoid bankruptcy can i suggest speaking to paul at Reviva and asking him to work through with you the "reviva plan"
he is one of the experts to the left, i am aware that he helped prevent a friend go bankrupt with greater debts than you but like you suddenly obtained a job, worth a phone call.
well done on the job front but still keep the motions going to resolve your debts
regards Richard |
| emmajane17 |
Posted - 03 June 2010 : 16:48:44
hi again !!!
good news ive just been offered a job 25k per year can i still go for bankruptcy ? i understand that after ive paid my rent, bills, debt to boyfriend, car insurance, living expense food, diesel, phone etc with whats left i keep £99 pounds and the rest for a year to my creditors ? i looked at a plan with bains & ernst and they worked it to be 127 a month to debtors and the rest i kept for my living bills etc, i looked into thier practices and was shocked so didnt go with them and after a year being bankrupt all depbs are wiped ?
golly its a mine field
thank you rich
ej
quote:
Originally posted by Richard P
me again
with 18K of debt I appreciate in the current climate that may be considered a lot of money but it is not an insumountable amount, should you get a job in the short term which i hope that you do, you may be able to negotiate a settlement with creditors, or reduced payment.
have you tried asking for payment holiday or what can the creditors do to help you. Do not be tempted to go for consolidation loans
Richard
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| Richard P |
Posted - 03 June 2010 : 16:21:54
me again
with 18K of debt I appreciate in the current climate that may be considered a lot of money but it is not an insumountable amount, should you get a job in the short term which i hope that you do, you may be able to negotiate a settlement with creditors, or reduced payment.
have you tried asking for payment holiday or what can the creditors do to help you. Do not be tempted to go for consolidation loans
Richard |
| Richard P |
Posted - 03 June 2010 : 16:16:37
Hi EJ
do a google search on DRO they are normally organsied by the Citizen advice bureau.
Once you go BR, all of your debts will be the property of the state, you no longer have responsibility for them
if your income goes up, once you have paid you expenses (rent, food petrol ,car insurance etc) you will be allowed a disposable income of £99. anything above the £99 you will then pay a % to the official receiver as a contribution towards managing your estate and paying back your creditors. (an income payment agreement IPA).
this will be reviewed throughout bankruptcy
you have lots of valid questions and concern, without knowing all of your circumstances I struggle to give anything other than generic guidance, I would suggest emailing one of the experts to the left with your full cirumstances, they may be able to calm fears and provide a bit of driection. |
| emmajane17 |
Posted - 03 June 2010 : 16:00:26
hi richard how do i go about applying for a dro ? and even if i go bankrupt then find a job say which i will !!! do i still pay my debts ?
emma
quote:
Originally posted by Richard P
Hi Emma Jane
welcome to the forum
yes with 18K debt and no income or assetts you can petition for bankruptcy.
most if not all of your debt will be written off in bankruptcy. except student loans and court fines
you are just above the threshold, for applying for a debt relief order (15K)
the car could be registered in your boyfriends name as he has purchased the car, but if you are actively seeking work the official receiver will allow you a car upto the value of £2K.
does the 18K include the money owed to your boyfriend ? if so still have a look at debt relief orders.
house and boyfriend should not be an issue as it is your bankruptcy and not his.
The letters will continue until bankruptcy, however although the debt companies will bombard you with letters most of them are empty threats, they ARE JUST VERY UPSETTING TO RECEIVE THEM, my best (or worse) for one day was 23 phone calls and a shed load of letters, all reminding me that i owed them money, no sh1T sherlock.
starts getting serious the longer you leave it to take action, they will eventually obtain a court order but that may be 4 - 6 months of non payment.
Have you taken any advice to see if you "qualify" for a DRO
good luck
Richard
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| Richard P |
Posted - 03 June 2010 : 15:02:58
Hi Emma Jane
welcome to the forum
yes with 18K debt and no income or assetts you can petition for bankruptcy.
most if not all of your debt will be written off in bankruptcy. except student loans and court fines
you are just above the threshold, for applying for a debt relief order (15K)
the car could be registered in your boyfriends name as he has purchased the car, but if you are actively seeking work the official receiver will allow you a car upto the value of £2K.
does the 18K include the money owed to your boyfriend ? if so still have a look at debt relief orders.
house and boyfriend should not be an issue as it is your bankruptcy and not his.
The letters will continue until bankruptcy, however although the debt companies will bombard you with letters most of them are empty threats, they ARE JUST VERY UPSETTING TO RECEIVE THEM, my best (or worse) for one day was 23 phone calls and a shed load of letters, all reminding me that i owed them money, no sh1T sherlock.
starts getting serious the longer you leave it to take action, they will eventually obtain a court order but that may be 4 - 6 months of non payment.
Have you taken any advice to see if you "qualify" for a DRO
good luck
Richard |
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