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| loobylou |
Posted - 12 July 2010 : 18:06:41
Hi, wondered if anyone can offer any advice? I have been researching bankruptcy for weeks along with all the alternatives... and think i have come to the conclusion that bankruptcy is our best option.
We have approx £50k in unsecured debt with no realistic way of repayment. Our situation has been caused by general over-spending along with my husband being made redundant last year, he has secured further employment but at about a third of his previous salary.
My questions are...(I have hundreds buzzing round in my head!!).
I have a car, worth approx £9,000. Its financed and i owe about £8,000 on it, I use the car for my job. Will the OR take this?
We jointly own our property, we are in about £20k of negative equity, will we lose our house?
What is the situation with zero tax code? Does everyone have this applied? Will this not automatically ring alarm bells with my HR department?
Also, we have just opened a new bank account with Nationwide, its a normal bank account but with no credit facilities, we have not had any payments made into it yet, will we be allowed to keep this account?
Sorry to ramble but just seeking some clarification if possible.
Thank you in advance...
ps. wish i'd found this site earlier!!
Sarah. |
| 3 L A T E S T R E P L I E S (Newest First) |
| loobylou |
Posted - 13 July 2010 : 18:51:20
Thanks so much for the replies.
The car is on HP and there is hardly any equity there and I actually use the car during my working day and so can easily prove it is a necessity, just hope they look at it favourably.
I will be talking to some experts very soon.
My head is gonna pop!
Thanks again guys.
Sarah |
| Bridgewood |
Posted - 13 July 2010 : 08:56:02
Hi loobylou
Not much to argue with in Richard P's response!
The issue with the car depends on who would get the sale proceeds - if it is on HP for example and would go to the finance company, the OR would probably not be interested as the net equity for the estate is less than £1,000 If it is an unsecured loan then the finance company is just another creditor, and the OR would get the sale proceeds (although you would be allowed a couple of thousand to buy another one if the OR accepted you need a car)
With regard to the house it is purely a matter of being able to pay the mortgage - the OR won't be interested if there is negative equity, and you should be able to buy back the OR's interest for a nominal amount once discharged.
As Richard P says - have a chat with an expert regarding the options - it costs nothing and, even if all it does is confirm what you have already concluded, it won't do any harm
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Richard P |
Posted - 12 July 2010 : 21:42:38
hI LOOBY LOU
welcome to the forum and glad that you found us
quick reply
1) more than likely car will go depends on type of loan, if you can show need for car you will be allowed one upto nominal value of £2K
2) as long as mortgage payemtns are up together you should be able to keep house
3)for the rest of the financial year, you will be put on zero tax code however money that should have been tax would need to be set aside and paid to a company called moon beaver. yes may be worth informing someone in HR occasionally the Or will write to employer
4) you will have to speak to nationwide and find out their stance on BR, coop cashminder account worth looking into
what are the chances of your husband finding better paid job in the next year ? as this may direct course of action
joint / seperate debts do you both need to go BR ?
before you take a decisive action for one of the options take the opportuntity to speak to one of the experts run the whole scenario with them and see what options you can take. youll know from reading other threads who i used and i strongly recomend them as they have been fab with us
from reading your thread you look at the early stages of potential BR do not rush into court get every thing in right order
hey and you thought that you were rambling !
good luck regards Richard |
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