| T O P I C R E V I E W |
| Robin55 |
Posted - 17 November 2008 : 11:16:21
I am declaring myself bankrupt and will be attending Brighton court in a weeks time. Scary as this is I would really appreciate any advice or pointers. to summarise the situation, my fixed rate mortgage is due to end in feb, my property is falling heavilly into negative equity, I have a secured loan, large credit card and 2 overdraughts plus my salery has dropped leaving me with a monthly shortfall of around £700. I have now cancelled my direct debits and I am looking for somewhere to live (I could possibly move in with my boyfriend or rent a small flat). My only asset is my car, an 06 reg VW Polo worth approx 5k. I am terrified that I will have to downgrade this, as I do over 25,000 miles a year for work (photographing and property floorplans) and I desperately need something reliable, plus image is an issue, I deal with expensive houses and couldn't drive about in an old car that would ultimately reflect badly on the company and cost me more money. Do you have any advice regarding my situation? I wonder whether my individual case will be taken into account where my car is concerned and after the trauma this situation has caused me I am desperate to gain my independance and financial freedom back and would like to avoid a payment order. Will (reasonably)halving the costs of living with my partner be considered normal or will they expect me to pay much less as I am not officially under a tenancy agreement?
Many Thanks for your help! |
| 7 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 17 November 2008 : 14:57:02
Hi Robin
Don't worry there are more than 2 of us - perhaps the easiest way is to fill out the "contact us " section on our web page and i will call you back myself .
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Robin55 |
Posted - 17 November 2008 : 14:43:22
Thank you. I have tried to call Reviva as your advice has been invaluable, but you are both busy and I am out on appointments in an hour so will definitely try again later.
I am now thinking seriously about selling my car and purchasing something for around £2500. I will also put my court date back and give the situation some serious thought, which I really should have done before.
My only concern is explaining where my next couple of months mortgage/loan/credit card missed payments have been allocated. My wages have dropped to around £950 a month so I am certainly not living the high life but I cannot pay some bills and not others, I will also begin moving out and will naturally incur addittional living costs for the time being.
Would my delaying the BR be frowned upon when I have filled out and confirmed the final changes to my online paperwork?
RB |
| Reviva UK |
Posted - 17 November 2008 : 14:27:35
questions are good. It also means you are starting to think about this not with the emotional side but with the logical side . That will only benefit you so well done.
Difficult to advise without knowing all the info but they only phone as their system is on automatic.
there are several ways of dealing with it from being completely open - doesn't hurt as you haven't got anything they can take away from you and they really have insuficient time to get into bailiff country.
alternatively you could change your tel number and try the other extreme of ignoring them.
when you move into boyfriends it is reasonable to pay the going rate for accomodation - which is not cheap near you.
can't give specifics with the info we have but in principle you would be fine until Feb.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Robin55 |
Posted - 17 November 2008 : 13:10:17
This springs up lots more questions! Will it actually be possible for me to delay my BR date and not pay my secured loan and credit card? I have literally only missed one payment on my Picture secured loan and they call me at least 5 times a day! I guess I cannot inform them of the situation as they do not need a heads up. I would also ideally like to move in with my boyfriend (he has a mortgaged property with reasonably high outgoings) will this be detrimental to me and leave me with a payment order? Renting a 1 bed flat will use 100% of my wage so I will not end up with one that way, but I would like to pay fairly, as much as I can towards our joint living costs, if they will not allow this I am surely better off renting for 1 year until i am discharged? Sorry, questions questions!
RB |
| Reviva UK |
Posted - 17 November 2008 : 12:57:24
Hi Robin
Unfortunately Brighton Official Receivers are the only OR that requires all accounts to be closed down - this realy iritates the COOP because they have to close the account down and then reopen it.
So you need to carefully choose the date of petition so that you don't get your pay stuck in the account and are unable to access it.
In theory yopu would be able to remain in the house until feb / march and this may infact help you obtain some funds to put towards a rental deposit ( you will probably need more than 1 months because of credit rating ).
It also gives you much more time to sort your car out. You can legitimately sell the car and purchase a lower priced one and use some of the balance for your bankruptcy fees. Advisable to have VERY CLEAR RECORDS so the OR knows what has been done.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Robin55 |
Posted - 17 November 2008 : 12:47:32
Thank you. I have never missed payments before, but I cancelled my direct debits last month so none of this months payments have gone out except my mobile phone. Can I hold fire and continue to not pay my mortgage/loan and credit cards but make payments towards my utility bills so I can remain in my house until after Christmas? Yes (you are on the ball!!) I had opened an account with the COOP in anticipation of this, will I have to close it, inform them and re-open it?
Many Thanks
RB |
| Reviva UK |
Posted - 17 November 2008 : 12:34:11
Hi Robin 55
The first thing you should do in to cancel your appointment at court next week.
From what you have said you are nowhere near ready to present your petition for bankruptcy.
The car will definately be lost - regardless of what you need it for - and if you present as you are they will probably allow you to drive it until they collect it and then send you a cheque to buy something else with. Usually around £1500 - £2000.
How many mortgage arrears / secured loan arrears do you have currently?
Back to the car - there are lots of options available regarding cars that look new but have higher mileages that will do well for you while in Br.
I really would suggest you cancel the appointment, and get some solid advice about what to do, when and how.
Incidentally the OR in Brighton will close ALL of the bank accounts down - even the COOP - so you need to have that almost open when you petition.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
