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| T O P I C R E V I E W |
| leanne10 |
Posted - 18 May 2009 : 14:58:47
Hi i am considering declaring bankruptcy i have moved back in with my parents as i am unable to afford my mortgage and secured loan and i also have unsecured debt my total debt inc mortgage is £76000.00 my annual income is £16010.00 this will reduce in october as i am pregnant and will be going onto maternity |
| 6 L A T E S T R E P L I E S (Newest First) |
| ripski |
Posted - 19 May 2009 : 07:46:55
? Melanie, You also gave me good advice ,thank you. I had also taken advice locally.The judge did ask me if I had taken advice but this waa just a general question. I think that they want to be assurred that you have considered things and not rushed or panicked into BR. The Or tel interview asked more specific questions about what advice I had gained and were aware of this site
Melanie can you answer my question re pension/lump sum although there is not much I can do about it now.
Local Insolvency expert advised me that BR was the way to protect my lump sum as in an IVA it would be classed as a windfall
If I take early retirement then lump sum is intended to be used for half a small property
IP said, postpone Retirement for 12 mths go BR now.Then after discharge,retire and take the lump sum
I was read the standard statement at the end of OR interview that if my "income" changes in the BR then I must notify them, fine.
Got an IPA , which I expected and telephoned the Clerk to the OR, who is my contact point rather than the Case Manager, and asked specifically if I had to notify in the 12 mths BR or for the full 3yr agreement. Was honest that I had the poss of taking retirement /lump sum next year.
Clerk was definate that this ws only for the 12 mths.I have seen others on this site who have had review for early discharge and had to produce bank statments again. The received the Agreement to sign which states that I should notify them if my "income" changes whilst in the "agreement" which appears to be 3 yrs and not 12mths By " income" is this to be taken literally as my "income" is likely to drop in the 3 yrs.
Sorry long winded again
ripski1 |
| gettingoutofdebt |
Posted - 18 May 2009 : 17:44:53
Very true Melanie, and what is even worse is that there are companies out there that are willing to take advantage of people in these situations.
When I first encountered my debt problems I did a search online and came across numerous companies that would 'resolve my debt problems' in an instant. Luckily I came across the sister IVA board and received some very good advice from Tina and the other Melanie at Jones Giles regarding an IVA. After deciding BR would be a better option I used this board and there is some great advice and helpful people (experts and 'normal' people) on here. |
| Melanie.n |
Posted - 18 May 2009 : 17:28:10
no problem, 'gettingoutofddebt' I just wanted to point the fact out to Leanne10 so that she does not delay matters unnecessarily - some CAB's are 4-5 week wait for an appointment (and the advice given depends on the office!!) and CCCS can be end of June!! which is absolutley no help if you are worried.
Many courts now recognise this site, which is good news for posters, I only wish the courts were able to point others in the direction of the site, as i am only too aware that the court and OR staff apart from being too busy to give advice, are unable to provide advice to people considering bankruptcy, and it must be awful having no idea where to turn, and too many sites out there on the web when you do a 'search' are only in it to make and very often the advice they give is complete rubbish
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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| gettingoutofdebt |
Posted - 18 May 2009 : 16:52:19
Sorry Melanie, I keep forgetting about the great help that you and the other experts provide on this board  |
| Melanie.n |
Posted - 18 May 2009 : 16:29:38
Hi there Leanne10, just to add a little bit of additional info onto 'gettingoutofdebt' response - myself and the other experts on here are able to give you all the advice you need - having consulted us online or personally by email will class as 'having sought advice' so don't worry about having to wait for an appointment with CAB/CCCS etc (which can take weeks!)
Fromthe brief info you have stated it may well be that bankruptcy is your best option, particularly if you have returned to live with your parents and are expecting a baby, the last thing you need right now is worry about debt, you'll have enough to worry about!
If you have any specific concerns, please post on the forum, or if you want an indepth chat we are available via the 'experts' button on the left of the screen under 'form'- you will find us all only too happy to assist you
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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| gettingoutofdebt |
Posted - 18 May 2009 : 15:25:20
BR may be a good option for you if you don't have any assets (do you have a car?) and your wage will be reducing. Before being able to declare BR you will need to seek professional advice otherwise the judge will refuse your BR so speak to the CAB, CCCS, and/or National Debtline and they will advise you of your options. |
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