|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
GemmaL
Starting Member
United Kingdom
6 Posts |
 Posted - 01 March 2010 : 18:09:42
|
Hi
I am new on here but wanted to join because my husband is considering going bankrupct but we're not very knowledgeable on the pros and cons and after scrolling the internet for months on end I thought a place like this where everyones been through it or considering going through it would be better because then I get an actual insight into what its all about and how to go about declaring him bankrupct.
This for us is the last thing we can do to become Debt Free. As we've tried everything else.
He tried in 2008 a DMP with Hanover Sterling which lasted for nearly a year untill he was made redundant in March 2009 and lost his income so he had to default on that and the bills kept coming and the debts mounted up and we'd got a new baby and just on job seekers, it was a nightmare which is why when he was looking at help came across an IVA, because we always thought bankrupcty petitions seemed worse than they actually were and your income was taken over we never really had the right information then.
So in September last year he entered into the IVA and then he changed his job and he works in Manchester now so the incom went up but so did his fuel and DFD didnt seem to understand that when I explained why we needed a reduction on the payments.
So we continued it over Christmas and now we just cant make the payments any more, theyre over our income and so I started defaulting in January...
But I'm not sure of whats the right step to take now,
Which is why I'd thought I'd join this so that I could get some advice and maybe some help and what we do to become bankrupt.
Thanks for listening, its nice to be able to talk about it and we need help..
Gemma
To know the road ahead, ask those coming back. |
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 01 March 2010 : 18:21:10
|
It sounds like you have had a bit of a hard time with it lately what with trying a DMP and then an IVA.
If you have already spoken to your IP regarding the IVA payments and they are not willing to listen then I don't think there is much you can do. You will need to miss 3 repayments until the IVA fails and you will need to get a certificate of failure from your IP.
You may find you are better off when you are BR but the main question is do you have any assets? Any cars, property with equity, etc? Normal household goods (TVs, PCs, etc.) aren't counted as assets but a car or property with equity is. |
 |
|
|
GemmaL
Starting Member
United Kingdom
6 Posts |
Posted - 01 March 2010 : 19:15:32
|
Hi gettingoutofdebt
Thanks for replying, and with answer to your question
Our households car's in my name and I arent going bankrupct, we rent the property were in now but my husband has an house with an ex partner we're not sure if it has an equity though and he's not bothered if he loses it either.
So we havent got anything to lose really.
Can I just ring DFD and ask them for a failure cerfticate??
What is the best thing to do after that then?
Gem
To know the road ahead, ask those coming back. |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 March 2010 : 19:49:37
|
Hi gemma
welcome to the forum and congrats on being parents
BR is not an option that should be taken lightly, should you decide to go BR the district Judge would be pleased to read that you (your partner) have tried a DMP and IVA, it means that you have tried to deal with your own situation.
bankruptcy is the right decision for some people and most definatly it was the right decision for me.
you have time to plan your BR application as you will not be able to petition until April.
process you need to submit 3 copies of your statement of affairs can be collected from court or downloaded (32 page document)
make an appointment at local court
submit paperwork and confirm information is correct
occasionally see a judge
make contact with the official receiver.
some people are able to do the whole process on their own , some gain enough help from the forum, other like myself need the guidance of an expert to amke certain everything is correct. (list of experts to the left)
I would suggest taking advantage of one of the free phone calls and speaking to one of the experts. just to reassure your self of the process
The property with the EX may be a difficult issue, it may be a question that you all want to pose on the forum because it will have an effect on you all.
good luck regards Richard |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
Considering going Bankrupt
