Me and my husband are in £17,800 in debt and this dept is getting us both really down and emotional. We have been living with my parents for just over 5 years and my parents have made it clear that we need to move out. Once we move, we will only be able to afford at max £50.00 to all 3 creditors. My husband is on a low income of £800.00 a month and I don't work due to ill health. There is no way that we could rent anywhere with this big debt hanging over us. Do you think going bankrupt is the best idea for us? Once we have declared ourselfs bankrupt do we need to pay any money at all? Because we live with my parents, would there house be taken off them or would there house be blacklisted please? Thank you.
welcome to the forum BR is one option and if your income and Disposable Income (DI) is low it may be your best option. If your DI after BR is £100 or more you would have to pay a % towards your debts for 36 months As long as you have not gained an interest in your parents property (unlikely) their home is safe and no it will not be blacklisted. you may want to send an email to one of the forum experts to set your mind at ease and discuss your case in detail
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
Thank you. My husband get's £800.00 after tax and I receive carer's allowance of £212.00 per month. When we have to move we will be left with hardly any money because rent around our area is not cheap and then we will have bills on top of that. What is the most do you think they might charge for the first 36 months please? Once the 36 months are up will we still have to pay out money to them please? How likely can we rent somewhere if we declare ourselfs bankrupt please?
if after rent food bills etc you have less than £100 you will not have to pay anything. Private landlords are generally the best bet as they do not credit check you otherwise it could be a case of 6 months rent deposit
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
Thank you Dave you have been a great help. I think I will also speak to citizen's advice bureau and see what they think will be the right path for me and my husband.
I'm not sure what further help you require - the responses from Chester2005 seem to cover the issues you raised.
To summarise -your parents house won't be at risk -you will only have to make payments to the OR for a maximum of 36 months, and then only if your income is sufficient - from what you have said it seems unlikely -you won't have to pay anything after 36 months -if you rent somewhere after bankruptcy you would probably fail any credit check carried out by a landlord's agent so you may have more success renting privately for a while
Please post back if there are any other issues you are concerned about
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
Thank you thats great help. Would we fail if we have a guarantor please? What is usually the maxium you would have to pay every month to the OR for the next 36 months please? Thank you.
Please can anyone help us.
Posted - 11 May 2010 : 22:29:29
