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thewizard
Starting Member
United Kingdom
9 Posts |
 Posted - 11 July 2010 : 22:06:50
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Ok bit of a long one this folks,been seperated since last Feb,wife iives in my home and we have both names on the mortgage, I have debts of over 27k all in my name cos she couldnt get credit u c, I set up an DMP since seperating, losing my car in the proccess, 3 mth later I abandoned the DMP and decided to pay the creditors on my own with agreements between me and them.
Point is im now sick of being hassled every 3mth by them because they have to keep looking at my financial situation, Barclaycard are being a nightmare! I want to go bankrupt because I will be paying this forever while she lives in comfort in our home.
How much will it cost me (i get a very small amount in working tax credit), I cant afford to get the fees up for the bankruptcy either, what are my options I really cant go on like this, cant get my own home (living with parents) a good vehicle or nothing, please help.
Thank you |
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RHB
Senior Member
1159 Posts |
Posted - 12 July 2010 : 07:34:35
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Is there any equity in your home?
If you do go bankrupt you still face not being able to get your own home or a good car for quite a while. |
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RHB
Senior Member
1159 Posts |
Posted - 12 July 2010 : 07:38:16
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Is there any equity in your home?
If you do go bankrupt you still face not being able to get your own home or a good car for quite a while. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 July 2010 : 13:14:37
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Hi The wizard
welcome to the forum
Bankruptcy is not about getting one back on the EX it is about helping you to restart you life.
yes on a DMP the creditors do want to keep an update on you and your finances, sometimes it is like banging your head against a brick wall, sometimes it is best using a third party to negotiate and keep the creditors at arms length away from you. for some people it is the right plan to help address debts (it worked for me for about 18 months).
you will if you can still talk to the ex need to discuss the family home and the possible consequences of declaring bankrupt. RHB is trying to help by asking about the equity as this will dictate options available to you and your ex
to declare bankrupt it will cost you £600 certain types of benefit will receive a court fee reduction of £150.
speak to CAB or contact one of the experts listed to the left so that they can help with some suggestions
regards Richard |
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thewizard
Starting Member
United Kingdom
9 Posts |
Posted - 12 July 2010 : 13:47:58
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Thanks for the advice everybody.
RHB,Im not actually sure if there is equity in the home, I tried to get somebody to value the house and told the ex about it roughly 4 month ago and when they turned up she told one of my sons to turn them away,hmmmm.
Anyway she supposedly got the house valued herself about 2 month ago and she informed me there was equity in the property, but she wouldnt tell me how much.
Richard P, my aim of going bankrupt is not revenge, but to offload this debt that I have been stuck with so I can move on with my life you see.
There are no minors in the home, my youngest son is 19, so no problem there either. |
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RHB
Senior Member
1159 Posts |
Posted - 12 July 2010 : 14:12:38
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| Is your ex paying the mortgage now? Could you not start divorce proceedings so that you can sort finances out between you & maybe the release of your share of the equity might satisfy your creditors without resorting to bankruptcy? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 July 2010 : 17:02:45
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Hi The wizard
check upmystreet or right move you may be able to get a desk top valuation for the property
regards Richard |
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thewizard
Starting Member
United Kingdom
9 Posts |
Posted - 13 July 2010 : 21:33:16
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Thanks again,
RHB, Yes the wife is paying the mortgage now, because I dont live there and I am paying what I can to the creditors keeping them "sort" of happy.
I am trying to sort out divorce proceedings now I had to apply for a copy of my marriage certificate, 3 months bank statements & 3 months payslips and send them to my solicitor to see if I can get legal aid to actually go bankrupt or im going to suffer on that front as well.
Also I dont even know if my share of the equity will satisfy the creditors anyway....
Thanks Richard I may just do that..
Thanks again |
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thewizard
Starting Member
United Kingdom
9 Posts |
Posted - 13 July 2010 : 21:35:43
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| Sorry I meant to say that I had to apply for those 3 things not to go bankrupt but to get divorced, I do apologise, its been a long day. |
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RHB
Senior Member
1159 Posts |
Posted - 14 July 2010 : 07:25:20
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| I think if you used the equity to offer your creditors then they would accept it if that were your best offer. Are there any more marital assets other than the house? |
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thewizard
Starting Member
United Kingdom
9 Posts |
Posted - 14 July 2010 : 17:52:00
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RHB,
Just whats in the house to be honest.....and a car I bought her, but her name is on the log book. |
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RHB
Senior Member
1159 Posts |
Posted - 14 July 2010 : 19:03:15
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| If you can avoid bankruptcy then I personally would. |
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thewizard
Starting Member
United Kingdom
9 Posts |
Posted - 18 July 2010 : 23:09:09
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Well I have just today had some fantastic news,
I have been given a cheque for £500 off a relative and this is just what ive been praying for to go bankrupt.
Hopefully as well I will get the court fee knocked off because I get working tax credit, the first step is to fill in my bankruptcy form then ring the court for a date.
So when I do this then we will see just what the court decide to do with my house that my wife lives in.
Now to ring my bank and stop paying the damn creditors. |
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darren.integ
Starting Member
United Kingdom
12 Posts |
Posted - 19 July 2010 : 16:36:28
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You should look at your options fully. Admp may not be the best solutions for you.
Depending on your income you may qualify for a full fee remission at court if you go bankrupt, you will have to provide evidence in the form of the last 3 months bank statements and wage slips. But if you do qualify then you will only have to pay the £450.00 and not the full £600.00
You would also need to complete a statement of affairs which has to be fully complete with all reference numbers and dates. The income and expenditure is the hardest part to do and needs to be very accurate as this could result in you having to pay and income payment agrrement back to the official receiver.
Unfortunatly everyone has to pay a court fee.
hope this helps.
**Link removed - advertising is not allowed on the forum** |
Edited by - Skippy on 20 July 2010 13:03:08 |
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Ok bit of a long one this folks,
