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andy_t
Starting Member
5 Posts |
 Posted - 12 August 2010 : 18:07:08
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Hi,
After being a 'lurker' on this forum for some time, I have think from what I've read that BR is for me.
I have debts of almost 70k - this comes from several incidents of 'Robbing Peter to pay Paul' with loans and credit cards, 2 vehicle reposessions and their subsequent shortfalls, because I was unrealistic about how much I can afford to pay for a car each month,and a house reposession and shortfall due to a relationship breakup, which left me unable to pay the mortgage. Stupidly, I have been avoiding dealing with this situation for about 2 and a half years....I've got away with this as I have been somewhat nomadic, living in short term rentals, lodgings and with friends, so I have been fairly elusive!
But, I know I can't go on like this if I want to ever have a normal life. I have considered an IVA but I don't think I'd have enough DI (just over £150) to make a sensible offer, and I have no assets to speak of (apart from a car worth £2k that doesn't even work at the moment!).
I do have some questions before I plan my BR-
1) Currently I rent a room from a good friend who is aware of my BR plans and is fine with it. I pay her £350 pcm which covers rent and half the bills. The house is owned and mortgaged by my friend and I have lived in it since she bought it, about 2 months ago. How do I articulate this on the SOA? And would there be any threat of a claim that I have an interest in it?
2) Will I get hammered by the OR because of the volume of debt with little, in fact, nothing, to show for it, and the fact that I have paid my creditors nothing for 2 and a half years when I probably could have afforded to?
Appreciate your help guys and great forum!
Andy |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 August 2010 : 18:29:38
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Hi Andy
welcome to the forum
very brief answer to your email
1) on the statement of affairs you have a section that you answer how much rent you pay, no the official receiver does not have a claim on the property.
2) No you wont get hammered for level fo debt as long as when you took out the debt you believed that you could repay the loan. The Or not too positive about gambling but you havenot said you did that
what was in the past is in the past this is about re building your future, we could all say if only or i should have.
regards Richard |
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andy_t
Starting Member
5 Posts |
Posted - 12 August 2010 : 18:40:55
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Thanks Richard.
No I have not gambled, as I said, most of my debt is due to stupid decisions and living beyond my means, and driving cars that I can't afford.
Should I just put £350 rent and leave the bills blank? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 12 August 2010 : 18:52:42
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No download a copy of the form or walk into local court
section on the forms cover all expenditure Bills , petrol rent food etc
Richard
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andy_t
Starting Member
5 Posts |
Posted - 12 August 2010 : 19:50:42
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Ok. I guess I'll have to ask my friend how much the bills are and apportion the £350 I give her accordingly.
As for my car, which as I said is worth about £2k, should that be safe? I sometimes need to get to work very early in the morning (5am) and occasionally work until midnight. I also sometimes drive around during my job to meet customers or attend meetings.
Thanks |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 13 August 2010 : 13:42:16
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Hi, It has been said on here that a car worth 2K or less is safe...but i found things different.
May car had a very low value of around £500, but the O.R wanted to know what i needed it for, so i said `medical reasons`, the O.R asked if that was because of distance or health reasons....to which i replied `Medical`...so i was allowed to keep it.
If you give a good reason why you need it, and keep the valuation matched to its true value(especially if its not in good condition!), then you should be allowed to keep it....but it all depends on your O.R.
Hope that helps.. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 13 August 2010 : 14:56:22
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I agree with Memphisd56, even though a car is only worth around £2k it's only safe if you actually need it rather than preferring a car over public transport for example.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 13 August 2010 : 15:24:23
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Hi, I`ve just read my own post and confused myself!!, i really should read them before i post them!!.
What i meant was....i told the O.R i needed the car for Hospital trips, as i have Crohns. That was when the O.R asked if it was a matter of distance or health....and as i said `health` i was allowed to keep it.
I also had to send proof that i had scrapped a car, or they were going to have it collected???!!!....go figure that one.
Sorry!. |
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time to do the right thing...
