Following advice have no other option but to go br. However despite having no money to live on & family keeping me & my kids, I have struggled to pay all my bills and have no arrears. How do I stop paying my bills before br - do I cancel certain direct debits and keep others going?
- I have a life insurance policy (no surrender value) but it covers mortgage in event of death and has critical illness and I wouldn't get the same deal after br. Do i continue to pay this until I go br - as I don't want it to lapse. I know there's a possibility I can buy it back for £50 after.
Also - my car (value £6k - hp: £4k) do I continue to pay it - I'm hoping I can prove a case to keep it (need to use it for schools/childminders/work and I work evenings - no direct bus routes). My son said he would pay any BI needed to buy it back.
Also - my home is in negative equity but i want to buy back BI as its cheaper than renting. Do I continue to pay it up until I go BR?
If it's on HP, then it's very likely that the HP company will want to terminate the agreement and reposses the vehicle, any shortfall will go into the bankruptcy.
You must keep up your secured lending payments if you want to keep your home.
I really suggest you take further advice as these are important issues that you need explaining in detail.
How do I stop paying bills before going bankrupt ?
Posted - 19 February 2012 : 20:15:00
