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Redurn
Starting Member
7 Posts |
 Posted - 19 November 2008 : 18:58:56
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Hi
My first post on here. Just looking for some advice from somebody in the know.
Basically I want to know if I try to declare bankruptcy whether or not I will be successful.
Here's a summary of my financial situation:
Unsecured debt £30,000
House value £155,000
1st mortgage on property £152,000
2nd mortgage on property £25,000
Joint monthly income £3,300
A few months ago I contacted a company about IVA. They worked out what I could afford to pay my creditors and said it was £700 ish a month. I didn't think this was at all realistic and so, on their advice, wrote to my creditors offering them part payments which totalled to £350 per month. Some of them have accepted while others have not and are continuing to apply interest and charges on my account. They are also continuing to harrass me demanding payments.
I feel the only option now is bankruptcy. Before setting the wheels in motion though I wanted to know whether I would be rejected or not? Anyone have any thoughts please??
Thanks very much if you so....
ps: the thought of losing our house does not bother us. we just desperately want a 'clean slate'. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 19:06:28
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Hi redurn and welcome
May i ask you a question. What is your total outgoings. I ask because then we can work a bit more on the practicalities of the BR.
Also do you have any other assets like a car, if you do is it on HP or a loan. Did you want to save your home.
Thanks again
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Redurn
Starting Member
7 Posts |
Posted - 19 November 2008 : 19:28:38
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Thanks Jo
Our outgoings are about £2300 which doesn't include food, etc. This is just our bills but includes allowance for car maintenance, medical / dental.
We both have cars worth £3000 and £1000. We don't have loans or HP on these.
My wife needs her car for work.
Also this doesn't include repaying the £30k in unsecured debt.
quote:
Originally posted by Needafriend
Hi redurn and welcome
May i ask you a question. What is your total outgoings. I ask because then we can work a bit more on the practicalities of the BR.
Also do you have any other assets like a car, if you do is it on HP or a loan. Did you want to save your home.
Thanks again
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Redurn
Starting Member
7 Posts |
Posted - 19 November 2008 : 19:31:00
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sorry Jo.
Also I do not want to save my home! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 19:46:35
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Hi redurn
From what you have told me if you were to delcare BR then the OR will take a maximum of 70% of your disposable income which as you have pointed out is going to be about £700 per month.
It is up to you how you decide to proceed, i would give our helpline a call on 0800 078 9367 and let someone go over your options, but if you do end up paying an IPA then it will be around the £700 mark at present.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Redurn
Starting Member
7 Posts |
Posted - 19 November 2008 : 19:52:30
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Thanks for the information. It's much appreciated.
I don't quite understand all the terms though. What is the OR?
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 November 2008 : 19:55:06
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Hi sorry
OR is the Official receiver, they deal with your bankruptcy once you declare this.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Redurn
Starting Member
7 Posts |
Posted - 19 November 2008 : 20:01:27
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I'm the one who should apologise. My knowledge on all this is very poor.
Sorry to pester you but i still wanted a couple of things clarifying.
*Is there a chance the court could say NO?
*Would the house definitely be lost (if I wanted it to be)?
*Would the OR then take 70% of our disposable income (bearing in mind we would then rent for a lot less than our mortgage payments)? How long would the OR continue to take this money? Would it be deducted from our wages?
Sorry I just need to assess which is the best route for us.
Thanks again
quote:
Originally posted by Needafriend
Hi sorry
OR is the Official receiver, they deal with your bankruptcy once you declare this.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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Topic |
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Will I be 'granted' bankruptcy??
