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Sparkle83
Junior Member
258 Posts |
 Posted - 11 February 2009 : 07:11:57
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((think I posted this in the wrong place to start with :S ))
hi there. hubby and I have finally realised that there is no way we can keep going on, have both suffered from bad depression in the past and both starting to struggle mentally to keep going under the pressure of not being able to afford to pay necessary payments. Waiting on income tax rebate to afford court fees (should arrive by mid march)
Debts: approx 17,000 (inc debts from failed business) net income: about 1,300 pcm Home: renting 425 pcm
1. How do I go about collecting accurate figures of debts (havent got all my statements as our post is terrible)?
2. When do we notify creditors and will they push harder for payments if they know we are filing soon?
3. Can insurances still be paid monthly or do they have o be made in one payment (direct line, car and pet)?
4. When can we set up a bank account that we wont lose? Do any of the high st banks do any?
5. When looking at necessary expenses: we've lived on very little for ages, trying to make the payments (only eating one meal a day, having to ask friends and family to eat at their houses to save money). When we look at our housekeeping, will this go against us, or will we be allowed what we need?
6. Mobile and mobile internet: Hubby works night shifts (12 hours on his own as a security guard), and has previously suffered chronic depression (was on incapacity benefit for 5 years) which is made worse by lack of contact. He has a contract mobile, and a mobile internet contract which allow him to stay sane at work. Will these be allowed? Would medical letters help?
7. Possessions: We have several games consoles, inc xbox 360 (xmas gift), 2 DS's (bought on store card 2 years ago), old ps2 and xboxes (second hand). 32 inch old crt tv, several second hand laptops (mostly unworking, hubby likes tinkering). a compact style laptop (cost £250 more than a year ago). Computer (rebuilt) with a second hand tft monitor (again a gift). Lots of old PAYG mobiles. My engagement ring (£175 9.5 years ago), eternity ring (£60 last year) and our wdding rings (less than £20 each). Equipment from failed business- two digial SLR cameras (£450 and £800 when bought new two years ago), lighting kit and back drop (about £450 when bought 2 years ago). What of this will we lose?
8. Cars: We have two cars (peugeot 205 '84- cost £400) (Rover sterling 827 '96- cost £200). I'm currently learning to drive in the peugeot, cant learn in rover as its too big. Hoping to pass soon. Hubby works odd shifts and I currently have to walk the 4 mile round rip to work til I pass, when we will definately need two cars. Will these be allowed?
Thats all for the minute. We've desperately tried for the last year to keep ourselves out of bankruptcy, but there isnt enough money coming in, and my hours at work keep getting cut with the constant threat of redundancy.
You all seem really nice, and I've read old posts. Hopefully this is the start of something better.
Thanks
Sparkle |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 11 February 2009 : 08:22:13
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Hi there, I will try to answer your questions as you have raised them -
Try to get as up to date balances as you can (you could ring creditors - but use whatever you have)
It is up to you whether or not you inform creditors of your intentions, if they ring for payment just tell them what you are proposing to do and they will back off
Insurances sould pose no problem on a monthly basis, just continue as you have been
You can open a basic account for salary purposes befor filing your petition, make sure though it is a bsic account with no overdraft (C-operative cash generator is a good basic account)
Have a look on a number of posts on here which will give you a link to the Insolvency Service website or go direct where you will finf the income & expenditure allowances
No problem with mobile or internet but check amounts paid fall within guideline (£40 pp & £21 - max allowances)
You have no assets which need to be declared as assets this is usually for items worth money such as antiques not household goods
Your cars are well withing the value limits so you qhould have no difficulty in retaining them
Hope this helps, and good luck
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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John
New Member
United Kingdom
73 Posts |
Posted - 11 February 2009 : 08:36:42
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Hi Sparkle and welcome to the forum
Please find replies to each question in CAPS below.
Debts: approx 17,000 (inc debts from failed business) net income: about 1,300 pcm Home: renting 425 pcm
1. How do I go about collecting accurate figures of debts (havent got all my statements as our post is terrible)?
AS LONG AS EVERY DEBT IS LISTED THAT'S OK. IF THE FIGURE IS AN ESTIMATE JUST WRITE "APPROX" NEXT TO EACH FIGURE. ALTERNATIVELY YOU COULD REQUEST YOUR CREDIT REPORT FROM ONE OF THE 3 CREDIT REFERENCE AGENCIES (COST £2 IF YOU DO SO BY POST).
2. When do we notify creditors and will they push harder for payments if they know we are filing soon?
THERE IS NO NEED TO TELL YOUR CREDITORS OF YOUR PLANS. IF YOU DO, SOME MAY BACK OFF, OTHERS MAY INSTRUCT DEBT COLLECTING AGENCIES TO VISIT YOUR HOME, ALTHOUGH YOU DO NOT HAVE TO SPEAK TO THEM EITHER, OR LET THEM IN.I WOULL DEFINITELY TELL THEM AS SOON AS YOU HAVE DECLARED BANKRUPTCY THOUGH.
3. Can insurances still be paid monthly or do they have o be made in one payment (direct line, car and pet)?
YES
4. When can we set up a bank account that we wont lose? Do any of the high st banks do any?
THEY DO BUT THE SAFEST ACCOUNT APPEARS TO BE THE CO-OP CASHMINDER.YOU CAN SET AN ACCOUNT UP BEFORE BANKRUPTCY AND INFORM THE OR WHEN YOU ARE BANKRUPT OF THIS ACCOUNT AND THAT YOU NEED IT TO CONTINUE. THE OR WILL INSTRUCT THE BANK THAT HE HAS NO INTEREST IN THE ACCOUNT (NO MONEY IN IT ANYWAY).
ALTERNATIVELY THIS ACCOUNT CAN BE SET UP AFTER BANKRUPTCY.
5. When looking at necessary expenses: we've lived on very little for ages, trying to make the payments (only eating one meal a day, having to ask friends and family to eat at their houses to save money). When we look at our housekeeping, will this go against us, or will we be allowed what we need?
YOU SHOULD CLAIM WHAT YOU NEED FOR EVERY EXPENDITURE ALLOWABLE IN BANKRUPTCY. USE THE FORUM TO GUIDE YOU AND THERE ARE WEBLINKS ON THE SUBJECT WHICH MEMBERS CAN REFER YOU TO FOR GUIDANCE.
6. Mobile and mobile internet: Hubby works night shifts (12 hours on his own as a security guard), and has previously suffered chronic depression (was on incapacity benefit for 5 years) which is made worse by lack of contact. He has a contract mobile, and a mobile internet contract which allow him to stay sane at work. Will these be allowed? Would medical letters help?
THE TOTAL ALLOWANCE TO THE HOUSEHOLD FOR PHONES IS AROUND £60 MAX. THERE IS NO ALLOWANCE FOR INTERNET. SO IF YOU CLAIM AGAINST THE MOBILE AND KEEP THE LANDLINE CLAIM LOW (TOTAL NOT TO EXCEED £60) YOU SHOULD BE OK. REMEMBER SOME MOBILE NETWORK PROVIDERS CANCEL CONTRACTS WHEN THEY LEARN THE CLIENT IS BANKRUPT ALTHOUGH THIS IS HAPPENING LESS AS TIME GOES ON. ALSO REMEMBER THAT IF THE COST OF THE MOBILE IS NOT ALLOWED YOU ARE STILL OK TO CONTINUE WITH THE CONTRACT IF IT IS FUNDED FROM YOUR OWN PROPORTION OF DISPOSABLE INCOME. IN BANKRUPTCY - EVEN IF AN IPA IS PROPOSED - YOU WILL KEEP 30% TO 50% OF YOUR DI.
7. Possessions: We have several games consoles, inc xbox 360 (xmas gift), 2 DS's (bought on store card 2 years ago), old ps2 and xboxes (second hand). 32 inch old crt tv, several second hand laptops (mostly unworking, hubby likes tinkering). a compact style laptop (cost £250 more than a year ago). Computer (rebuilt) with a second hand tft monitor (again a gift). Lots of old PAYG mobiles. My engagement ring (£175 9.5 years ago), eternity ring (£60 last year) and our wdding rings (less than £20 each). Equipment from failed business- two digial SLR cameras (£450 and £800 when bought new two years ago), lighting kit and back drop (about £450 when bought 2 years ago). What of this will we lose?
NONE OF THESE ITEMS WILL HAVE SUFFICIENT AUCTION VALUE FOR THE OR TO CLAIM THEM. AS THEY ARE ALL BY NOW LOW VALUE YOU DO NOT HAVE TO LIST ANY OF THEM ON YOUR SOA.
8. Cars: We have two cars (peugeot 205 '84- cost £400) (Rover sterling 827 '96- cost £200). I'm currently learning to drive in the peugeot, cant learn in rover as its too big. Hoping to pass soon. Hubby works odd shifts and I currently have to walk the 4 mile round rip to work til I pass, when we will definately need two cars. Will these be allowed?
YOUR HUSBAND'S ALMOST CERTAINLY WILL BE ALLOWED AS HE WORKS ODD SHIFTS SO HE NEEDS IT FOR WORK.
I WOULD SAY AS YOU DO NOT NEED YOUR'S FOR WORK PURPOSES AND YOU HAVE TO DATE MANAGED WITHOUT, IT MAY BE AT RISK.
I know it is an anxious time at the moment and there is lot's to do and lot's to prepare for.
This site will very likely give you all the advice and support you will ever need but you will stand a much better chance of receiving more replies to your questions if you restrict them to one or two questions on each.
Please keep posting and asking away, you will get there and all will be fine.
timendi causa est nescire
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John
New Member
United Kingdom
73 Posts |
Posted - 11 February 2009 : 08:37:23
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Good Morning Melanie n
you beat me to it!
timendi causa est nescire
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Sparkle83
Junior Member
258 Posts |
Posted - 11 February 2009 : 08:50:49
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Thank you all so much, have been feeling awful this morning, and your replies really cheered me up :)
The co-op account: can I apply for that online/by phone, our nearest branch is 60 miles away :O |
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John
New Member
United Kingdom
73 Posts |
Posted - 11 February 2009 : 09:29:23
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Hi there
indeed you can and it takes 10 to 14 days to set up.
timendi causa est nescire
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Sparkle83
Junior Member
258 Posts |
Posted - 11 February 2009 : 09:32:16
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| If I set it up now, and use it for wages/DDs/stnding orders, will it be a problem? We're waiting on tax rebate to afford bankruptcy fees so it wont be for at least another month, and I want to get things in order |
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John
New Member
United Kingdom
73 Posts |
Posted - 11 February 2009 : 09:42:41
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Hi
i don't have this account myself but number of others on the forum will be able to guide you.
When you open the account inform them that you will be using it for essential income and expenditures and that you will be declaring bankruptcy, they will be fine with that.
Then time your appointment to cause least disruption to the account and request that your examiner advises the co-op asap that he/she has no interest in the account.
timendi causa est nescire
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Sparkle83
Junior Member
258 Posts |
Posted - 11 February 2009 : 10:04:51
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| have rung for application form, expected in next few days. going to the county court tomorrow to collect forms. |
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Sparkle83
Junior Member
258 Posts |
Posted - 11 February 2009 : 10:49:26
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Another question (sorry).
On the allowances, it has AA cover and home insurance... we've always had too little after debt payments to get either, even though really we need them. Should we get them now? |
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John
New Member
United Kingdom
73 Posts |
Posted - 11 February 2009 : 11:21:14
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Hi
Absolutely.
timendi causa est nescire
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