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Morwenna
Starting Member
25 Posts |
 Posted - 07 July 2009 : 12:43:38
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| The kids all have contract phones running through my bank account as do my husband and i what will happen about these?? also in the paperwork i recieved from cab it says i have to take in insurance policies i have a policy that start approx 15 years ago free with the sun newspaper that i have kept up what will happen to that |
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xmas baby
Average Member
537 Posts |
Posted - 07 July 2009 : 13:21:04
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Hi Morwenna,
I'm not sure what will happen with the contract phones to be honest. I would think as long as the phone contracts are not in arrears or one of the creditors, then you might be able to continue with the contracts. However, whether the OR will allow this as expenditure for all of you, I'm not so sure. They may allow it for the person going bankrupt so long as its not too expensive. The rest of the family's phones might have to be financed from any disposable income you have left. Would it not be cheaper to have 'pay as you go' phones rather than contracts, which tend to be more expensive?
xmas baby |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 07 July 2009 : 13:33:01
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Are you declaring bankruptcy or something else (IVA/DRO/DMP)? That fact that you mention that you have received paperwork from the CAB and this makes me think you are possibly looking into a DRO rather than BR.
If you are declaring BR:
Contract phones will work out cheaper if the kids use them a lot as you normally get 'x' amount of free minutes and texts each month. Although you can compare the amount they spend now and whether they really need it i.e. if you gave them £10 per month on a PAYG would they 'really' need to use more?
Provided the contracts are up to date there is no need to inform the phone company that you are BR.
You will have a certain amount of allowance for telephones (including mobiles) and this is £57 for 2 adults/2 kids. Any more will need to come out of the DI unless you can convince the OR that it is absolutely necessary.
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Morwenna
Starting Member
25 Posts |
Posted - 07 July 2009 : 22:09:44
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quote:
Originally posted by gettingoutofdebt
Are you declaring bankruptcy or something else (IVA/DRO/DMP)? That fact that you mention that you have received paperwork from the CAB and this makes me think you are possibly looking into a DRO rather than BR.
If you are declaring BR:
Contract phones will work out cheaper if the kids use them a lot as you normally get 'x' amount of free minutes and texts each month. Although you can compare the amount they spend now and whether they really need it i.e. if you gave them �10 per month on a PAYG would they 'really' need to use more?
Provided the contracts are up to date there is no need to inform the phone company that you are BR.
You will have a certain amount of allowance for telephones (including mobiles) and this is �57 for 2 adults/2 kids. Any more will need to come out of the DI unless you can convince the OR that it is absolutely necessary.
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Morwenna
Starting Member
25 Posts |
Posted - 07 July 2009 : 22:19:50
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i am going for br, the kids were originally using more on their phones than i am paying for contract which is why we went to contract, they cannot go over their contracts as their provider has a cap also they have friends and family up and down the country they stay in touch that way. i went to cab to try and get advice as every website i visited told me to seek advice but they are basically overwhelmed and my nearest cab cant see me as i am not in their catchment area!!! the one in my catchment area aren't even sure when they could see me my hearing is on the 18th aug so their could be a lot of questions yet to come!!! The paperwork i got from cab was basically explaining some of the processes ish probably raised more questions than it answered if truth be known do you know about the life insurance??? whats that about??? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 July 2009 : 07:27:04
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I am not 100% sure about life insurance but the OR's manual regarding this is available at http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part5/part4/part_4.htm
It looks like you will need to send the OR the policies and then depending whether there is a surrender value or not may depend on whether the OR will want to surrender the policy in order to claim the amount.
If there isn't a surrender value (and I am reading the manual correctly) then it looks like you will be able to purchase the policy back for a £50 admin fee.
All of the free agencies (CCCS, CAB and National Debtline) are swamped at the moment so getting an appointment with them is going to be difficult at the moment. If you have specific questions you could speak to one of the professional companies that frequents this board as they may be able to assist sooner:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
England, Jackman & Spacey - http://www.ejands.co.uk/index.php |
Edited by - gettingoutofdebt on 08 July 2009 07:28:33 |
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debtinfo
forum expert
2826 Posts |
Posted - 08 July 2009 : 21:19:39
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| pretty much agree with above, just wanted to add that if their is a surrender value the OR will offer it to you for the value of the surrender value first |
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The kids all have contract phones
