I am seriously trying to weigh up whether to go bankrupt and need help

[tastyjane]

I have today received my SD from Lowells; although I have started the UE process with this debt and some of my others I am trying to decide whether it would actually be better to just let them force my bankruptcy. I feel that I am drowning (I know I have only just started on my journey) but when I completed a I&E recommended on this site it confirmed that at best I could offer each of my creditors £1 a month and they are very unlikely to take that.

Niddy has suggested that I talk to some of you on here that have been through this; I wonder if anyone out there would be kind enough to speak to me via email?

Jane x

[Never-In-Doubt]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

To clarify

We're treating the SD etc as a separate issue just now but based on the fact what you've said about selling your mortgage to your husband as such; would it be beneficial to go BR?

Can you if you're giving it to him? Is there rules?

Pros and cons of going BR. That kinda thing.

We can worry about the status (en/ue) of debts later.

This is a side issue fact finding exercise more than anything so don't get drawn into the status of the debts. That's irrelevant right now other than the total owed.

[Never-In-Doubt]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Please chat blanket type here - not on email as others then miss out on valuable info that could help them.

That's why we are a forum cos we share basic help. Try not to be too personal though so it doesn't identify you to lurker s.

Actually ill authorise this to go in a secure section to keep your info safe if you prefer however not all users can access that section so you may miss valuable answers. I'd suggest leaving it here and speak basic not specific but you decide and just say... A mod will move it for you now its authorised.

[tastyjane]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

That's fine with me Niddy - I have today spoken to our mortgage advisor and he is pretty sure that as we are not in arrears with our mortgage that our mortgage lender would have no interest in forcing us out of the house - in fact he confirmed he would suspect we are in negative equity and that he knows of several of his clients whose partners have been able to buy the person who is bankrupts interest for a nominal fee plus costs. This has put my mind at rest a little about the house.

I have a mobile phone contract - it is a monthly one, it is up to date - I don't have a home phone line so my only way to communicate with my family etc - I have had this contract for over 15 years and have never been late in paying it - does anyone know if they would make me cancel it? I have only recently renewed for 18 months.

I have a single bank account with an overdraft and also a joint account with my husband which has a small credit balance as this is used to pay our day to day bills, mortgage etc. My husband is concerned they will freeze this account - most of the money in there is his. Should I remove my name from this account now? My wages go into there as I am concerned that if they went into my own account then TSB would use them towards my credit card - I just transfer enough each month to pay the direct debits on that account (Mobile Phone, life insurance, payment to CCJ and payment to DCA for my BT debt).

On an ongoing basis has bankruptcy created many problems for you - we pay our car insurance and household insurance by monthly instalments and I wonder if they will stop us doing that?

Any advice would be much appreciated. I understand that some of my debts may well be UE but I just don't know if I have left myself enough time to go down that route.

Jane x

[Never-In-Doubt]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Regards the phone; assuming hubby has a contract he could take a second line. I have ermm - too many (pay £200pm to Vodafone)!!

No credit if you go BR. But phone wouldn't be an issue. Best thing (to retain number) is to get the second account open, port your number over and let your contract take the random number issued while your number moves to the new contract in hubby's name. That way when you go BR the phone isn't an issue. Your account t with the new random number would be put in with your BR.

Make sense?

[Never-In-Doubt]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Does the CCJ go with BR? Rizzle? Phil? Anyone

[Riz]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

I have a mobile phone contract - it is a monthly one, it is up to date - I don't have a home phone line so my only way to communicate with my family etc - I have had this contract for over 15 years and have never been late in paying it - does anyone know if they would make me cancel it? I have only recently renewed for 18 months.

They won't make you cancel it, assuming the provider is happy to continue, which they usually are.

You are allowed reasonable mobile costs in your I&E, assuming it is not a hugely expensive monthly amount.

I have a single bank account with an overdraft and also a joint account with my husband which has a small credit balance as this is used to pay our day to day bills, mortgage etc. My husband is concerned they will freeze this account - most of the money in there is his. Should I remove my name from this account now? My wages go into there as I am concerned that if they went into my own account then TSB would use them towards my credit card - I just transfer enough each month to pay the direct debits on that account (Mobile Phone, life insurance, payment to CCJ and payment to DCA for my BT debt).

You would want to open your own basic account somewhere like Co-op or Barclays that are OK with BR's. Alternatively, nothing to stop you keeping your wages going into his account, but you would want your name off it.

[Riz]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Does the CCJ go with BR? Rizzle? Phil? Anyone

Assuming there is no charging order in place, then yes.

The CCJ would still exist in a technical sense. It doesn't remove it But the BR would mean that is is superseded and cannot be enforced against you.

[Enforcer]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Am I getting this wrong? Why worry, joint mortgage, cannot force a sale. Only a note for when the house is sold, that's your choice. No DCA in their right mind would push this. Try on! Tell em to piss off.
Stop worrying.

[Riz]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

we pay our car insurance and household insurance by monthly instalments and I wonder if they will stop us doing that?

Some companies are OK with it. Some are not for somewhet unfathomable reasons. You just need to shop around.

[tastyjane]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Would I have to provide bank statements for the last 3 months or so? If so they would see I had taken my name off the account - I don't want to do anything that would get me into more trouble - I can only assume this joint account would be listed on my credit file - would they check that?

So if I took my name of the house insurance then they wouldn't expect us to pay the whole premium at once? It would just be in my husbands name - car insurance already is when I looked as its his car and I'm just a named driver.

Thanks so much everyone, I need to make some decisions fast with them issuing the SD - I bet they are not banking on me saying go on then ......

In fact what happens if I don't apply to set aside? Does the SD sit there open forever? Or would it automatically mean that they start proceedings after the 21 days?

Jane x

[Riz]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Am I getting this wrong? Why worry, joint mortgage, cannot force a sale. Only a note for when the house is sold, that's your choice. No DCA in their right mind would push this. Try on! Tell em to piss off.
Stop worrying.

The Official Receiver/trustee in bankruptcy can if they feel their is sufficient beneficial interest in the property belonging to the bankrupt.

However, as this looks to be in negative equity the OR would likely sit on the issue for 2-3 years to see what happens to the value. Even if there was equity that belongs to the bankrupt, it could be bought back by someone else to prevent a forced sale.

[Never-In-Doubt]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Take your name off the insurance policy but get added as an interested party with authority.

That covers you to speak to them/claim etc

[Riz]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

Would I have to provide bank statements for the last 3 months or so? If so they would see I had taken my name off the account - I don't want to do anything that would get me into more trouble - I can only assume this joint account would be listed on my credit file - would they check that?

You would have to declare the account and maybe provide past statements, but you won't get in trouble. That would only happen if it was overdrawn and you paid it off just before going BR with your money. i.e. you unfairly paid off that credit and not others. As you say this account is in credit, then it is a non-issue.

[daisy]

Re: I am seriously trying to weigh up whether to go bankrupt and need help

I have also received an SD, it was over a year ago and I attended court to get it set aside. It was my understanding that they will not necessarily issue bankruptcy proceedings, but I don't know if there is a time limit.

Will your employment be at risk if you are made bankrupt?