Just a quick question about BR

[BlueArmy]

I have a UE diary that is getting nowhere fast.

I have debts in my own name, nothing to do with the wife as she has her own.

I am the homemaker in the house as such. 3 kids still at home.
We live on tax credits and wifes wages.

Do I need to own a house or be in work to consider BR? My bro in law is in a bad way too and has been told to consider BR by the CCA, he just cant get the money together to do so....

Would it be an option for me to consider?

I literally have no income of my own anymore and major debts of around £11k

I have been reading about the forums and it seems like a minefield.

This is not asking for help on filing for BR just advice whether its worth it or not....and how would my income etc be worked out if the wife is the one bringing money in?

All my debts are my own name. No joint bank accounts or anything.

Edit...if you look in here Niddy, I know I am an annoying git but just looking at options.

[LooLoo]

Re: Just a quick question about BR

Hey BA - nearly 3 years ago i felt my only option was at the time BR, I had been advised by CAB and CCCS. In the end I first opted for my own self managed DMP and now on a UE journey - some enforcable some not. My way of thinking is by going down the UE route - I am not losing anything plus I have a surplus each month that I can survive on.

I know now that the BR rules have changed slightly and one of the other guys will let you know how things work - but one of the best ways I found to help me make a decision was to fill in a SOA and work out what money you would acutally have to live on each month.

Sorry hope that helps a wee bit??

[confused76]

Re: Just a quick question about BR

hi there
no you don't need to be a homeowner or in work to apply for bankruptcy. below is a link with some information about br.

~ Look here first - Bankruptcy Help ~ - allaboutFORUMS

if your debts are under £15,000 you might be eligible for a Debt Relief Order, which costs far less to apply for. i'll just go and try and find you some information on DRO's.

as Loo says the guidance for SOA's in br has changed slightly, and the official receiver would be looking to take all of your surplus income after basic household needs are met. therefore, it is very important you consider what your SOA would look like after br and that these payments of surplus income are taken for 36 months.

i also suggest you speak to one of the free debt charities to see if br or a DRO are suitable for you....i would speak to the National Debtline, they were very helpful to me.

if there is anything else, please ask away. there are a few of us on here who have gone down the br route so should be able to help. i'll try and find some DRO info for you now
xx

edit - here you go Debt Relief Orders Explained - allaboutFORUMS

[BlueArmy]

Re: Just a quick question about BR

hi there
no you don't need to be a homeowner or in work to apply for bankruptcy. below is a link with some information about br.

~ Look here first - Bankruptcy Help ~ - allaboutFORUMS

if your debts are under £15,000 you might be eligible for a Debt Relief Order, which costs far less to apply for. i'll just go and try and find you some information on DRO's.

as Loo says the guidance for SOA's in br has changed slightly, and the official receiver would be looking to take all of your surplus income after basic household needs are met. therefore, it is very important you consider what your SOA would look like after br and that these payments of surplus income are taken for 36 months.

i also suggest you speak to one of the free debt charities to see if br or a DRO are suitable for you....i would speak to the National Debtline, they were very helpful to me.

if there is anything else, please ask away. there are a few of us on here who have gone down the br route so should be able to help. i'll try and find some DRO info for you now
xx

edit - here you go Debt Relief Orders Explained - allaboutFORUMS

Thanks, had a quick read of that. My car is worth more than £1000 so might be worth trading in.
Also, will my wife be affected by the DRO?
My debts are my debts right?
My only income is the part of tax credits my wife gets. Although that is obviously used for household stuff

[confused76]

Re: Just a quick question about BR

Thanks, had a quick read of that. My car is worth more than £1000 so might be worth trading in.
Also, will my wife be affected by the DRO?
My debts are my debts right?
My only income is the part of tax credits my wife gets. Although that is obviously used for household stuff

how much is your car worth (try Parkers for the value) and do you need it? if you're not working then you would need to justify why you would need it. is it woned by you or your wife?

do you have joint bank accounts? are you financially linked to your wife?

your debts are your debts, that is correct. i take it none of the debts are joint then?

if your only income is tax credits i don't think they would expect you to pay an IPA xx

[BlueArmy]

Re: Just a quick question about BR

how much is your car worth (try Parkers for the value) and do you need it? if you're not working then you would need to justify why you would need it. is it woned by you or your wife?

do you have joint bank accounts? are you financially linked to your wife?

your debts are your debts, that is correct. i take it none of the debts are joint then?

if your only income is tax credits i don't think they would expect you to pay an IPA xx

Car is worth around £1800. I use it for driving the family around really. Mother, mother in law, grandkids and my immediate family. I also volunteer as a football coach at a community club and use it for transport there.
No joint bank accounts, all debts are in my own name.
The car is owned by me
Only income that is for me is my part of the tax creds, which I obviously dont have as its for the family

[confused76]

Re: Just a quick question about BR

Car is worth around £1800. I use it for driving the family around really. Mother, mother in law, grandkids and my immediate family. I also volunteer as a football coach at a community club and use it for transport there.
No joint bank accounts, all debts are in my own name.
The car is owned by me
Only income that is for me is my part of the tax creds, which I obviously dont have as its for the family

cars are never clear cut in br. normally you can only keep a car if it's a necessity eg for work or health reasons, but there is no second guessing what the OR will say. if the OR wanted to claim the car as an asset then you may be able to buy back the OR's interest in the car for a fee, but it depends if they let you and if you have the cash to do so.

br/dro's only affect your partner if there is a financial association, eg it would affect their credit rating, other than that it shouldn't affect your partner at all.

br/dro's are always a last resort, so please take advice if you're considering it.

good luck x

[BlueArmy]

Re: Just a quick question about BR

cars are never clear cut in br. normally you can only keep a car if it's a necessity eg for work or health reasons, but there is no second guessing what the OR will say. if the OR wanted to claim the car as an asset then you may be able to buy back the OR's interest in the car for a fee, but it depends if they let you and if you have the cash to do so.

br/dro's only affect your partner if there is a financial association, eg it would affect their credit rating, other than that it shouldn't affect your partner at all.

br/dro's are always a last resort, so please take advice if you're considering it.

good luck x

I am only getting opinions at the moment. But if the car has to go then so be it. We coped before.
As for the wifes credit rating she wishes she had a really bad one so she cant get any more. She is at her limit now

[confused76]

Re: Just a quick question about BR

I am only getting opinions at the moment. But if the car has to go then so be it. We coped before.
As for the wifes credit rating she wishes she had a really bad one so she cant get any more. She is at her limit now

you're quite right to consider all of your options good luck x