Hi
I hope someone can help, we are in negative equity, my husband has just been made redundant and as well as the mortgage we have 28000k of debt. We are planning on getting our credit checks done this week for a rental property and moving in to that in about 3 weeks. We know our credit history is still ok at the moment We will get help to pay the rent.
We have an appointment with the CAB on 22nd Sept to fill in bankruptcy forms. We want to move in to the rental and try and get on with our lives, if we register bankrupt before we move in can we give our current address (the house we own) as if the letting agents found out we would be thrown out. We have never had money troubles like this before and have explored all other options and the only way out is bankruptcy.
Please does anyone have the answers?? We need to get a rental and have one lined up subject to the checks.
Dee
Hi hunterrison and welcome to the forum - just sorry that it is as a result of bad news.
You say that the only way out for you is bankruptcy. Do you feel that your husband will not get another job easily? Bankruptcy is a big step to take and is not really reversible if you then feel you have done the wrong thing.
With the bankruptcy forms you must fill them out honestly - so your current address is the one which should be used, but you will need to advise the OR of your change in circumstances.
Why do you need to wait for your meeting with the CAB to fill out the forms? They are very easy and can be downloaded directly from the Insolvency Service's website. This might speed things up a little for you, because even if the forms are completed on 22nd Sept, it may be a month or two before you can get a hearing date.
Thankyou for responding so quickly. We do not think my husband will get a job quickly as we were trying to prepare for this - he has been searching for a job for about 5 months, where he works has been so quiet for the last few months. Every job he goes for seems to have 50 plus applicants, we live in an area where everyone seems to be being made redundant at the moment.
We have come to terms with the fact we know we have to go bankrupt. I have previously worked both in a bank and for the social security office and have seen things from both sides, it has been a really hard decision to make. We are really scared - and do not want to do anything wrong.
We need to keep a roof over our heads, our daughter is at uni but lives at home and has still got 2 years left of her nursing degree. Does it matter if we wait and go on the 22nd? This coming month is when we will have to stop paying everyone as we need my wages for food and council tax.
Dee
Last edited by huntersrishon on Sun Sep 14, 2008 10:14 pm, edited 1 time in total.
Not at all Dee - I was just trying to think of ways to speed up the process for you.
How much money will your husband receive from his redundancy? If this is in the bank when you go bankrupt, the OR will not necessarily allow this to be retained for ongoing living expenses so you do need to think through your timing.
He has worked there since 2001 but left and went back 18 months ago. He will get paid on the 26th his final money 1 week in hand 1 weeks pay and 3 days holiday pay.
Thank you for welcoming me. It is a relief to know we are not alone , although I do not wish others to be going through this. It has been a really hard decision to make - I think timing is going to be an issue.
Dee
Last edited by huntersrishon on Sun Sep 14, 2008 10:21 pm, edited 1 time in total.
As he will not be entitled to much at all, the sooner he signs on for JSA the better. I would crack on with the bankruptcy application, as this is one worry which you can control and deal with yourselves.
Good luck to hubby and tell him to use the internet as well as more traditional sources. We are just interviewing for two places at the moment in my Cardiff office, and have used the internet with great success.
Can I ask why you feel the letting agents will throw you out if they know you are bankrupt?
As a tenant you are protected by an assured shorthold tenancy and they can't just 'throw you out'. Please don't worry on that score!
We were upfront with our letting agents as we knew that as we were behind on the mortgage and legal proceedings to evict us were nearly final we would fail the credit check.
The letting agent was wonderful. He was incredibly sympathetic and understanding worked extra hard to expedite our application and we were in a week after viewing the property (Thank you Belvoir Lettings!).
I do think being honest is the best way to go. Good luck.
We thought we would get the rental then maybe a month or 2 months later ask for a private appointment with them and explain the situation, we have good character references etc. We are worried about the whole thing and have not slept since my husband found out he was being made redundant. I dont think we have ever told a lie or been 100% upfront. We are also worried about a bank account as I get paid into the bank and we will need to pay the rent through the bank.
Sorry I am rambling, It is good to let it all out, it makes the worry seem a bit less.
Dee
(((((Dee))))) Big hugs coming to you!
This forum is great - nobody judges you, everyone knows what the other is going through. You are certainly among friends here, so do please continue to post. It is great to get things off your chest and yes, it can and does ease the worry somewhat.
I'm your letting agents will be understanding, afte all - as long as the rent is paid and the house is kept in order they are happy!
Does anyone know if we will get into trouble if we pay the banruptcy fee with funds drawn on our credit card?? We do not have the money to pay it - we may be able to borrow it off my sister - but then we probably will be unable to pay it back.
My head is buzzing - feels like it will explode, we do not want to do anything that is illegal.
I don't think it would be a great idea to draw further monies on your credit card to meet the bankruptcy fees, as this would be taking credit at a time when you know there is no prospect of paying it back.
It is really good to know in this world people do care for and look out for others. Just reading the different posts has made me feel a lot calmer. We are still scared but we are not alone. I am really pleased I found this forum.
I do not know how else we will pay the fees. Do you know what sort of impact it would have if we did it? It is that or more on the overdraft. I cannot really borrow it from my sister she has 3 small children and I would feel so guilty as we may not be able to pay it back for months.
