Bankruptcy Questions

[loadsadebt]

Hi all, just been reading through Skippy's blog which has put my mind at ease a little but...

I am (finally) looking at going bankrupt, but it's been nearly 4years since I made any contact with my creditors and I am not sure who I owe what, any suggestions on how to find out?

Also I haven't had a bank account for over a year now and have had my last 12 months wages paid into my fathers bank account, will they ask for details of this?

I own a motorbike which I sold to my father approx 18 months ago, but we never told the DVLA so it is still in my name, is this likely to be taken as an asset?

Lastly I am looking to join the Army near the end of the year, this will mean a small pay drop for about 8 months, will this be looked upon badly?

Thanks

[Skippy]

I'm glad my blog has helped you a little bit!

So that I could find out exactly who my creditors were I applied for a copy of my credit record. I think Experian do a free trial - just make sure you remember to cancel it at the end of the trial!

I don't think they will ask for details of your father's bank account but I'm not sure.

Can you prove that the motorbike was sold to your father? Was it sold at full value? As far as I'm aware the owner of the vehicle is the person who paid for it, not necessarily the registered keeper.

I don't know if you can join the Army if you are an undischarged bankrupt. Melanie may well be able to help you with this one as she is ex forces.

Sorry that I haven't been much help, but good luck with whatever you decide.

[loadsadebt]

Don't Experian need to prove who I am somehow like payment by cheque/debit card? Not something I have!

It was sold at full value, and I guess we could fudge together a receipt...

And the Army question was more related to the OR, would they be p****d that I took a lower paid job?

And thanks again for the blog! I was surprised at how much money they let you keep!

I don't think they will look favourably on me though as I have left it all so long...

[Skippy]

Sorry, I hadn't thought about the debit card. You may be able to apply if someone can write you a cheque - it would be worth having a look at the Equifax and Experian websites to see if that's possible.

No, the OR wouldn't be cross that you took a lower paid job - the idea is that you can move on with your life and have a fresh start. If you get an IPA and your circumstances change you can ask for the IPA to be reassessed.

[loadsadebt]

Its ok, just used my dads card, odd as I thought the card was meant to identify you!

Hopefully this will arrive soon so I can scare myself with how much I owe...

[Skippy]

That's handy to know! The report won't give you the amounts that you owe, but it will give you the details of your creditors so unfortunately you will have to contact them.

[loadsadebt]

Oh? That's not so handy, was wanting to avoid contact with them as much as possible...

[loadsadebt]

Also I have some unpaid parking tickets, any idea how I can find out how much I owe on these as I should start paying them back and I guess the payments would work in with my bankruptcy...

[chris.g]

Hiya loadsadebt and welcome to the forum.
On your question about the drop in pay, I was working when we declared then the next week my contract finished, was on an agency and with the time had off due to bankruptcy and cut backs I was the one to go. So when I had my OR meeting I was employed but the day after I was unemployed. I just contacted the OR and she asked for confirmation of employment ceasing. I wouldn't worry too much but as skippy states, you might not be able to enlist until your discharged

[loadsadebt]

Online careers office say I can apply

[chris.g]

You should be ok then, so that's good news.

[loadsadebt]

As long as what I pay back is less that £245pm

[chris.g]

I don't follow you...

[loadsadebt]

The Army will not employ anyone who has payments of around £245 per month

[chris.g]

but if you declare bankruptcy then the OR will calculate the IPA (payment) according to your disposable income. The full amount of your D'income will not be taken only a percentage so you would probably have to have a disposable income of around £400 per month for the IPA to be £245. Would you have that much? Would you have any out takes from your army pay?