BLACK HOLE PLEASE GIVE ME SOME HOPE

[freelili]

I AM OUT OF WORK NOW AND REALLY STARTING TO PANIC AND AM TEARING MY HAIR OUT. I HAVE ALSO ARRANGED TO SEE DEBT ADVISOR NEXT WEEK AT THE LOCAL CAB,( I REALLY WILL BE BALD BY THEN) I AM SURE THEY WILL SAY BANKKRUPTCY BUT I AM REALLY PANICKING ABOUT THIS. THIS IS WHAT WAS MENTIONED ON THE PHONE TODAY. I DONT KNOW WHAT IT ENTAILS AND I DONT WANT TO. WHEN I FACED UP TO MY DEBTS AT THE BEGGINING OF LAST MONTH I WAS IN A STATE OF SEVERE STRESS. I HAD NOT HEARD OF IVAS, THEN I SPOKE TO SOMEONE FROM ACCUMA GROUP AND IT ALL SEEMED QUITE POSSIBLE. (A STRONG CASE WAS MENTIONED BY HIM AT THIS TIME) I HAVE NOW STOPPED PAYING BOTH NON PRIORITY AND PRIORITY DEBTS BECAUSE I HAVE NO WAGES COMING IN.I AM ALSO GOING TO HAVE TO DIP IN TO MY OVERDRAFT. I HAVE OPENED A NEW BASIC ACCOUNT AND HAVE BEGAN TO TRANSFER MY INCOMES INTO IT. I HAVE DEBTS WITH MY CURRENT BANK. I HAVE APPLIED FOR LOADS OF JOBS AND INTERVIEWS ARE COMING IN. I REALISE THAT I MUST BE EMPLOYED BEFORE AN IVA WOULD BE ACCEPTED, HOPEFULLY THIS WILL HAPPEN SOON.

HOW LONG WOULD I HAVE TO BE EMPLOYED BEFORE I CAN START THE PROCESS?
I REALLY DO FEEL THAT I AM IN A DARK PLACE WITH NO WHERE TO TURN FOR HELP,I AM TERIIFIED OF THE PHONE AND THE POSTMAN AND I CANT STAND THIS STRESS ANY LONGER. THE ONLY REASON I WILL WAKING UP TOMORROW IS BECAUSE I HAVE CHILDREN.
IF THIS STRESS CONTINUES I WILL NOT BE CAPABLE OF WORK. I REALISE THAT THIS FORUM IS FOR PEOPLE IN IVAS AND I AM NOT BUT I REALLY NEED SOME HOPE

LILY

[neverending]

Freelili
Why don,t you speak to ACCUMA again and see what they advise.
Has bankruptcy been explained to you ? With no job then this could
be a solution worth looking into.You and your family would be
protected by the various laws and you would not be left without.Thousands of people go down this route each year and yes I know the embarrassment is hard to cope with but it really could be a weight off your mind.
Hopefully you will find a job and an IVA will be agreed but if not then Bankruptcy is a solution and one that you should look into.You will not be alone.

[freelili]

Thanks Neverending for your prompt reply. I have had a brief look into it, Its not the embarassment I have no pride left, its just the affect it might have on my employment status and in the future i would like to do some private work. i cannot afford the insurance to do this at the moment, and it would take time to build a client base. Three months ago i didnt even realise that i had a problem and was in a good job, now i barely feel human. Less than a week ago i was operating on a chap and he really looked up to me. I popped in yesterday to see how he was doing and left work with a big bouquet of flowers,. a silver watch and some spending vouchers, never to return, i cant bear to look at any of it. Today Ive had to answer a barrage of calls from creditors, the post was really depressing too. i dont know if i will be successful with the jobs next week. I will have to cope with it all again tomorrow and it really sucks. i am not even worth anything to an iva company.

LILY

[Dominic]

best of luck with the interviews.

[neverending]

Freelili
Just remember that the amount you earn is irrelevent if you have no money left at the end of the day.You could earn less and be better off because you will not be paying all those debts !! There is light at the end of the tunnel for you.Just grab the bull by the horns and see the debt advisor,you will rebuild your life, as I have ,and the pain that you are going through will make it all the more sweeter when you get sorted out.Stay positive,please.

[Dominic]

yes get the job, and go for it

[freelili]

Yes you are both right. its only my first day of unemployment, as soon as i find the bull i will grab it, with both hands. Probably just a bad day isnt it? Thanks for the encouragement, i will face the creditors again tomorrow after a good cry tonight.

Thanks again

LILY

[Dominic]

remember money is repalcable you are not, live your life as best as you can, th creditors can go for ahike for a while

[accgroup]

Hi Lily

Neverending is right in that you should speak to an advisor again, bankruptcy may be the best option for you. The law on bankruptcy changed a couple of years ago, where as you would have been subject to bankruptcy restrictions on self employed trading for a minimum of 3 years (after which you would get automatic discharge) this has now been reduced to 12 months. This can even be reduced to less than 12 months now if the Official Receiver agrees that you should be granted early discharge, this happens a lot where there are no assets and no further investigation into assets which have been sold recently is required.

The other issue which may affect you in bankruptcy is an income payments arrangement or order, if the Official Receiver believes you are able to make monthly payments from your disposable income you will be required to do this for 3 years. However if you are unemployed you will not be able to make these payments. The income payments arrangement has to be entered into before you get your discharge so if you are not earning you will not be able to make these payments and your bankruptcy could be over in a matter of months.

However, as you know, the fact that you have been bankrupt will be on your credit file and may affect your ability to obtain credit or a mortgage in the future or your ability to trade - but it depends on your profession - you should therefore seek specific advice to suit your individual circumstances.

There is more information about bankruptcy on the Insolvency Service website www.insolvency.gov.uk

Hope this helps


AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[freelili]

Thank you for your reply

About 20 years ago a close friend went bankrupt and i remember he went through hell, even tried suicide. He lost his house and they took his car computer, washing machine etc although he was able to 'buy' his necesseties back. He went to court for three days and had to account for his debts and was in his words 'interrigated' to decide if he was quilty of fraud. He had people poking around his house looking into every nook and cranny. He said it was HELL. They also took all of his money out of his account and he was left with nothing. I just cannot face it, i am alone and i have two disabled children living me, i also have a 'normal' little daughter who has it tough because of her brothers disability. I also have an older Autistic son who stays at weekends. We had to move house because of problems with the boys. Which is what got me into this mess. She left her friends behind and has never once complained, what if they took her stuff? I cannot stand the thought of her going through this, she picks up on my stresses. There is also no way i could cope with this family without a car.

I would much rather try to repay at least some of the debt which to me is the moral thing to try to do. My family, my debts, my problem. If this is not possible then i will have to think again.

Thank you all for your support, I really appreciate it.

LILY

[Oliver]

Hello Freelili

If you feel that an IVA is right for you and you have taken professional advice on the matter and it has been agreed with a debt expert that you are in a position to propose a successful IVA to your creditors then I think this is an admirable and correct thing to do. However, I was motivated to reply to your post because of some of the details you described your friend going through when he declared Bankruptcy. I would firstly like to reassure you that things have most certainly moved on in the last 20 years and the treatment that you described would NOT now occur. Although someone could potentially lose their home if they could not provide a money equivalent of the equity available, a person would most certainly NOT be "interrogated" by the courts and reasonable household possessions such as computers and washing machines etc... would not be removed from a household. It is important to make sure that Bankruptcy is not rules out as an option as it could be the very best solution to your own personal circumstances. I know it is a scary idea but the old wives tales of people coming into your house and removing TV’s and washing machines simply are no longer true under the current insolvency legislation.



You can access Video Clips giving additional information about IVAs at:
http://www.thomascharles.com/interview_ ... an_iva.asp

If you would like more information about IVAs, other debt solutions, or just want to arrange an informal chat, please visit us at www.thomascharles.com.

Best Regards
Oliver
www.thomascharles.com

[accgroup]

Hi Lily

The comments made by Thomas Charles above are correct regarding bankruptcy, it has changed a lot. People who were made bankrupt years ago were traditionally self employed traders and subject to the same kind of scrutiny as company directors, although obviously as they were personally liable for all their debts they were in a worse position than directors. Creditors played more of a part in bankruptcy and took more of an interest, wanting to know why they had lost their money and requiring a thorough investigation of the bankrupt's affairs and sometimes a court examination.

Household effects and tools of the trade have always been exempt assets, unless they have excessive value. So for example if you had antique furniture this would be sold but you would be given sufficeint funds to buy a suitable alternative. If you have a car which is worth more than about £3,000 this is usually sold and £3,000 refunded for a suitable replacment to be purchased, so you would not be left without.

Bankruptcy is an option, but if you are able to find an alternative that you can stick to and afford then you should do so.

Good luck!

AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[freelili]

Thank you I have taken a look at the link you gave me and emailed someone about my situation etc. Bankkruptcy may be an option for me. I must thank you and T Charles for this, its of taken the urgency out of the job situation and I need not be bricking it at my interviews next week. The pressure is off for the time being and my life does not depend on gettomg the job. Thanks again all.

LILY

[accgroup]

You're welcome! Good luck with the interviews.



AccumaGroup
http://www.accumagroup.com - One of the UKs leading debt and insolvency advice firms with over 200 employees.

[Dominic]

Lilly focus on the job interviews nothing else matters right now and then gor the IVA again.