Going for bankruptcy.

[hellybelly]

My partner got a call off Thomas Charles last night and advised him in his circumstances he'd be best to go for bankruptcy.

He has no assets apart from his pension, which he doesn't want to lose, but if he does , then he does!

They told him with the creditors he has, he's looking at paying £560 a month and no way can he afford that. He's paying £300 now to a DMP and we are just scraping by.

I was wondering, which if any, banks do the basic bank account that are on offer to BRs, and does he get a cash card, he's not bothered about a debit card, he just needs to be able to get his wages out?

[Skippy]

The Co-op, Nationwide and Barclays (I think) all offer accounts to undischarged bankrupts.

Good luck to you and your partner - I am going down the BR route, so I know how stressful it can be. One thing I would say to you is talk to each other, and don't bottle problems up x

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[go_4_broke]

Helly your partners pension shouldn't be touched in bankruptcy, unless the OR decides that he has been deliberately stuffing money into it to keep it out of the hands of his creditors.

-Best

New to the forums - but not to debt !

[hellybelly]

Thanks you two.

Does anyone know if you pay less per month on BR than IVA?

At the moment I feel like I'm keeping him (and his kids every other week) on my part time wage.

[i_a]

For a basic bank account try Nationwide. They accepted me with no problems (proposing an IVA but would also accept Bankrupts).

I've looked into BR quite a bit (although can't say I'm an expert) and the major difference seems to be you make payments for 3 years not 5 compared to an IVA. Also you seem to be allowed more expenses with BR.

However BR is public so you will have your name published in the local paper and can potentially lose your job (check with employers).

[freelili]

I am no expert either, but was considering bankruptcy and was told that these 3 year payments are made only rarely and in circumstances where the money borrowed was used really irresponsibly.

I think bankruptcy sounds very scary and it still carries a certain stimgma, however, although its daunting, it brings a swift end to debt and is sometimes a better option for people who have no assests or profession to protect.

LILY

I asked God for a solution and have to live with his reply.

[hellybelly]

I think its the best option, his job is safe, the house is housing association in my name, his car is worth basically nothing and he has nothing in the house, it was mine before I met him.

I think the only bad thing is he stigma, I grew up with business, my dad was a partner in a travel company so business was all around and my thoughts were actually being penniless after BR, I hope this is as much a relief for him as it is for me and I didn't even know him when he got himself into this.

Needless to say, hes gonna be grovelling for a helluva lot longer than his BR lasts!!

And if his pension IS safe, then thats an added bonus.

[freelili]

Helly,

His car should be fine, they say that anything over 3K is taken but I found this was related to individual circumstances,(trowel might be necessary) unless its worth substantially more. They do not take things from the house, unless worth thousands.

As for the stigma, well a basic account and your name in the paper, (if you are lucky enough to find it) he will soon get over that.

Arrh, he is probably terrified, give him a hug instead.

LILY

I asked God for a solution and have to live with his reply.

[hellybelly]

Thanks freelili, he needs shaking up more than a hug, I can't believe he let it get to this, but hopefully now, WE can sort it out.

[sps]

Hi Helly
Just been reading your posts your partner is vey lucky to have you and good luck to you both on a fresh start together after things are sorted out
Sue

[hellybelly]

Thanks sps, I know it'll be worth it in the end, we were planning to get married sometime soon, but thats on the back burner now. maybe one day we can start afresh.

[sps]

Hi
I'm sure it will happen. Being in the same position as everyone else on this forum I am really looking forward to one day actually being able to answer the phone with pleasure about who it might be or what the postman might bring! Trouble is I've become a little addicted to this site, my husband keeps saying 'are you on there again' ha! This site should be advertised in newspapers and on TV instead of the annoying 'DEBT' ones that are.
Sue