Thanks guys, thats the only thing that worries me. I hate the thought of hubby loosing out because of my stupidity and conplete lack of control. I know i only have myself to blame, but i suppose i cant keep thinking that way. I may make an annonymous call to abbey to find out just so im prepared for when the time comes - i know its going to come but i want to prepare everything and make sure its as smoothly as it can be !!X
If Co-op aren't one of your creditors then I'd open a cashminder account anyway, they are BR friendly and you can have it as a backup. Don't worry moneyworries, we're all here for you, it won't be as bad as you think. X
I will defo open a basic co-op account so im prepared. Im not bothered about me not getting credit ever again, however am worried that in 2 years time when my husband needs to remortgage hes going to end up with a terrible deal. Also, my husband has got in his will that if anything happens to hm the hose goes to me, does this still stand if im BR ? if so will i get anything taken off me ?
moneyworries, your husband might have got a terrible deal anyway regardless of your situation, but no-one can predict what will happen with mortgage rates in the future. There is an expert that posts on here called Andrew Graveson from www.brightoak.co.uk , put him in your little black book for when the time comes, he can help find a deal, if there is a good one out there. I'm pretty sure that if your husband died(god forbid)before you are discharged (and maybe within three years, but need an expert to clarify that) then the Official Receiver would have an interest in any assets left to you.
I am NOT a technical expert so please seek professional advice. X
Last edited by Viki.W on Fri Sep 19, 2008 11:40 am, edited 1 time in total.
Just a quick one. Im very confused with BR. Sometimes i hear 1 year and other times people talk about 3 years....whats the difference and why ??
Im really finding thissite a very comforting place to come. Thanks all !! X
Providing a person co-operates with the OR they will be discharged from bankruptcy after 1 year, sometimes less if they get an early discharge.
If a person has more than £100 disposable income they will receive an income payment agreement (IPA) for a percentage of this. The IPA lasts for 3 years from the date of the first payment, but has to be in place before discharge.
Not at all moneyworries, you can download the forms from the insolvency website and fill them in yourself, make your own appointment in court and go on your own, read Skippy's blog, it'll help understand a little better.
The IPA will be arranged by the Official Receiver who will deal with you when you have been declared BR.
Ah right ok, i have learned so much more in less than 24 hours than i have over the past 3 months. If i didnt go alone and do it, are there companies that charge to do it.....or is that a waste of time, and would i be better doing it alone ?
If you really felt that you wanted help then yes, there are people that will help you for a fee. Paul Johns from Reviva posts on here, he comes highly recommended. Have a look at our sister BR site, lots of people going BR too, so you can see what to expect. X
I did mine myself - I completed the forms on the Insolvency Service website, and while they are long winded they are fairly straightforward. If you do decide you need help, Paul Johns is highly recommended as Viki says. Some companies charge you the earth to 'help' you complete the forms, so please be careful x
just been reading the BR forum and dont think our property will be safe anyway, so now im really stuck with what to do
Apparently here is a 5 year rule ?? and i signed my share etc of the house over to hubby last year. Looks like its back to square 1 for me.
Please help if you know any ways that we can protect our home (have read about buying the BI - whatever that is)
If you have equity then you can get someone to buy it out, it could be your husband, a family member etc. If you have no equity or negative equity then you can get someone to buy it out for £1 plus solicitors costs, £200ish. How much equity is there?
