thinking of taking the plunge!

[jue]

Hi all

well its started again! ive had 3 phone calls this morning off creditors asking for money which i havent got! told them i was setting up a DMP,they told me they wont be freezing interest or charges so i am now seriously considering bankruptcy.
But before i take the plunge i was wondering if anyone with experience in this matter could answer a few questions for me:

1)when the OR is calculating the IPA would it be just my income he would look at or will my partners income be included?

2)would we still be able to keep the family car,this is in my partners name not mine but i pay the car insurance monthly?

3)will my partners credit rating be affected if i was to go bankrupt?

4)if my partner buys my share of the house(so we wouldnt have to lose it)would my name be taken off the mortgage? if it did,would the mortgage lender have a dim view on this?

5)and finally,why do you get a nil tax code once you are made bankrupt?

thanks for taking the time out to read my questions.any advice would be really helpful.

jue.x

[Qikichi]

Have you not thought about an IVA? I've been in one for 2.5 years now and though sometimes it's tough it's great to know I can pay as much back to my creditors as possible. Interest is stopped also.

[jue]

hi

i tried for an IVA but it was rejected 2 weeks ago,that why im in the process of setting up a DMP for a few months and then i was going to try again for an IVA,but i just dont know what to do now,apart from killing myself!

jue.x

[thebear29uk]

Hi jue

Let me start by assuring you that you are not the first to contemplate suicide on this forum, nor will you be the last. However we all need to put things in context. We didn't wear masks and use sawn-off shotguns to get the money from the banks. We asked and they gave. Sometimes we didn't ask yet they still gave.

You have tried to do the right thing by going for an IVA but the creditors have turned it down. With debts of £60K a DMP would take 13 years paying in the £380 you would have paid the IVA and that doesn't allow for further interest.

Julie you have a 3 year old who needs you. You tried your best with the IVA but now I think you need to look at Bankruptcy. I can't answer all the questions but have a look at Scaredkez, Skippy and Zoe's blogs. Its not as bad as you think. The one question I can answer from Skippy's experience is that in the IVA the creditors wanted her partners income taken into account whereas the Official Receiver only took her income into account.

I'm sure others will be along shortly to add their support. It appears that the website is suffering some problems this morning.

Hang in there and stay strong. Your family need you.

Best wishes

Dave

[thebear29uk]

Hi jue


One other avenue is the Simple IVA. NR has less than 50% and your debts are under the £75K threshold. So maybe do a DMP for 12 months until they are available. Just be careful though as if your creditors dont freeze the interest you might get close to the limit.

Regards

Dave

[jue]

thank you dave for your kind words. yes my family need me and if it wasnt for my 3 year old i probably would of done something stupid! i have thought about a SIVA but like you say by the time that happens my debt will probably have increased if they dont freeze interest and charges and then this method wouldnt be affective.
anyway i will see if anyone can answer my questions and then i will choose which path to take.
thanks again

jue.x

[jue]

well just come off the phone to another creditor asking me to pay them £200 today! i said to them i havent got this amount of money,they replied "well its not good enough we want you to pay it today" so i asked them how would that be possible when i havent got,what do you suggest i do? rob a bank?! they then asked me when i was getting my monthly income to which i replied "the end of the month but on the same day my first payment to the DMP is due out then" they started getting quite aggressive so i said i was considering bankruptcy in which they replied"oh so you can afford £500 to make yourself bankrupt but cant afford the £200 payment to us today" i told them my partner would pay for my bankruptcy,they went quiet and then said they didnt want it to come to that and maybe some arrangement could be made.i told them "well what do you think im doing now!that why im setting up a DMP so they will get some of their money back"
in all fairness i know they want paying back what i have borrowed but sometimes your just going round in circles with them,im offering the best what i can but its never enough! this is why im considering going bankrupt, im trying but im failing!

jue.x

[sonyse2t5]

I think when you threatened to go BR with 60K owning, they must got real scared and then realised they had to be nice to you....you got the leverage here,do DMP and pay them what you can afford....they can't do anything to you....for the banks to get something back on a DMP is better for them than nothing.

Interest will be frozen, belive you me...!! It is in their interest to FREEZE all interest.

Good on you!

[iva experts]

Hello Jue,

Your decision to go bankrupt should not affect your partner's credit file in any way.

Also I would advise not to sell your share of the house to your partner. The courts will look at any major assets you have sold in the last 5 years, if they find that you have sold your share to your partner then your partner could be pursued for the money.


Best Regards. IVA Experts

[jue]

i think one of my questions as been misunderstood. what i meant about my partner buying my share of the house,was,because ive got equity in the property and half of it is mine my partner would have the option to pay the OR my half of the equity,if he did this would my name be taken off the mortgage and if so would the mortgage lender have a dimview on this?

jue.x

[jue]

i hope somebody answers my questions soon im having a nightmare today and i dont know what to do! please help!

jue.x

[ray_a]

Hi Jue

I will try my best and I am sure the experts will come up with some really good advice as to your half share of the house.

From what I know the house can not be sold because your partner has an interest in the property and as longing that he does not go bankrupt the OR can not force a sale.

From my understanding the OR will put a charge on the share of the property and when it is sold the share of your equity will then be used to pay off your creditors.

I agree with the other people posting about the creditor making the call and the way you dealt with it. You did the right thing as they are forcing a payment off you against your other creditors.

Do keep calm and do not let things get over you!

This is a financial problem not a health one and for the sake of your family it is important they have you in fullness.

Trust me it will get better!

Regards

Ray

[aguise]

I'm not so good at the property thing, I think it is ok for him to buy it at the going rate as such, from the OR and would assume if that was so then your name would be removed . Still wait though as I may be wrong but dont want you to have any more nightmares we have all had them, dont panic, you will be fine.
Angx

[aguise]

Hi Ray
Now I am confused I was working on the fact that jues partner, who isnt going to be bankrupt and owns the other half wants to buy Jues half from the OR therefore the money would go to pay creditors, it would not be avoiding using an asset in that case.

Ang

[jue]

thanks Ang and Ray for your advice,im just having a really bad day with creditors and im just getting a bit panicky! like you both said hopefully one of the experts will be along shortly to answer my questions.

thanks again

jue.x