thinking of taking the plunge!

[aguise]

Jue Dont let them get to you, I know the feeling, but you getting down wont help so chin up deep breath and think, this will be sorted soon and we will be ok cos we have each other.

Ang

[thebear29uk]

Hi jue

I'm sure Melanie will be on later to answer all your earlier questions.

I know how you feel about the phone calls. Just be firm and tell them you have written to them offering token payments which will begin at the end of the month. If they are persistent tell them you cannot be seen to favour them over your other creditors and you will not be in a position to pay everybody until the end of the month. Do you have an answerphone or caller ID? I can see who is calling me and one of my creditors has me on automated dial every couple of days. I answer once a week to update them and ignore the number the rest of the week as nothing will have changed from the last time I spoke to them.

Ultimately if you choose to go BR and you can find the fee, be it from saving up or your husband paying it, that is none of their business. You could pay them the £475 instead but what are they expecting you to do after that. BR will bring a conclusion to your situation.

Don't let the phone calls get to you too much

Best wishes

Dave

[MelanieGiles]

Hi jue - sorry for the delay in getting back to you. I have had the day from hell and only just opened my internet for the first time. Yes even IP's can have a really bad day, so I know how you feel.

You have already had a lot of emotional support from the other forum members, so I will limit my reply to the questions your originally posed:-

1 It is only your income which is assessed for Income Payments Order calculations. Your parters will not be taken into account.

2 This will depend upon how much your car is worth. Most ORs will allow the retention of a car up to £3,500, but this will depend upon the individual and your own circumstances.

3 Your partner's credit rating may be affected, but he can rectify this by filing a Notice of Disassociation at the credit reference agencies. Storm will correct me if I am wrong on this - but I'm fairly certain that this is OK for partners who live together.

4 This will be up to the mortgage company, but you need not be taken off the mortgage. And your partner can buy you out so long as the sale if effected at full market value.

5 This is due to Inland Revenue rulings, which mean that no tax is paid over during the year in which you enter bankruptcy proceedings.

I hope this answers all of your queries, and keep your chin up you are acting in a most responsible manner and it is not your fault that some creditors have spoilt it for others. Please keep posting and ask as many questions as you like!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jue]

Hi all

thank you melanie for taking the time to answer my questions and all the others for their advice and support,dont know what id do without this forum!
i feel a bit better today,yesterday was a day from hell! everything was spinning around in my head!
anyway,melanie can you just confirm about the car situation for me again please? is it right that my PARTNERS car will be at risk of being taken? when its HIS car and NOT MINE? its in HIS name and HE pays for it every month and it was HIM what bought the car and NOT ME? it just seems a little unfair that he would be penalized just because i would be going bankrupt. I pay the car insurance for him as this is just a way of contributing to the household budget.

thank you

jue.x

[Skippy]

Hi jue, I will try and answer your questions from my experience:

1. The OR is only interested in your income, not your partners. When I completed the forms I didn't have to declare my partner's income, only what he contributes to the household expenses.

2. The OR will not be interested in your partner's car. I'm not sure whether you will be able to pay the insurance as technically you don't have a vehicle. However you are left with surplus cash to spend as you wish, and you are also allowed travelling expenses.

3. Your partner's credit rating will not be affected by your BR. If for any reason he has problems getting credit he will need to check his credit files and if there are any links he would need to file a notice of disassocation.

4. I don't know a great deal about property matters as the flat is in my partner's name and I have not lived there long enough to gain any beneficial interest. I do know that your partner will be able to make an offer to the OR to buy your BI.

5. I don't fully understand the nil tax code as I didn't get one - I went BR on 29th March 2006 and the new tax year started the following week, which didn't give HMRC time to apply it.

I hope this helps, and please don't think about doing anything silly. I can understand how desperate you are feeling, but there is light at the end of the tunnel for you. Good luck, and please post to let us know how you are getting on.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jue]

Hi skippy

thank you so much for answering my questions,i just wanted to know before i decide to take the plunge or not!

I had a really good long talk with my partner last night and i think i am going to see if the creditors will freeze the interest and charges in the DMP,if they do then i will go down this route and then try again for an IVA in about 6 months.If they dont then unfortunately it does look like i will be going bankrupt,its something i dont want to do as my creditors wont get much and at the end of the day i did borrow the money so its my duty to pay as much back as possible,but i am trying so its up to the creditors if they wish to play ball or not i suppose!

Thanks again you have been a great help

jue.x

[Skippy]

Hi jue, I'm glad you have sorted out a plan. I remember when I first faced up to my debts (£65k and nothing to show) - once I had decided on an IVA things didn't seem quite so bad. When I knew my IVA was going to fail I went downhill again, but as soon as I had got my head around the idea of bankruptcy I knew I would get through it.

Whatever the outcome you can hold your head high - you are trying to repay as much as possible to your creditors. I hope the DMP works for you, and please let us know how you get on.



Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[lily]

Hi Jue

Just wanted to say that the bods on the phone give you a hard time cos they are paid to get as much out of you as they can and will say anything, they also get paid more commision for doing it. So if you dont have what they are asking calmly tell them you are trying to address your problems and they will be hearing from you and that you are not prepared to discuss the problem verbally. I have been where you are, I didnt want to live, I didnt want to die and leave my children, it gets better but there are bad days. Give yourself a pat on the back for trying to address your debts. Tell yourself you cannot get blood out of a stone but you are doing your best and then smile, cos thats all you can do.

Never give up.

lily

[zoe]

Jue
You are like me 6 months ago!!!
My husband knew nothing of my debt check out my blog (link below) Trust me - it does get better!
xxxx

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[MelanieGiles]

Hi jue

Sorry about my earlier post - I had not picked upon the fact that the car is registered in your partner's name - of course this cannot be touched in your bankruptcy as Skippy has rightly stated.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jue]

Thank you all for your advice and support,but unfortunately ive lost the will to live again today!
All i want to do is live a normal life,be a proper loving mummy to my 3 year old son instead of this nervous wreck ive become!
why oh why cant they just see that i am trying my best to resolve things,they hound you and hound you and you just keep repeating everything,then as soon as you mention bankruptcy they automatically say "we dont want it to come to that" but the more they are hounding me for money the more im thinking of going bankrupt!
So sorry everyone for going on but i feel as though im on a sinking ship and drowning fast!

jue.x

[zoe]

Jue
What has happened today?
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[MelanieGiles]

Jue

Bankruptcy proceedings will take away all of this worry from you - I suggest you ring the Court and see when you can get an appointment soonest.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[jue]

The same creditor as rang me 3 times up to now. I sent them a token payment just under 2 weeks ago and now they want more.I told them that my first payment in the DMP is being paid at the end of this month so i havent got any more money to give and if i give them nore money then i would have to give all my other creditors more money iand i havent got it! But they keep on asking you and asking you for this money and i just keep repeating myself over and over again,then like i said before you mention the word bankruptcy and then they tell you they dont want it to come to that!

I just cant win! what do they actually want me to do?! im trying my best im not ignoring the problem ive explained to them what i am doing about my situation but oh no thats not good enough!
Then just to put the icing on the cake they said "well you seem to spend a lot of time talking to other people about your financial situation" i asked them what they meant by that and they replied "we have access to the site as well"
So it looks like they are watching this site and know who i am but i really dont care anymore i really dont!

jue.x

[zoe]

Which creditor is it? someone here may have had dealings with them before and have a name or something that you can speak to
Zx

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/