Is there any way I can get help paying for my bankruptcy ?

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DonnyDave

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Post by DonnyDave » Wed Aug 26, 2015 9:49 pm
Hello all.

I'm going to get straight to the point, I am in around £30K of debt, I was in control of my credit until I lost my job in 2008, since then I've been in and out of work and fallen further and further behind.

I am currently unemployed and I am considering bankruptcy, but can't afford the fees, is there any alternative or any way I can get help paying for my bankruptcy?

Thanks in advance,
Dave.
 
 

kallis3

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Post by kallis3 » Wed Aug 26, 2015 9:56 pm
Hi and welcome,

Sorry to hear of your circumstances.

You can wait until one of your creditors petition for BR or you could see if anyone can help.

Speak to CAB as they should be able to advise you.
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Foggy

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Post by Foggy » Wed Aug 26, 2015 9:58 pm
There are rebates if you are on certain benefits -- either your local court office or CAB can advise. Alternatively, wait to see if one of your creditors will do it.

Another option would be to see if your creditors would accept a debt management plan until you are back on your feet.
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luluj

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Post by luluj » Thu Aug 27, 2015 6:03 am
Echo foggy's advice. Your local CAB will have a financial adviser who can advise on costings of the bankruptcy hearing. Depending on what benefits you are on there maybe some help towards the hearing.... in the meantime stop paying anything to your creditors and save this money towards the cost of your bankruptcy application would be my suggestion. Just tell your creditors that you intend to go bankrupt but first you need to save the fee for it
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Post by lifenoteasy » Thu Aug 27, 2015 8:21 am
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Lisa Thomas

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Post by Lisa Thomas » Thu Aug 27, 2015 12:10 pm
I'm afraid even if you are on benefits I believe only part of the fee is waived. You will probably still need to find c£500 towards the fee. You could save this by stopping paying your creditors, if you haven't already failing which I think the only alternative is to wait for a creditor to do it but there is no guarantee this will happen as it will cost them money and from October they can only do it if they are owed over £5k whereas the minimum at the moment is £750 debt.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

DonnyDave

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Post by DonnyDave » Thu Aug 27, 2015 2:38 pm
Thank you all for your responses.

I will look into what my best options are, I am currently only paying my car HP and insurance etc as I need my car in case I get a new job; is it possible to exclude the HP from a bankruptcy?

Thanks again.

PS. I'm on Jobseekers.
Last edited by DonnyDave on Thu Aug 27, 2015 2:39 pm, edited 1 time in total.
 
 

kallis3

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Post by kallis3 » Thu Aug 27, 2015 2:48 pm
It may well be that the company you do the HP through will stop it anyway - some companies do.

Speak to CAB for some advice or to Andy Davie/Vincent Bond to see if there is a way forward.
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size5

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Post by size5 » Thu Aug 27, 2015 4:24 pm
Your HP debt is a priority if you wish to keep the car, but how to afford it whilst only receiving JSA is another matter. If it ends up going back then it becomes an unsecured debt like all the rest.

Whether you could keep it post BR depends upon a number of factors, value, payment each month, whether you were back in work at that point and it was essential to earn a living. Without further details it is impossible to speculate.

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longslog101

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Post by longslog101 » Thu Aug 27, 2015 5:41 pm
I don't know the rules and perhaps its slightly unethical, but if you were to draw cash off a credit card for a purchase and put the money in your top drawer and then subsequently decided that you would rather declare bankruptcy could you raid your top drawer ? I.e. You drew the money off the card before you decide it you were going to make that decision ? ....if you get my drift !
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kallis3

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Post by kallis3 » Thu Aug 27, 2015 6:11 pm
I certainly wouldn't do that and it doesn't help with the HP on the car.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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Lisa Thomas

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Post by Lisa Thomas » Fri Aug 28, 2015 10:08 am
That could lead to a Bankruptcy Restriction Order being made against the Bankrupt although its not high risk.

Using an overdraft facility might be a different matter (if available). As regards the HP ultimately this is up to the OR/Trustee as to whether the expenses is reasonable but also whether the HP company is happy for the arrangement to continue post BKY.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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