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Hi guys not been on the forum for a while,just needed a little rant,
well my life at the moment isnt getting any easier,im two months in on my dmp and we seem to still be struggling .
Im now thinking about bancrupsy and was wondering what the proceedure was and what assets they would take im a property owner but worried my kids stuff will be taken
my life is hard at the minute because those who know me know that ive had to come out of work because of a back disease and ive been given another blow today that i cannot go back towork for another six months and ive already been off nine months upto now
my mum as not spoken to me for 7 weeks and i only have my friends for support and they have been great,two of them have been out today to buy me food for my kids and animals and this is good of them but i feel bad.
yesterday i could have ended it all but after going to the doctors today and having those friends around me ,i feel a little better.
my head is about to explode and no tablets are touching it,my health as taken its toll on this and reflects in my hair and skin and i look and feel a complete mess.ive done nothing but cry and now feel that im all cried out.im stuggling to sleep but feel tired and worn down.
please help and truley sorry to rant but nowhere else to turn but to people in the same boat[:(!]
regards kerrie

kerrie kirkham

Hi Kerrie and sorry to hear that you are having a rough time, but you seem to have some good friends around you and importantly your family.

When you are struggling to deal with debt you simply cannot afford to pay, it is usually better to hand the problem over - either to an insolvency practitioner or debt management company who can look to see if you can afford to make realistic repayments to your creditors, or to the Official Reciever under bankruptcy proceedings.

Are you a property owner, and how much are you paying into your current DMP. And don't worry about bankruptcy proceedings taking your personal and domestic items. In reality they are not taken into account.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

hi melanine
we are paying 173.00 to the dmp
my husbands wage is 1300.00 a month and our mort is 780.00 after going on interest only it was 902.00
with all the bills excluding mobiles come to 1038.00 and we have 45.00 each on the mobile,
my benefits include 122,00 every two weeks and 110.00 tax credits and 120.00 child ben
but seen to still be struggling as we need to eat and put petrol into car for my husbands work and also kids school bus fares
i just dont know where the money is going in total our income is 1900.00 a month which should be suffient
kerrie

kerrie kirkham

Kerrie

What is the value of your property and the amount you currently owe the othe mortgage company?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

we are with northen rock and we have 128,000 and 16,000 is our unsecured loan but it is a together loan so i think this is still classed somewhere in the small print as secured.
my friends are valuers as i said i previously used to be a estate agent
my friend came today to see me and she as been racking her brian and said that my only potion id to go bancrupt as the market in this area as gone down
my last valuation was 135,000 but this would not fetch 125,000 at the moment ,also the market is quite and those sales that are going through are 10,000 below asking price

kerrie kirkham

So with negative equity at the moment, you really have nothing to lose by going bankrupt. A relative or friend could acquire your beneficial interest in the property for a £1 nominal sum, leaving your home intact and the debt pressure behind you. If you can only afford £137 per month between you, it is unlikely that you will get asked to make any ongoing monthly repayments, and you can then look to the future with some positivity and knowing that you tried your hardest.

Family life is number one priority, and when your debts start affecting this it is time to take action. Good luck.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

thanks melanie for your advise ,need to go to bed now as im tired out
thanks agin kerrie

kerrie kirkham

Hi Kerrie, I'm sorry that you're having a bad time at the moment. As Melanie says you have nothing to lose by going BR, and please don't worry about anyone taking your children's things as they won't.

Good luck with whatever you decide to do, and if you have any questions please post - there will always be someone to help you.

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/

HI SKIPPY,
I WAS HOPING YOU WOULG GET IN TOUCH,
WHAT IS THE PROCESS AND WHAT DO THEY DO?
I HAVE A HOME AND WONDERED WHAT TO DO ,
WHAT SORT OF THINGS DO THEY TAKE?
I ALSO HAVE A CAT AND DOG TO CONSIDER AS I DONT WANT TO GET RID OF THEM THEY ARE LIKE MY KIDS.
IF I DID THIS WOULD THIS FREE ME FROM DEBT?
IVE READ SOME WHERE ON THIS FORUM THAT THEY CAN SOMETIMES COME BACK TO COLLECT DEBT AFTER YOU ARE BANK CRUPT.IS THIS TRUE.
MY DEBT IS APPROX 45,000 I KNOW THIS IS NOT MUCH COMPARED TO SOME ON THIS SITE.
YOUR ADVICE IS VERY WELCOME.
KERRIE.X

kerrie kirkham

Hi Kerrie, I'll try and answer your questions one at a time.

1. When you have decided that BR is the way forward for you, you will need to contact your local court to find out if you need to make an appointment or if you can just turn up - different courts have different ways of doing things.

You can complete the forms online - www.insovency.gov.uk - I did that and it's much easier as you can save it as you go along and go back and amend things.

On the day you go to court you will need to take the unsigned forms with you (check with the court how many copies they need as it varies) and you will sign them in front of the clerk. You may or may not see the judge as again it varies from court to court. Once the judge has signed the paperwork you are officially bankrupt and free of your debts.

You will then get a phone call from the Official Reciever - some people have waited at the court, others get the call at home. They will tell you when your actual interview is and will send you a BR pack which tells you what will happen, what your responsibilities as a BR are (nothing to worry about really!) and what you need to send to the OR.

2. The OR will not be interested in your household goods unless you have a brand new 50" plasma TV or a few Van Goghs on the walls!

I don't own a property so I don't know a great deal about what happens, but I do know that if there is equity in the property a partner, friend or relative can buy the beneficial interest from the OR. If the property is in negative equity they can buy the interest from the OR for a nominal sum, usually £1 plus costs.

3. If you have animals you are entitled to claim for their 'upkeep' in your income and expenditure, although it seems that some OR's are more animal friendly than others!

4. Going BR will free you from most debts that you have up to the date of the BR. Debts like court fines and maintenance arrears cannot be included, but everything else can.

5. Once you have gone BR your creditors cannot chase you for money. It doesn't mean they won't try for a while afterwards while they update their systems, but if they do refer them to the OR or else send them a copy of your BR certificate.

Whilst going BR wasn't great it was such a weight off my mind. I have about 4 1/2 months until my automatic discharge date and to be honest the time is flying past. I've had a few ups and downs and a few stressy moments, but nowhere near as many as when I owed £65k!

If you have any more questions please ask and I will try to help. I am around for the rest of today and then I'm disappearing until Tuesday to move house!

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/

Hi all, can't really add much really - Skippy seems to have covered the whole subject!!! Well done Skippy - you should do this for a living!! [:D] All I can add is that if you have a home and it's got negative equity - then the OR will offer to "sell" it back for £1, plus legal fees of around £211. Another word of advice would be if you're getting a valuation done on your house, ask the estate agent for a quick sale valuation so they don't inflate the price.

THANKS VERY MUCH SKIPPY,SORRY DIDNT REPLY STRAIGHT AWAY,
IM GOING TO SERIOUSLY THINK WHAT TO DO,
ALL YOU HELP AND ADVISE AS BEEN TAKEN IN.
I WOULD ALSO LIKE TO SAY THANKS TO EVERYONE FOR THERE SUPPORT.
REGARDS KEERIE

kerrie kirkham