im 24 my husband is 30 we have 3 young babies and

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lyla

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Post by lyla » Fri Aug 06, 2010 9:15 am
yer we got a bonus twice and it went to the bedt that were demanding , plus morgage arrears, can the garentee ya keep ya home in BR, what happens to ya wages then dont they take them for yrs and yra xx
want to see the light at the end of the tunnel
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 06, 2010 9:16 am
I would seriously take a look at abnkruptcy as being a faster route to getting back to a debt free way of life. If your home has little or no equity you will keep it and could be debt free much faster than 6 years,allowing you to enjoy the earlier years with your children which fly bye too quickly,and before long you wonder where the time went!!!! Dont let your debt drag you down. Make sure you discuss all options with any firm you choose(freeman jones are used by a few people on this forum).

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 9:20 am
If there is no equity, you can buy your future interest in the property for £1 plus costs of about £211. The property is then protected and no one can come back in the future. If there is equity you would need to find a third party to introduce these funds so it may be worth getting a valuation and up to date mortgage redemption figure.

If you have a surplus income you are expected to pay a percentage of this for 3 years even though the bankruptcy itself is usually over in twelve months. Other than that there is little to fear.

Take some free advice and find out what you would be expected to have to pay into an IVA or bankruptcy and this could help you make up your mind. Given the level of debt and three small children other options such as debt management may not be appropriate.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lyla

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Post by lyla » Fri Aug 06, 2010 10:57 am
i terrified now! i knew i was in alot of debt but when someone says how it is gonna effect my life it cuts like a knife! wont bankrupcy affect me forever and ever?
want to see the light at the end of the tunnel
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 11:04 am
No reason to be afraid and sorry if I somehow frightened you. Bankruptcy is a common tool used by people in financial difficulties to relieve themselves from the pressures of their debts. IVAs are also a legal way of protecting you from your creditors while paying back what youy can afford for a limited period of time which is usually 5 years.

These are processes put in place by government to help people like your family and not as any form of punishment. You have done nothing wrong and all you need to do is find out what is the best way forward for you and your family. Regardless of whatever option you take, your credit file will be damaged for 6 years but nothing hangs around you forever.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 11:10 am
Just to add Lyla, that you are not on your own. In the three months to June the number of people in England and Wales who were declared insolvent was almost 35,000. Of these nearly 15,000 went bankrupt and 13,500 entered IVAs so as you can see while you may feel that you are the only person in this predicament, there are many, many more in the same boat.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

plasticdaft

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Post by plasticdaft » Fri Aug 06, 2010 11:18 am
Did the rest opt for a dmp Michael or is that unknown?
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Michael Peoples

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Post by Michael Peoples » Fri Aug 06, 2010 11:33 am
The rest were nearly 6,300 debt relief orders. The stats for DMPs are not known because they are not official insolvencies.

Bankruptcies have actually fallen while DROs and IVAs have increased. Overall the figures are slightly down but it is too early to determine any long term trends.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

lyla

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Post by lyla » Fri Aug 06, 2010 12:16 pm
thanks guys i do strangly feel better now i have opened my eyes to the extent to the problem, just want to keep my home, and feed my kids i would go with out anything else x
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Nicola.sa

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Post by Nicola.sa » Fri Aug 06, 2010 8:13 pm
I found this a very informative thread to read. Its amazing how there are so many myths surrounding bankruptcy. Before this forum, I always believed that all your possessions including your home was automatically taken from you and you were left on the kerb so to speak and that once bankrupt one could never get a mortgage again or any other credit. I think that these beliefs are very common.
 
 

kallis3

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Post by kallis3 » Fri Aug 06, 2010 8:17 pm
Hopefully people are finding out more about BR now and the fact that it does not have the same stigma now as it used to.
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.
Bob Marley.
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Skippy

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Post by Skippy » Fri Aug 06, 2010 8:22 pm
I know what you mean Nicola. Before I went BR I was terrified as I thought I would lose everything - I even made my OH check he had the receipt for the TV to prove it was his!
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