Bankruptcy

[Athy]

SKY TV, CJ? Blimey, is that now considered an essential expense? Ye gods and little finchers...whoops, I mean fishes.

[Dawnie]

apparently so!

[soldthehouse]

SKY TV, CJ? Blimey, is that now considered an essential expense? Ye gods and little finchers...whoops, I mean fishes.

What a crazy mixed up world none the wonder we are seen as a laughing stock by our euro friends..

[MrCJ]

SKY TV, CJ? Blimey, is that now considered an essential expense? Ye gods and little finchers...whoops, I mean fishes.

its the lowest package cant get norm tv in the area i am, and you are allowed entertainment they dont expect you to stare four walls for 5 years.

[soldthehouse]

its the lowest package cant get norm tv in the area i am, and you are allowed entertainment they dont expect you to stare four walls for 5 years.

Would be more entertaining than most tv by all accounts

[Dawnie]

The sky tv usually contains tv/broadband and phone, which is why it is allowed!

[soldthehouse]

The sky tv usually contains tv/broadband and phone, which is why it is allowed!

The term consequences and actions springs to mind

[Dawnie]

Consequences and actions eh? A bit unfair, it is not always ones actions that cause problems! My 'son in law' and daughter have just taken out a new mortgage. Two days ago he was at work and was run over by a forklift. So it will be his fault if they cannot pay the mortgage now will it?

[soldthehouse]

Consequences and actions eh? A bit unfair, it is not always ones actions that cause problems! My 'son in law' and daughter have just taken out a new mortgage. Two days ago he was at work and was run over by a forklift. So it will be his fault if they cannot pay the mortgage now will it?

Not with the facts as you present them.

[MrCJ]

there is alot of reasons people get into money problems not all down to there own fault.

[Dawnie]

Exactly, let's be a bit more generous New Year, new start, season of goodwill and all that

[Athy]

its the lowest package cant get norm tv in the area i am, and you are allowed entertainment they dont expect you to stare four walls for 5 years.

Fair comment CJ, my apologies.

[MrCJ]

Fair comment CJ, my apologies.

 

apology axcepted happy new year.

[Biggles]

Not true, no credit for 6 years until the bankruptcy comes off your credit file. look here for more info

 

 

WRONG WRONG WRONG! I don't care what the official line is, one chap I know went for £26K to various credit cards. In 9 months he was cleared, he is now happily running up fresh new debts on new credit cards he has store cards, has a car on HP as well as his insurance premiums, he has a contract mobile phone. One of the cards and his phone contract are with the same companies. Oh and he has his own bank account, he has never been out of work from a virtually un-sackable job. Even he says how easy it was and has been and that he wished he'd racked it up more to get maximum out of the lenders.

 

One of the other people I know went for £66k. He managed to hide £25k of equity he had in a house which completed 10 days after his bankruptcy hearing. He got the solicitors cheque cashed from a service that cost him £250.00

 

Another one I know went for £80k on credit cards spent on online gambling. He kept his house, he is cleared now after 5 (yes 5) months and its as if nothing has happened accept he now drives a Vauxhall not a BMW.

 

I think the OR's are so busy now they get new cases everyday and have to clear the decks quickly to process the new bankrupts.

 

The biggest problem most of them have is they won't get a mortgage easily now. No big deal there as even the best credit rated people are struggling with that one, and probably will for the next 6 years anyway.

 

Biggles

[Guest]

WRONG WRONG WRONG! I don't care what the official line is, one chap I know went for £26K to various credit cards. In 9 months he was cleared, he is now happily running up fresh new debts on new credit cards he has store cards, has a car on HP as well as his insurance premiums, he has a contract mobile phone. One of the cards and his phone contract are with the same companies. Oh and he has his own bank account, he has never been out of work from a virtually un-sackable job. Even he says how easy it was and has been and that he wished he'd racked it up more to get maximum out of the lenders.

 

One of the other people I know went for £66k. He managed to hide £25k of equity he had in a house which completed 10 days after his bankruptcy hearing. He got the solicitors cheque cashed from a service that cost him £250.00

 

Another one I know went for £80k on credit cards spent on online gambling. He kept his house, he is cleared now after 5 (yes 5) months and its as if nothing has happened accept he now drives a Vauxhall not a BMW.

 

I think the OR's are so busy now they get new cases everyday and have to clear the decks quickly to process the new bankrupts.

 

The biggest problem most of them have is they won't get a mortgage easily now. No big deal there as even the best credit rated people are struggling with that one, and probably will for the next 6 years anyway.

 

Biggles

 

All sounds very dodgy to me......

 

But I gave dodgy advice in my first post so what do I know.

[soldthehouse]

All sounds very dodgy to me......

 

But I gave dodgy advice in my first post so what do I know.

Dont suppose you care after all that steak and wine... all the best mush. Had a parmo lately [They wont have a clue]

[Guest]

Dont suppose you care after all that steak and wine... all the best mush. Had a parmo lately [They wont have a clue]

 

And to you,

 

PS Parmos are for Chavs,

 

PPS All the best to you and yours for 2010 and hope things go well for her in 2010.

[david and julie]

I'd ignore any derogatory comments, in reality few people could afford to save 50% of their earnings on the off chance their circumstances change. These things can happen to anyone - believe it or not my solicitor(who have used for over 20 years) went bankrupt last year.

 

I can't offer any debt advice at all - but after reading all this the repeated CAB suggestions seem like good advice. I do hope you manage to resolve your situation, but above all please try not to get too stressed over it (I had years of that - work - not debt related) and I wouldn't wish it on anybody, it really effects ones health and judgement.

 

Stand back and think twice about what you sign or say.

 

Best wishes.

[Laurie Booth]

Already thought of 'selling boat to friend', but checked out on bankruptcy site....its illegal to sell property before you declare bankruptcy!!!

I understand what you are saying, I was suggesting this where you do not declare bankruptcy. No law against selling something very cheap, you're not to know you are going bankrupt.

Please do get advice from the CAB, just hope they are better than the ones where I live.

I was told to get a "Better Job"

[Hairy-Neil]

Before I retired earlier this year, I worked for HMRC and, in my career, came across many people who had been made bankrupt - both voluntarily and by action taken by their creditors. However you are made bankrupt, you CAN lose any assets you have - your house, your boat, anything. If you can, AVOID bankruptcy at (almost) any cost. Debt Management Arrangements (I see you already have one) and Voluntary Arrangements are alternatives but they will affect your credit rating as much as a bankruptcy. Without full details of your financial situation nobody on this forum - or elsewhere - can give you proper advice. Get down to the CAB, talk to the Bankruptcy Association and be very, very open with them about your financial situation. You may be able to change your DMA in the light of your changed circumstances, a Voluntary Arrangement might be the way to go. I can't tell but you MUST find out. Stay away from the so-called "independent" debt management businesses - their sole interest is how much profit they can make out your misfortune.

 

Good luck and may 2010 be a better year for you.

 

The clothes you stand up in? The tools of your trade?

[Smelly]

I haven't read all the thread so this might've already been said...

 

CAB are very flaky in some areas but National Debtline aren't. There's a resource pack on the website or give 'em a ring. they're based in one place and you can be confident of decent advice.

[Mandy]

I got into similar problems after being made redundant and couldn't pay the loan I got for my boat. Lots of sleepless nights and used all my savings to pay loan till they ran out. Advised to go to the debt counselling service (free). They gave me brilliant advice, were on the end of a phone whenever I needed them and sent me a pack which included letters to send to my creditor, rules about what they can and can't do etc. I followed their advice to the letter and a few months on I got an agreement from my creditor to drop my repayments from £275 per month to £5. They will revisit it in 6 months, but in the meantime, no more letters, phone calls, threats etc.

The main thing I learnt was to keep communicating with your creditors and do it in writing, keeping copies of everything.

Ref. can they take your boat - the loan I can't pay was for the boat, but unsecured and the counselling service said they couldn't take it unless I default on a court judgment and even then, since it is my only home, they are unlikely to make me homeless. Hope this helps. Good luck for 2010 and ignore people who give you a hard time. I have worked all my life and have never, before this, been in debt. The banks screwed up the economy and as a result I was made redundant. So who is the villain here?

[capnthommo]

Sadly, the official receiver will look at all your financial dealings and would spot something like this pretty quickly. I've not been declared bankrupt but t'other half came very, very close to it so I did as much research as possible. At the time we were wondering whether our boat would be taken despite me owning half of it. Owning your boat outright and that being your only place of residence does not protect it from the official receiver deciding that it should be sold. They absolutely can take your home from you if you own it outright, as it's the best way to get money to pay your creditors.

 

goldtone, it's a very tough situation that a lot of people feel they can pass judgement on, without ever having been in the situation themselves. When we were worried about it happening I got a lot of useful advice from the Money Saving Expert forums (MSE Bankruptcy forum ) There are some people on there that have been through some extremely tough situations, often through no fault of their own.

 

I definitely second the advice already given, contact CAB or one of the other free debt advice charities. You mentioned that you're already on a DMP, is that organised by yourself or one of the charities? If it's one of the charities, go back to them and see if it can be re-structured.

 

Sod the "usual incoming", only you know your situation. It's a tough time and I hope you get it sorted. Feel free to pm me if I can help in any way.

 

And for tonight, forget it, there's nowt you can do right now - it's New Year, put it out of your mind and hope that next year is a better one

really sorry to hear of your plight. i can't really suggest more than to say check out the link above. this is a really good money matters site and is totally free. the guy's on BBC and is really into saving money.

and the best of luck to you too.

cheers

nigel

 

ps i really mean it about the mse link

pps really really mean it

(no connection with the operators)

[Athy]

I've watched this fellow's programmes on TV. He's a bit flamboyant and talks fast, but beneath the shobiz manner there lies sound information. Following his suggestions saved us about a hundred pounds on our last overseas holiday.

[PaddingtonBear]

I can do nothing but heartily agree with Smelly viz. CAB. The CCCS is apparently funded by the finance industry and so their sympathies are with them when push comes to shove. The best organisation by far is any associated with Money Advice Trust, much more hands on , even to the extent of money handling. Yes I do have and interest, I used to be a volunteer advisor for the Money Advice and Community Support Service in Brighton and latterly Lewes. I know that they are not exactly Tower Hamlets but in some ways it was much harder - less statutory help and much more hidden need.