Bankruptcy need some advice
- Thread starter Controversial
- Start date
- Joined
- 2 Jan 2007
- Posts
- 8
malc30 said:
Amazing kind people just amazed how kind you all are, will take you up on your offer Tomorrow ok just need a break from it today.
daveyj27 said:You're a good man, and being able to face up to things without burying your head in the sand is part of the battle already won.
Thanks for the kind words so this is were all the kind people are on the net.
Thanks people for picking me up
We are all here to help and contribute mate.
How you have come across makes a lot of difference. Recognising your problem and being open about it and taking it on the chin gets mine and a lot of other peoples respect.
Your health issues should be primary and worrying about this cannot help. Once you have seen the person at the CAB office you will feel unburdened immedietly. They are very proffesional and very nice people.
I am old enouth to know we all makes mistakes and all trip up now and again its just how life is.
To be honest i feel you have done Nothing wrong at all as i am quite sure if your health was good then this would never have happened.
Once you have been to CAB you will be free to look after yourself and your mother until you return to full health.
Of course bankruptcy will restrict you after but not in a bad way. It will mean you will have to be a cash customer for a while but that is no bad thing.
It is Not true that you will be unable to get an account. If you approach your current bank and building society prior to the hearing there is a Very good chance they will let you keep an account open.
Being open and up front is what matters to All concerned.
Good luck to you.
How you have come across makes a lot of difference. Recognising your problem and being open about it and taking it on the chin gets mine and a lot of other peoples respect.
Your health issues should be primary and worrying about this cannot help. Once you have seen the person at the CAB office you will feel unburdened immedietly. They are very proffesional and very nice people.
I am old enouth to know we all makes mistakes and all trip up now and again its just how life is.
To be honest i feel you have done Nothing wrong at all as i am quite sure if your health was good then this would never have happened.
Once you have been to CAB you will be free to look after yourself and your mother until you return to full health.
Of course bankruptcy will restrict you after but not in a bad way. It will mean you will have to be a cash customer for a while but that is no bad thing.
It is Not true that you will be unable to get an account. If you approach your current bank and building society prior to the hearing there is a Very good chance they will let you keep an account open.
Being open and up front is what matters to All concerned.
Good luck to you.
They don't need to ask if you've changed your name - banks do a hell of a lot of background checking before they let you open accounts etc.
They have to legally for fraud and money laundering reasons.
Where do you get the idea that it's a simple matter of going Backrupt and then changing your name and then getting to start again?
You're basically saying I could go out and get myself £100k of debt - which wouldn't be difficult with credit cards etc.
Get myself declared backrupt.
Then, for £100 I can go and get the s dropped from my surname or a letter out of the middle so people don't even need to really change the way they address me.
Then instantly I'm back and I can start again as if I was an 18 year old with no financial history?
There is always going to be a paper trail and any bank or financial institute you attempt to deal with will be able to follow it - changing your name is not going to throw them off.
They have to legally for fraud and money laundering reasons.
Where do you get the idea that it's a simple matter of going Backrupt and then changing your name and then getting to start again?
You're basically saying I could go out and get myself £100k of debt - which wouldn't be difficult with credit cards etc.
Get myself declared backrupt.
Then, for £100 I can go and get the s dropped from my surname or a letter out of the middle so people don't even need to really change the way they address me.
Then instantly I'm back and I can start again as if I was an 18 year old with no financial history?
There is always going to be a paper trail and any bank or financial institute you attempt to deal with will be able to follow it - changing your name is not going to throw them off.
I am in a similar position to yourself and might be going down the bankruptcy route as well in a few months through illness as well, depression in my case. Also payment protection, as said before is crap mines stopped paying the loan after 12 months as thats all they would cover. So i am in this mess due to the bank and nothing i ever did, as like yourself made all payments up until the depression and marriage break up which was nasty, hence the depression.
With your illness you will qualify for incapacity benefits and possibly others, so make appointments with your local Job Centre/benefits office to talk over your options for correct benefits. As this might enable you to pay something towards your debts while also ensuring you have cash for yourself for any medicines, daily living expenses.
As others have said here phone CAB to make an appointment to see them, they will hopefully refer you to a money advisor and they can take you through all your options with regards to your debts. If you require CAB can also act on your behalf to manage your debts or make offers to the debtors to take some of the stress off yourself.
You can still get a bank account but it will be a cash card account only until such time as the bankruptcy period is passed. It will stay on your credit rating for 3-5 years if i remember correctly from my appointment with my money advisor.
I wish you all the best and a swift recovery, and as others here have said we are here if you need help.
SCM
With your illness you will qualify for incapacity benefits and possibly others, so make appointments with your local Job Centre/benefits office to talk over your options for correct benefits. As this might enable you to pay something towards your debts while also ensuring you have cash for yourself for any medicines, daily living expenses.
As others have said here phone CAB to make an appointment to see them, they will hopefully refer you to a money advisor and they can take you through all your options with regards to your debts. If you require CAB can also act on your behalf to manage your debts or make offers to the debtors to take some of the stress off yourself.
You can still get a bank account but it will be a cash card account only until such time as the bankruptcy period is passed. It will stay on your credit rating for 3-5 years if i remember correctly from my appointment with my money advisor.
I wish you all the best and a swift recovery, and as others here have said we are here if you need help.
SCM
Soldato
- Joined
- 23 May 2005
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- 2,964
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- Auckland, New Zealand
20k odd members on this forum? couple of quid each and he'll be right in no time
I have no experience or knowledge on the matter so no sensible advice to give im afraid but I'm wishing you the best for your health and finance. We're all your friends here.
I have no experience or knowledge on the matter so no sensible advice to give im afraid but I'm wishing you the best for your health and finance. We're all your friends here.
It is expensive to get cover with regards illness and the like and then as said most only seem to pay out for a year and then you are left on your own.
My wife and I have a life/critical/terminal illness policy which just covers our mortgage.
It isn't that expensive and it decreases over time in line with the mortgage - it will always pay the mortage off.
So if either of us were unfortunate enough to need it at any time over the next 22 years that is the single most expensive bill each month covered.
As it says on the tin, it covers us both (on a first come first served basis, that sounds terrible but best way I can think to describe it).
If one of us should die, be diagnosed with a terminal illness or one of many critical illnesses then the mortgage is immediately paid off.
Many critical illnesses are covered and if either of us were left in the position where we couldn't work again we would have the mortage paid.
Where you tend not to be covered is "long-term" illness - off work for more than 12 months but will probably eventually be able to work again.
We also aren't covered for general redundancy.
I feel as secure in my job as I can be but if the worst happened our savings would only really give us around six months.
Sure six months should be long enough to find new work, but it would be a hell of a scary position to be in.
Just remember that when it comes to debt there is no point trying to hide away from it.
You need to confront it and get it sorted.
My dad managed to get himself into a bit of a state a few years back.
Not to the level the OP is talking but still it all got out of hand.
In the end I ended up loaning him £5k to sort himself out totally and then he could start again and do things right - thankfully he managed to get himself sorted, paid me back everything he owed me and he will never allow it to happen again.
My wife and I have a life/critical/terminal illness policy which just covers our mortgage.
It isn't that expensive and it decreases over time in line with the mortgage - it will always pay the mortage off.
So if either of us were unfortunate enough to need it at any time over the next 22 years that is the single most expensive bill each month covered.
As it says on the tin, it covers us both (on a first come first served basis, that sounds terrible but best way I can think to describe it).
If one of us should die, be diagnosed with a terminal illness or one of many critical illnesses then the mortgage is immediately paid off.
Many critical illnesses are covered and if either of us were left in the position where we couldn't work again we would have the mortage paid.
Where you tend not to be covered is "long-term" illness - off work for more than 12 months but will probably eventually be able to work again.
We also aren't covered for general redundancy.
I feel as secure in my job as I can be but if the worst happened our savings would only really give us around six months.
Sure six months should be long enough to find new work, but it would be a hell of a scary position to be in.
Just remember that when it comes to debt there is no point trying to hide away from it.
You need to confront it and get it sorted.
My dad managed to get himself into a bit of a state a few years back.
Not to the level the OP is talking but still it all got out of hand.
In the end I ended up loaning him £5k to sort himself out totally and then he could start again and do things right - thankfully he managed to get himself sorted, paid me back everything he owed me and he will never allow it to happen again.
Debt Free
Best forum going for people needing help, people on there are in debt to the tune of 150k
And payment protection, to me its a load of crap, its the banks way of making money for nothing, I refuse to take it out, If i had a mortgage then maybe but with assets to cover the loans and debt I dont see a point.
I look around my bedroom and i could cover the debt and maybe add more, dvds, tv, xbox 360, pc, etc.
Best forum going for people needing help, people on there are in debt to the tune of 150k
And payment protection, to me its a load of crap, its the banks way of making money for nothing, I refuse to take it out, If i had a mortgage then maybe but with assets to cover the loans and debt I dont see a point.
I look around my bedroom and i could cover the debt and maybe add more, dvds, tv, xbox 360, pc, etc.
Last edited:
- Joined
- 2 Jan 2007
- Posts
- 8
yer_averagejoe said:
Thanks you guys are great I would never take that even if it was done I have to learn the mistake that has got me here, My father said always face the problems that you make yourself.
Today spoken to CAB and they said they can help with a few thing's it would also be pointless for the banks to lower the payment's.
As for IVA nope can't do that as I don't work now, so what I knew is now the best was said by them Bankruptcy is the best idea. They gave me a number for futher help if needed
So I have been to my local court that was scary, and picked up the forms to go bankrupt, inside the brown envelope which hold the forms is going to be my new life a better life or harder life who know's.
Will start filling the forms in and take it from there need £475 which is the fee ( cash ) when I hand the forms back to them.
I'll keep you all posted how it goes, like I have said your good people I thought at first why post here with this, I was just a guy whom just passed by reading threads watching the famous Gilly with his advice.
Your help maybe words but just that has given me hope