Advice on Bankruptcy?

[mack187]

Hi All

 

I wanted to get some advice on the idea of Bankruptcy (I have an appointment with CAB but know their are probably even more knowledgable people on this forum on the subject), this is not something I consider lightly but I do feel I have come to the end of my tether with my debt problems and see no other way out.

 

....The story is I am 28 years old and have debts with various different creditors of over £14,000, I make no excuse for this situation it is mostly my fault but it seems when banks and other creditors have got you in this situation they will do anything to keep you there.

 

...I had a debt management plan with Payplan but it really didnt work out the creditors said they would stop charges and interest but then just started them up again saying they had no contact from payplan when I know they certainly did they then said this was a mistake and apoligised but still the charges and interest was applied and I was not really getting anywhere. I cancelled the plan and negotiated my own payments with them, however the charges and interest are still stacking up which means I am paying out large sums every month and the debt is hardly being touched....It seems a waste of time and money because at the moment I feel I will be in debt to them for the rest of my life....and I want to do things with my life that I can't with this hanging over me.

 

....Believe me I have tried reasoning with these people but they just do not want to know, I am not looking for a quick fix but would like some sound advice to help me really get my head above water and see a way out of this. Obviously I know about an IVA and the other althernative would be Bankruptcy (how bad is that really?)...My biggest worry is that I had to move out of my flat and back in with my parents...would an IVA or Bankruptcy affect their credit rating and be held against their address??

 

Please any help would be greatfully received

 

Regards

 

Tristan

[Killerschick]

Bankruptcy no longer has the consequences it once did, unless you are (or intend to be) an MP or a company director or you own your home (you will be expected to sell to settle debts unless in negative equity). If you work in financial services, the law i.e. solicitor or barrister or a cash handling job you may need to keep your employer and/or professional regulatory body informed. Bankruptcy now only lasts a year at most unless the official receiver finds any fault with your financial affairs (e.g. gamblimg, paying a particular credit in preference to others, entering into credit you knew you couldn't pay) but it stays on your credit file for six years.

People with the same surname at the same address are assumed to be financially linked unless a notice to say otherwise is registered with credit reference agencies. So, yes your bankruptcy would impact on your parents if you all have the same surname but this can be avoided if they register notices of disassociation (saying they are not financially linked with you) with the major credit reference agencies.

 

CAB money advisors are generally pretty expert on bankruptcy and even if you see a general advisor they should be able to refer you on or give advice from their information system which is very comprehensive.

 

The insolvency service website (The Insolvency Service Website) is also a good source of information and also has all the documentation you will need to declare yourself bankrupt.

 

Hope this helps

[sequenci]

Hi Mack. Are you working Fulltime?

[Having_A_Knightmare]

Mack

 

how old are the debts.

 

HAK

[mack187]

Hi Yes I am...but I am actively seeking a better paid job to help with the situation...obviously this is difficult as I can't afford to lose my current job so I have to be quite careful about interviews and such

[mack187]

The debts vary in age , being with different creditors...having tried to get myself out of trouble through further borrowing I found myself in much more....vicious circle! They range from 1 year to 3-4 years!!!

[The GodMother]

who are the debts with and are they all enforcable?

 

Have you CCAd any of these companys?

[mack187]

Hi the debts are with Lloyds(main debt)Overdraft,credit card & Loan, MBNA(credit card), Egg(Credit card) & Natwest(overdraft)!

 

I have not cca'd any of them because excuse my ignorance I'm not certain what that is but will do some reserch

 

Thank you

[The GodMother]

have you thought of sending them a CCA request?

 

I notice you have a credit card with MBNA. You MAY find that the MBNA debt is unenforcable as some of the ppl on this site have found that.

 

I have not really been noticing many egg threads but the same does apply for them.

 

Now the bank credit card and loan would be the same but l dont know if a cca is covers a overdraft.

 

A CCA is a consumer credit agreement which is requested under the consumer credit act of 1974.

 

All you need to do is look at the stickies above these threads. You will find one for creditor templates.

 

Sorry i dont have the link but they are easily found. You will require letter N, request a cca.

 

Just amend that to suit your needs DO NOT SIGN THE LETTER JUST PRINT YOUR NAME. dont worry it is legal.

 

Send that with a £1 Postal order at least recorded delivery, this is needed as it is a legal request so u need proof of posting /delivery.

 

Then sit back and wait. They have 12 working days after they recieve it to get you the info. If they dont they they deafult.

 

A working day is classed as monday to friday so NO WEEKENDS.

 

any more info required just shout.

 

Chrissi

[mack187]

Hi

 

Many thanks for the advice, I've sent off the CCA's today so I will wait and see what they come up with and see the CAB in the meantime.

[The GodMother]

yes see CAb but always bear in mind that until you have evidence you dont need to make a decision on the bankruptcy.

 

When you get the replys let us no what you have, it is easier if you post them up for us, and we will let u know if the are enforcable or not.

 

Chrissi

[The GodMother]

it turns out that overdrafts ARE covered by CCAS

[mack187]

Hello

 

Thanks for all your advice so far

 

Received a reply from MBNA today with a "copy" of my credit agreement, now should this be something that contains my signiature? Because what they have sent me seems to be a template of a credit agreement with my name & address inserted at the top, although their is a ticked box and a date relating to when the agreement was made.

[The GodMother]

yes l think it should contain your signature but if you could post the document up then it would be helpful as we can then look at it more carefully and tell you iof anything else is wrong with it.

 

Chrissi

[mack187]

Thanks

 

I'm guessing their are some notes on here for how to post a document like that?..I will have a look and then put it up

[The GodMother]

all you need to do is join photobucket, its free, then scan the image into your computer and with paint take out all your personal details, name adress email addy phone number and signature, then post ask photobucket to take it off your comp and then take the IMG number and paste it into the quick reply box.

 

Chrissi

[mack187]

 

 

 

 

 

 

hope it worked!

[The GodMother]

how did u apply for this?

 

l have only heard of tick boxes when the account is applied 4 on line

[The GodMother]

something i have just thought of when did the oft ruling on charges come in to effect?

 

l thought you were not allowed to be charged more than £12 in fees like overlimit fees as this is over the £12 and this is dated 2006

[mack187]

Hi Godmother

 

I believe I did apply online for this credit card, I have already had some charges back from after sending the pre-lim and the lba but they are still making £20 charges

[The GodMother]

rite l will call on someone with more knowledge than be about this

[mack187]

In the meantime I have also had a document through from Lloyds with regards to my loan, all seems pretty above board but then I am far from an expert, any advice is greatly appreciated!!

 

 

 

 

 

 

 

 

 

 

Thanks in advance

[The GodMother]

I have pmd a couple of paperwork experts but l dont know if they will be able to help.

 

Chrissi

[Curlyben]

Well the prescribed terms are all present, so enforceable.

[The GodMother]

Ty Curlyben for that l did not want to get it wrong.

 

Chrissi