advice needed

[dazzabambra]

hi i need advice i have 4 depts to 3 companies £12,000 to lloyds bank,£2000 to black horse another £1500 to black horse andd an egg cc £2000.

I retired from work 9 yrs ago after fiinding out i have parkiinsons disease ans live on benefits .ive reclaimed bank charges,ppi ect.ive tried a credit fix companyand now been advised to take an iva.

thing is i cant afford the payments on the iva £200 per month for 5 yrs !!

I have no assets i rent my house,the only thing i have of any value is my car a mitsubishil l200 07 plate bought with a loan from motability 6 months ago which i pay £180 pcm for direct from benefits.

ive been reading posts on bancrupcy and am considering this route any advice,and would the car be siezed as without it i am unable to get around as i can only walk short distances and live rurually ie public transport o

thanks

darren

[debtinfo]

Hi, is the car on the 3 year lease, or the HP with Motability or did you do the finance with someone else

[dazzabambra]

the cars on hp loan from motability

[debtinfo]

What are the details, how much is owed in total and what is the car worth

[dazzabambra]

the car cost @£9000 ive had i six months and ive made 6 payments of £180 on a total loan of £12000

[debtinfo]

In cases like this this the OR is looking to see if they can recover anything. As the car is in negative equity the OR will sent a letter statting that he will not be adopting the agreement. This puts the ball back in the court of the the lender. Some lenders will take the car back, some will allow you to keep making payments. The OR looks sympathetically on Motability cases and will normally attach a letter asking that you be allowed to keep the car. All this means that i have never heard of a car in negative equity being taken back by Motability BUT every case is looked at on its own merits

[dazzabambra]

does the car have to be included at all as its paid direct fr om my benefits i have no problem with the payments as i never actually see the m oney so i dont actually class it as part of my income .i would like to continue with the arrangement for the car

[debtinfo]

All your assets and liabilities are included inyour Satement of Affairs and the OR decides which are not included. To knowingly omit information would be a bankruptcy offence

[loobyloo85]

Hi there

 

Considering your circumstances, bankruptcy is a good option for you. You would need to declare your income and expenditure details, and all details of assets in your name, and it is down to the official receiver to look into this and see what he needs to realise/sell to repay the debt. You would not lose much by going bankrupt with you living in rented accomodation, and your Bankruptcy would only take 12 months and you would then be debt free. You would need an upfront cost of about £500 to set up the bankruptcy,but I would strongly suggest you look into this option further.If you have no assets of a high value, bankruptcy is not stressful, and it would be the official reciever dealing with everything on your behalf. The only thing is that the bankruptcy would be advertised in the newspaper.

 

Best wishes

[debtinfo]

As of 1/04/09 bankruptcy are are only normally in the london gazzete. They are only put in a local paper in exceptional circumstances

[gizmo111]

retired from work 9 yrs ago after fiinding out i have parkiinsons disease ans live on benefits .ive reclaimed bank charges,ppi ect.ive tried a credit fix companyand now been advised to take an iva.

thing is i cant afford the payments on the iva £200 per month for 5 yrs !!

 

name and shame these people - you are on benefits and there is no way you can afford let alone even suggest a huge commitment like a IVA that is only suitable for the minority of people in debt.

 

Your car should be safe but you need to declare it on yourSOA - you will only need to pay £345ish not the full £500 and there are charities that can help with the fees.

[dazzabambra]

companies are lloyds bank,and black horse all money grabbing ba*****rds

can you give me the names of charities who may help

[gizmo111]

companies are lloyds bank,and black horse all money grabbing ba*****rds

can you give me the names of charities who may help

 

I meant the names of the people trying ot get you into a IVA.

A search should throw up some charities.

[dazzabambra]

the people trying to get me into an iva are BACK TO BLACK AND CREDIT FIX. ive told themn that i wont be going ahead with the iva and they offered help with the bankrupcy , ive just had a call from them saying that the bankrupcy would cost me £500 and the chearge for their help would be another £500 !! they also said that when the b/c goes through the court woukd probably look at my income and make an order that i pay about £200 a month to my creditors for three years so its very similar to an iva,they also said that my bank account would be frozen and i would have to apply to the receicver to obtain money fro general living expenses. is any of this true? it seems very different to what ive read on here.if this is not the case can somebody tell me how to go about filling in the b/c forms and were to go for some free advice

[dazzabambra]

nobody there ?/?

[debtinfo]

Hi, you can post questions about filling in the soa on here, i am usually about. The OR does not hold the reigns to your bank account or money during bankruptcy. But you may be asked to pay something to your creditors for 3 years. It depends on your income and expenses. Do you have any income that is not a benefit or a state pension. You can get the forms by phoning your local court. The cccs and CAB can help you for free. There are firms that fill in your forms for a fee but these are nt nessesarily any better then the free or do it oyurself options. Hources fo courses.

 

In conclusion, If you believe Br to be the only option, then get the forms. Have a go at filling them in, if you have trouble post any questions on here, if your totally lost seek some help free or otherwise

[dazzabambra]

hi just thought id update you all .

bout two months ago i sent a letter to each creditor asking them to write off the dept

to ,y supprise no response from any of them !! and its all gone quiet, no letters ,phone calls nothing i havent even had a dca contact me !

what do yu think?

leave best allone or contact them ?

[dazzabambra]

ps its very trrue what they say ,ignore an dca and face the consequences ..........they take a huff and go away

[babybear39]

Hi there dazz

 

Can see that you've had conflicting advice and would like to offer some based on my own experience.

 

Firstly NEVER use a private company to administer your finances as they will charge you the earth for something you can do yourself easily with proper advice here.

 

Have you had comprehensive advice from nationaldebtline, CCCS or CAB re: BR?

 

There are a number of charities/organisations that can help with BR fees. A previous employer's fund paid mine. CCCS advised that some utility comapanies have funds available to help. Make a phone appointment with them to discuss this issue.

 

Unfortunately DCAs and OCs do NOT go away they just wait and pass the accounts on. Did you mention that you were considering BR to them? If not, do so now in writing. That may make the difference as to whether or not they write off your debts.

 

Please give an indicator as to your income. Is it just benefits or do you have any private income?

[loobyloo85]

Yes, what made you not take up the bankruptcy option in the end, was it anything in particular? x