A unique financial situation - Bankruptcy help needed

[IWanttobeFree]

Hi,

I am new here and I looked through the forum but the questions that I have, have not been asked before. So I am starting a new thread.

 

I have been in credit card and secured loan debts for more than 15 years and most of the time,

I have been working to pay my debts.

The life had been very hard.

But last year a friend advised 'not to pay any of your credit cards debts as you are just killing yourself',

and I did stop paying them which gave me some breathing space.

Now I have one creditor taking me to court to seek a CCJ.

 

I have reviewed my financial situation carefully and I have come to a conclusion

that I will not be able to pay any of my debts for at least another 10 years and I am 48 now.

 

 

The same friend has advised me now to stop paying mortgage and remaining 2 secured loan payments and apply for bankruptcy,

which I agree to but I am worried about committing BANKRUPTCY OFFENCE,

and ending up up to 15 years of BRO.

 

 

Could the following be considered Bankruptcy Offenses;

 

 

• If I stop paying my mortgage (which has a negative equity of about £15,000) and secured loan, then could this be considered a bankruptcy offence as I would have piled up debt?
  

 

• I am employed full-time and my take-home pay is about £1500 with overtime. But I want to give up this job as it exacerbate my Sciatica pain. I want to do taxi-driving for a while which I did before. Will OR consider this an offence as my income will go down to about half?
  

 

• I had stopped paying my creditors over a year ago, so could this be considered an offence or fraud?
  

 

• I am also the director of my own LTD company(book publishing) but it made a loss of about £1500 in the first year. I am not hoping to get any financial reward from selling any more novels in the near future. So if I sold the entire shares to a friend or family member then could this be considered an offence. I want to do this before bankruptcy as I know I cannot remain a director.
  

 

Thanks in advance for your help!

[dx100uk]

crap advice!!!

 

 

so you have a claimform what have you done about that

tell us the story.

 

 

dx

[unclebulgaria67]

Sounds like very bad advice.

 

You need to speak to someone qualified to understand your full situation. Where are you going to live, if you made yourself bankrupt with a house repossessed. Unless you have someone who can provide free or cheap housing, you could be living in the taxi, not just driving it.

 

The way forward is to look at all options, with each debt considered separately. Perhaps Stepchange debt charity can look at some debt management solution. The mortgage and secured loans are going to be priority to pay. If they repossess the house, it could take awhile to sell at a much reduced price, plus they would add on all their various costs. The credit cards as unsecured are not a priority, but you could see how enforceable these are if you stopped paying. If you can provide more details as to which credit cards and when you took these out originally, more advice may be given.

[IWanttobeFree]

Thank you for your replies and help. Here are details;

 

Aqua £4,350 - started Jan 2013 - Now Idem Secrities, which are seeking CCJ - I was advised to ignore the form. It is still in my in-tray.

Natweat CC £3,470 - started Jan 2004

Barclaycard £6,250 - started Mar 2008

Vanquis CC £1,350 - started Jun 2014

Capital 1 £1,450 - started Apr 2012

Halifax CC £4,170 - started Jan 2007

Natwest OD £2,500 - started Sep 2002

Secured Loan £600 left - started Aug 2005 - originally £14,000

Argos C £590 - started Apr 2014

Edited October 20, 2015 by IWanttobeFree

[dx100uk]

Forget the rest what date is on the claim form top right please

 

Dx

[IWanttobeFree]

CCJ Claim Form dated 13 Oct 15

[dx100uk]

Get it ack,d now

 

Pop up on the mcol website

Create an individual new user

 

Then login to mcol with that

 

Respond to a claim

Select AOS

Defend all

Leave jurisdiction unticked

Exit mcol

[SabreSheep]

Also as you have received a claim form

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?419198-You-have-received-a-Claim-What-you-need-to-do.-**UPDATED-April-2014**%282-Viewing%29-nbsp

 

Copy the answers to those questions and place them on this thread so Dx and others can help

[IWanttobeFree]

How can I defend it, I do owe that money to Aqua? I don't want to lie under oath, or I will have severe consequences.

 

Further, I sent Idem CCA request which they acknowledged on the 3rd of Oct but then they just went for CCJ and never provided any proof that I owed them the money.

[dx100uk]

can you please get that link done

 

 

we'll deal with those things later.

 

 

have you done AOS yet too...

[IWanttobeFree]

Hi,

 

I don't know what do you mean by putting up a link.

I am not going to defend the CCJ and let them get it from court cos by defending I will only be lying to court.

 

I think the conversation is going in the wrong direct.

 

I put up this thread in the hope to get some answer to my original questions regarding Bankruptcy and Bankruptcy Offenses.

 

I am copying them here again and I would appreciate if someone could help me answer these questions.

 

Could the following be considered Bankruptcy Offenses;

 

If I stop paying my mortgage (which has a negative equity of about £15,000) and secured loan, then could this be considered a bankruptcy offence as I would have piled up debt?

 
I am employed full-time and my take-home pay is about £1500 with overtime.
 
But I want to give up this job as it exacerbate my Sciatica pain.
I want to do taxi-driving for a while which I did before.
 
Will OR consider this an offence as my income will go down to about half?

 
I had stopped paying my creditors over a year ago, so could this be considered an offence or fraud?

 
I am also the director of my own LTD company(book publishing) but it made a loss of about £1500 in the first year.
 
I am not hoping to get any financial reward from selling any more novels in the near future.
 
So if I sold the entire shares to a friend or family member then could this be considered an offence.
 
I want to do this before bankruptcy as I know I cannot remain a director.

 

Thanks

[dx100uk]

Do link in post 8 please

 

Dx

[dx100uk]

Hi,

 

I don't know what do you mean by putting up a link.

I am not going to defend the CCJ and let them get it from court cos by defending I will only be lying to court.

 

I think the conversation is going in the wrong direct.

 

I put up this thread in the hope to get some answer to my original questions regarding Bankruptcy and Bankruptcy Offenses.

 

I am copying them here again and I would appreciate if someone could help me answer these questions.

 

Could the following be considered Bankruptcy Offenses;

 

If I stop paying my mortgage (which has a negative equity of about £15,000) and secured loan, then could this be considered a bankruptcy offence as I would have piled up debt?

 
I am employed full-time and my take-home pay is about £1500 with overtime.
 
But I want to give up this job as it exacerbate my Sciatica pain.
I want to do taxi-driving for a while which I did before.
 
Will OR consider this an offence as my income will go down to about half?

 
I had stopped paying my creditors over a year ago, so could this be considered an offence or fraud?

 
I am also the director of my own LTD company(book publishing) but it made a loss of about £1500 in the first year.
 
I am not hoping to get any financial reward from selling any more novels in the near future.
 
So if I sold the entire shares to a friend or family member then could this be considered an offence.
 
I want to do this before bankruptcy as I know I cannot remain a director.

 

Thanks[/Qplace

 

So go get post 7 done too

 

Dx

 

Please... You do need to defend the claim form

Even if you think you owe the money

Else you'll get a ccj by default

 

Stating you wish to defend all puts the claimant (a dca debt buyer ..so why didn't the original creditor that you to court...I wonder why...)

 

As for you bk questions...IMHO you might not need to do that

 

At this time there is no rush.

You have been led down a very wrong path

And have been given very bad info

Esp regarding the mortgage

 

Let's get the claim sorted

Then the rest will fall into place

[unclebulgaria67]

Hi,

 

I don't know what do you mean by putting up a link.

I am not going to defend the CCJ and let them get it from court cos by defending I will only be lying to court.

 

I think the conversation is going in the wrong direct.

 

I put up this thread in the hope to get some answer to my original questions regarding Bankruptcy and Bankruptcy Offenses.

 

I am copying them here again and I would appreciate if someone could help me answer these questions.

 

Could the following be considered Bankruptcy Offenses;

 

• If I stop paying my mortgage (which has a negative equity of about £15,000) and secured loan, then could this be considered a bankruptcy offence as I would have piled up debt?
  

 

• I am employed full-time and my take-home pay is about £1500 with overtime.
   
  But I want to give up this job as it exacerbate my Sciatica pain.
  I want to do taxi-driving for a while which I did before.
   
  Will OR consider this an offence as my income will go down to about half?
  

 

• I had stopped paying my creditors over a year ago, so could this be considered an offence or fraud?
  

 

• I am also the director of my own LTD company(book publishing) but it made a loss of about £1500 in the first year.
   
  I am not hoping to get any financial reward from selling any more novels in the near future.
   
  So if I sold the entire shares to a friend or family member then could this be considered an offence.
   
  I want to do this before bankruptcy as I know I cannot remain a director.
  

 

Thanks

 

You have got into the mindset that bankruptcy is the easy way out, but it won't be.

 

 

You really need to speak to a qualified debt advisor about your situation.

You cannot purposely hide money or assets by transferring to other people before applying for bankruptcy.

There is no issue about changing jobs or allowing respossession of a house if you cannot afford it.

But you need to talk to an insolvency practioner about whether bankruptcy is the best option

or is it better to deal with the debts as best as you can, hoping that the situation will improve.

 

You can defend the court claim, even if you owe the money.

You would challenge them to produce relevant documents and look at the amount of charges applied to the account to negotiate a reduction.

 

 

These debt agencies now issue court claims on an industrial scale and they don't always continue with them if defended.

 

In regard to any credit cards taken out before April 2007, you could send CCA requests.

If they could not supply them, they would not be enforceable debts, if you defended any court claims.

 

 

With the unsecured debts, you could go through Stepchange and arrange some debt repayment option, to make your situation more affordable.

 

 

Creditors may freeze interest on your account.

[fondaroc3]

Thank you for your replies and help. Here are details;

 

Aqua £4,350 - started Jan 2013 - Now Idem Secrities, which are seeking CCJ - I was advised to ignore the form. It is still in my in-tray.

Natweat CC £3,470 - started Jan 2004

Barclaycard £6,250 - started Mar 2008

Vanquis CC £1,350 - started Jun 2014

Capital 1 £1,450 - started Apr 2012

Halifax CC £4,170 - started Jan 2007

Natwest OD £2,500 - started Sep 2002

Secured Loan £600 left - started Aug 2005 - originally £14,000

Argos C £590 - started Apr 2014

 

Do not stop paying anything, send each one as much as you can afford as a token payment then if you apply for bankrupcy you have broken no laws.