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Bankruptcy anyone been through it?

46 replies

missyhols · 23/07/2007 23:10

Dh and i are just about to go through it anyone else been through it already?

And yes we have considered all options. Baby due in 8 weeks and dd is 19 months!

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whomovedmychocolate · 25/07/2007 21:13

Tortoise - someone should have told you that 99% of the time, banks do this

Don't worry, you'll soon be through this and it's your chance to start over.

tortoise · 25/07/2007 21:20

I was warned but believe Natwests manager who said i would get a letter 1st . I had no money for my dc for a week until giros were sorted!
Had to use holiday money which we had sold stuff to save up for. Now looks like we can't afford to go away .
Well at least its all over and done with!

missyhols · 25/07/2007 21:25

With just paying our two mortgages, utilty bills, food, fuel, etc. We were short of 500 a month. Dh has been doing all the overtime he could and still were short. Doesn't help that i'm on mat leave now. Our two mortgages were over a grand a month we have tiny two bed apart.

I've already got child tax to be done by giro and i'm sending letter to get child benefit to be made the same. Is it worth me calling gas water and tv etc? I'll need to set it up again when we move out anyhow.

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missyhols · 25/07/2007 21:25

With just paying our two mortgages, utilty bills, food, fuel, etc. We were short of 500 a month. Dh has been doing all the overtime he could and still were short. Doesn't help that i'm on mat leave now. Our two mortgages were over a grand a month we have tiny two bed apart.

I've already got child tax to be done by giro and i'm sending letter to get child benefit to be made the same. Is it worth me calling gas water and tv etc? I'll need to set it up again when we move out anyhow.

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whomovedmychocolate · 25/07/2007 21:28

So once you lose the mortgages, it sounds like you will be okay? That's good.

Don't worry too much about water/tv licensing. The water will be on at your rented place and you just have to call them to say you are the new tenant (but wait till you have a bank account to pay them with). TV licensing - if you've paid in advance you can just notify them on the new address, if it's monthly, again, just call them and give them your new bank details.

missyhols · 25/07/2007 21:37

Ok. Yes mortgages are crippling us and then we have 16 500 on credit cards. I'm terrified that judge will say no to bankrupt and then what?!

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whomovedmychocolate · 25/07/2007 21:43

He won't. Although perhaps an individual voluntary agreement would have been an option. It's not in your creditor's interest to object and the judge doesn't care one way or the other. You'll be fine.

Are you feeling okay about it all?

missyhols · 25/07/2007 22:11

Yeah feel fine just want the day to come and be over. I know it will still be difficult but nothing could be worse than what we're going through now. I'd rather have fresh start etc than an iva.

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MadAsABagOfFrogs · 25/07/2007 22:27

Missyhols check out www.moneysavingexpert.com there is loads of brilliant information on there. Especially on the bankruptcy and living with it forum forums.moneysavingexpert.com/forumdisplay.html?f=136

Also try the Bankrutcy Supporters Club bankruptcysupportersclub.co.uk/default.aspx There are some really friendly and knowledgeble folk on there.

whiskersonkittens · 25/07/2007 22:54

My friend went bankrupt recenty, best thing she did.

If you are moving into rented the best thing you can do is put your house on the market now, or hand the keys back to the mortgage company if there is no equity.

Regarding your car - if you need it for work it should be fine to keep it too, especially if worth no more than £3k.

Bank accounts - set up a building society account with a passbook or cash card now ready for bankruptcy, or try and arrange for your wages to be paid by cash or cheque to someone else's account. Take out all the cash you can now to live off until new bank acocunts are sortd out and speak to the Official Receiver as soon as you get the order and make sure he writes to the bank confirming he has no objection to you keeping the account for your wages.

Make sure you don't / haven't paid off parents or family members who lent you money rather than other debts - that can be claimed back.

It may be better to move ASAP i.e. before the bankruptcy if you can as this will avoid any problems with telling the landlord about the bnkruptcy. Won't affect things going forward but may be more difficult to get somwhere iyswim

With utilities if they give you a prepayment meter make sure they do not crank up the maount per unit to claw back the olddebt - not allowed. May be advisable to go with a diffrent supplier in the new place just to be sure.

I assume you and dh are both going bankrupt?

If you have any other questions feel free to email me on [email protected]

Good luck with new baby - my two are 17 mths apart and it is wonderful (if hard work at the beginning )

missyhols · 25/07/2007 22:55

Thanks for those x

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MadAsABagOfFrogs · 25/07/2007 23:16

There are only 3 bank accounts pacifically for B/R's. It is best to set them up after you have gone B/R. Check this link out forums.moneysavingexpert.com/showthread.html?t=474254

missyhols · 25/07/2007 23:17

Sorry whiskers we crossed each other. Rented house sorted my friend works in letting agency and landlord knows about us going bankrupt. We owe family but have not paid them back as we just can't! Luckily mil is helping pay the landlord deposit etc and my mum is a guaranteur. Will take out what we can now. Have cancelled direct debits to mortgages as they come out next week. Also need to cancel ground rent- we pay each month as we have a flat.

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missyhols · 26/07/2007 13:50

who moved my choco-- what do you think to moving before hearing?

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missyhols · 26/07/2007 15:08

anyone else able to help?

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whomovedmychocolate · 26/07/2007 15:44

Hello back now. Up to you, if you want to stay put it will take them quite a while to evict you even after the bankruptcy order is made but will be quite disruptive to have to go back to court with a newborn. Personally I'd just move and hand the keys back to get it over with.

missyhols · 26/07/2007 16:50

Yeah thats what i was thinking. How do we hand keys back? Send them? Just wanted to say thanks for helping me so far x

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whomovedmychocolate · 26/07/2007 17:00

I assume at least one of your mortgages is with the same bank you use normally - when you get your bankruptcy order, go in with them and your cards and cheque books and give them to the front desk.

missyhols · 26/07/2007 17:55

No actually we have mortgage with abbey and none of our accounts are with them! I'll get dh to call them in the morning.

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TootyFrooty · 26/07/2007 17:58

Your houses will be sold. How much equity do you have in your houses? Is there enough to pay off your debts?

missyhols · 26/07/2007 18:11

No even if we sold we would be about 25 grand in debt.

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