Re: Consequences of Bankruptcy
- From: "gonzo" <james@xxxxxxxxxxxxxxxxx>
- Date: Thu, 08 Dec 2005 07:27:01 GMT
"j.s" <j.s@xxxxxxxxxxx> wrote in message
news:ZSKlf.170710$Es4.36587@xxxxxxxxxxxxxxxxxxxxxxxxxxxx
> Steve Robinson wrote:
> > "j.s" <j.s@xxxxxxxxxxx> wrote in message
> > news:5xIlf.168279$Es4.5669@xxxxxxxxxxxxxxxxxxxxxxxxxxxx
> >> Due to my own stupidity I may be in a postion where I need to declare
> >> myself bankrupt(I owe around £35K through Credit Cards and Loans) .I
dont
> >> WANT to do it and if after seeing a debt counsellor there is any other
way
> >> then that is what I will go with ..was hoping for something like pay
half
> >> of what I pay now for twice as long , after all this will mean my
> >> creditors getting their money..eventually...rather than me going
bankrupt
> >> and them getting a lot less
> >>
> >> If I DO go bankrupt what does this mean to me? I understand you are
> >> allowed a modest car (my car is worth approx £3000 and I need it to
pick
> >> up and drop off my kids at weekends)would I have to sell it and buy an
old
> >> banger? Do they come round your house to see what assets you have?
> >> Would I be forced to cancel internet? Sky TV completely?I understand
that
> >> I may be forced to close my bank account? What about wages that have to
be
> >> paid into bank?
> >> I live with a parent but have to pay for rent and food (would it be
like
> >> CSA where that wouldnt be taken into account?), obviously I have
> >> maintenance payments to pay every week.Would they leave me with a set
> >> amount to live on each week? I bring home £300 a week.
> >
> > basically everything goes except tools of the trade and basic living
> > equipment
> > They generally assess your living costs and take the rest off you , they
> > will allow you to keep the car if it is required for work ,
> >
> > you will be allowed a bank account but it will be extremely restricted ,
no
> > overdraft no debit card or cheque card
> >
> >
> >
> Also, what do you think is the likelihood of an offer as I suggested
> being accepted?Is it not in their interest (as well as mine) that an
> agreement is reached?I really do want to pay what I owe, its just
> impossible to pay it at the rate it is now.
there are alternatives. im guessing youve missed payments and recieved
charges, youve had interest slapped on those charges and youve probably
ended up running thousands thanks to that. the way out is to have some idea
of contract law - ive helped plenty of friends do this and substantially
reduced their debt level as well as having zero interest and low repayments
for cards.
www.bankchargeshell.co.uk is where to start. as you can see bank charges are
basically a breach of british law, they are unfair contract terms and you
dont have to pay them thus you actually owe less than you do.
work out how much it is, plus the interest they charged you on them (this
might end up coming to a fair bit) then contact every single lender and tell
them you will default on the amount they say you owe because you dont owe
it, you owe a lesser fee.
with the law on your side in this matter theyd find it hard to collect the
sum they claim you owe if you stick to your guns about this as you dont
actually owe it, you owe them another sum. they will reduce your debt by
this level as long as you dont let them intimidate you. one girl i know i
helped and she actually ended up with some credit card companies owing her
more than she'd owed them - amazing what 22 months of late payment fees (at
30 quid a pop) plus interest at 37% p/a can add up to. she had three credit
cards and an overdraft, owed four grand before i had a go at the banks,
after that she owed them a little over 500 quid.
tell them you want to pay, but you cant afford it. you will find credit card
companies in particular will offer you interest free periods and low
repayment levels (say 50 quid a week). your priority should be to reduce
your debt to manageable levels and get easy payment terms, dont be afraid.
that said, you shouldnt have gotten yourself into this mess in the first
place!
cheers
james
.
- References:
- Consequences of Bankruptcy
- From: j.s
- Re: Consequences of Bankruptcy
- From: Steve Robinson
- Re: Consequences of Bankruptcy
- From: j.s
- Consequences of Bankruptcy
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