Bankruptcy

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Littletodd
Posts: 456
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Location: Suffolk

Re: Bankruptcy

Postby Littletodd » Sun Oct 08, 2017 7:07 pm

TVL wrote:
Kubis wrote:I was in a situation 3 years ago after splitting with my ex, we split and I ended up in a bedsit with fuck all even though I'd funded the last 7 years of our life and her kids, as she was at university she couldn't get credit etc so all the holidays we went on we're in my name, finance fir totally furnishing the house in my name and 3 credit cards maxed.... I left with £13k debt to my name.... I treaded water for the next six months but realised I was fucked....I know there are debt companies who can help but I can only say what I did and it basically saved my arse and got my life back.... basically I've your debt is under 15k then avoid bankruptcy or other options such as IVA as an IVA still means you will be paying back albeit consolidated and over an agreed period. IF it is less than 15K then you really need to go for a DRO (debt relief order)
I walked in to my local citizens advice office and joined the queue and was given a firm to fill out for the reason of my visit.... basically ticked the box for 'debts', filled in a few basic question such as which banks/cards, amount of debt and my annual wage. Hand the form back to reception and 5 minutes later a lady called me to side room to discuss a little more. She then went away again and returned to say I had an appointment with a specialist financial advisor on the Monday.
Long story short I met the guy in the Monday and was totally relaxed chat. I explained the entire situation and he gave me various options but told me the DRO was the best option...it costs £70 to initiate and they will work out your incomings and outgoings, he was great and did most of it for me and made it look like I was even worse off than I was so as to assure the order would be accepted, they will advise you to open a new bank account for your wages to go into before you start the process.... I chose Santander and was told this was the best option. Santander will let you open a basic account which gives you a debit card that can only be used in ATM machines but they will give you a top up card to transfer money into so that you still have a card to use in shops or for online purchases. All my credit card payments were due while I was sorting this out and the advisor told me not to pay them a penny... once I paid the £70 and got the ball rolling I never paid another penny....the DRO runs for 12 months and you don't pay anything else. After those 12 months, unless something magic has changed or you've won the lottery then all the debts are wiped..... I was amazed and the weight off my shoulders was huge.....yes it was a bit of a pain at first having keep topping up a cash card but it was the best £70 I ever spent and £13k debt wiped instantly.


That sounds far too good to be true! Is there an eligibility criteria to be met?

How come after 12 months it's all wiped? Presumably it affects your credit rating similarly to bankruptcy?

Cheers for the reply mate!


There is a criteria to meet, you can’t be a homeowner or have a car worth over a grand or any asset worth over a grand I think plus a few other things. Google debt relief order criteria and you should find a list online :-)
Massive, Ripped, Natural <<<< Pick two!

You can't spell "Strength" without "Tren" - coincidence? Probably not...

Deads4days
Posts: 713
Joined: Mon Oct 17, 2016 3:00 pm

Re: Bankruptcy

Postby Deads4days » Sun Oct 08, 2017 7:10 pm


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Kubis
Posts: 425
Joined: Sun Feb 01, 2015 7:13 pm

Re: Bankruptcy

Postby Kubis » Mon Oct 09, 2017 12:06 am

LT was right you can't be homeowner or own a car over a grand but I'm private tenant so other than that it really was that easy.... don't ask me how but it was....sure it affects your rating to some degree but I still have a bank account, have bank cards, have been accepted for finance since and unless you plan on buying a house or starting a business in the next few years then it's a genuine lifeline.
if it's impotant to you then you will find a way, if it's not then you'll always find an excuse

Deads4days
Posts: 713
Joined: Mon Oct 17, 2016 3:00 pm

Re: Bankruptcy

Postby Deads4days » Mon Oct 09, 2017 7:25 am

From what I understand the debt relief order is also a one time deal, meaning you can only ever have a DRO once so make it count mate as you won't be able to do it ever again.

TVL
Posts: 63
Joined: Wed Feb 04, 2015 9:28 am

Re: Bankruptcy

Postby TVL » Wed Oct 11, 2017 10:48 am

Only slight problem is this criteria

"you’ve got £50 or less left over each month after you’ve paid your usual household expenses"

Is need to fiddle my outgoings to try and show this :/

Littletodd
Posts: 456
Joined: Sun Feb 01, 2015 7:38 pm
Location: Suffolk

Re: Bankruptcy

Postby Littletodd » Wed Oct 11, 2017 11:43 am

TVL wrote:Only slight problem is this criteria

"you’ve got £50 or less left over each month after you’ve paid your usual household expenses"

Is need to fiddle my outgoings to try and show this :/


I think the cash card and transfer from normal account trick that Kubis mentioned, was to get around this obstacle. I might be wrong though?

"Santander will let you open a basic account which gives you a debit card that can only be used in ATM machines but they will give you a top up card to transfer money into so that you still have a card to use in shops or for online purchases."
Massive, Ripped, Natural <<<< Pick two!

You can't spell "Strength" without "Tren" - coincidence? Probably not...

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Kubis
Posts: 425
Joined: Sun Feb 01, 2015 7:13 pm

Re: Bankruptcy

Postby Kubis » Wed Oct 11, 2017 11:54 am

My assigned advisor was great, basically I turned up with a breakdown of what I considered my outgoings compared to my total income.... seems they take EVERYTHING into account and he tweaked everything in further in my favour by increasing my food costs, travel costs, laundry costs, clothes, toiletries and even though I was in financial shit he even said I was entitled to cash for socialising..... made me look even worse off than I thought I was..... the advisor will be totally on your side.
if it's impotant to you then you will find a way, if it's not then you'll always find an excuse

Deads4days
Posts: 713
Joined: Mon Oct 17, 2016 3:00 pm

Re: Bankruptcy

Postby Deads4days » Wed Oct 11, 2017 4:01 pm

Yep they include transport, haircuts, clothing , mobile phone bills , council tax and other utility bills, daily lunch allowance, food bills, pretty much all sorts.

Trust me when you really dig down its pretty easy to get you disposable income down to next to nothing .

TVL
Posts: 63
Joined: Wed Feb 04, 2015 9:28 am

Re: Bankruptcy

Postby TVL » Mon Oct 23, 2017 5:07 pm

Sorry for the slow reply guys.

I was thinking, I currently do door work on top of my day job which makes me look better off than I am, but I could easily bin that off if it meant I would be debt free in 12 months. I'm going to chase it up.

She has had her visa refused today. Fun times :/

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mickdel
Posts: 187
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Location: belfast
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Re: Bankruptcy

Postby mickdel » Sun Nov 05, 2017 7:55 pm

Just reminded me, I must get in touch with Payplan. Ive got 99K worth of debt, run up in my name, mortgage not repayable when ts due in 2026, as I used the capital to pay off 40k of credit card debt - basically, I was mentally ill and my then wife, being a foreigner, used my cards to pay for everything.

So, fuck, where do you even start wih that one?


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