en-us http://backend.userland.com/rss Your Friends @ Myvesta.org.uk (stever@myvesta.org) myvestaukblog_archive.html stever@myvesta.org 114349189526299613 Extracts from the Myvesta Debt Help Forum.....

From a Myvesta Forum poster..

Hi, my husband and I are considering bankruptcy as we feel this is now our only option. I have been told that we will not be able to keep our landline though. Is this correct, could someone also please tell me what other assets they may take.

We currently don't have any income except incapacity benefit (husband has had major back surgery, but will be hopefully back at work in next couple of months) and child tax credits. We have 2 cars, both not worth more than £800, but need for getting kids to and from school and the other for as soon as one of us can find work.

Will will have to give up things such as the internet, which kids use for homework. We don't own a house or have anything of any value.

This probably sounds slightly silly, considering what a lot of you have had to lose, but I can't take anymore and need to know we are making the right decision.

Any advise would be gratefull appreciated.

thanks

Maria

Reply From Another Myvesta Forum Poster...

Hi Maria,

My fiance and I went bankrupt on 28th February (owing 50k between us). This was are last option after looking at IVA's and Pay plan's. We didn't have enough surplus income for an IVA and our debts would have taken us 31 years to pay back on a Pay plan!

We spent ages just waiting around in Court, didn't see the judge, just signed our forms, sworn the Affidavit and paid our fees. Saw the Official Receiver the same day (interview took 40 mins and she was quite nice).

We are tenants in a rented flat, have the internet (obviously), Sky TV, own a 7 year old car and have the usual furniture items. We told the Official Receiver that the car was needed for work and she let us keep it (it's worth about £750). She didn't mention anything else and we have not heard anything since (no news is good news as far as I'm concerned).

You will be able to keep your landline, I'd be very surprised if they mention it, tell them the car is needed for getting the kids to and from school and when you are successful in finding work, you'll need it for that too.

We panicked like mad about this, we were extremely anxious but had lots of help from forums and went through with it, there was nothing much to worry about. Our biggest concern was bailiffs calling on us but that never happened either, we had 3 months of our creditors contacting us, letters at first, then phone calls, we just ignored them. I bought a caller ID phone from Argos (£17) and screened our calls (BT had to set up their caller ID service (£1.75 extra a month), this took 24 hours to activate.

We have since opened a CO-OP Cashminder account, they will take you 9 times out of 10 (unless fraud is involved).

You won't lose anything (unless you have a 10k car, 5k plasma screen - elaborate things like that), my fiance said something poignant...

If they take everything off you, you'll get into more debt buying it all again. The second hand value of everything wouldn't be worth them taking everything in the first place.

Our landlord hasn't been involved and if you provide honest answers and are quick to help the Official Receiver out they will be ok.

We are happier now.

Good luck
Shaun

Hi Maria

I have re-read your post since posting earlier and realise you have 2 cars, I know you need both but they might take one back but cannot know this for sure, just explain to the Official Receiver if you go bankrupt.

Regards
Shaun

Reply From Myvesta Advisor...

Hi Maria,
2indebt is correct in that one of the cars may be at risk if the Official Reciever decides that you do not need more than one car (despite there low value) I think some good 'first hand' advice was offered by Shaun in his previous post also.

Thanks for your input Shaun!
_________________
Kind regards

Sean

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