bankruptcy?

[jimjim5]

just been speaking with a legal aid solicitor and as my debts are in excess of 90k she is sending me info on bankruptcy.

 

the danger is the big one over 80k has a ccj, unregistered and the particular bank have been know to sit and wait until 11 years and then come calling.

 

with us owing a property there is very little chance of them accepting a f and f settlement and will possibly go for a charging order which will take any equity we ever build in the house.

 

it will all be for nothing. we have minimal equity in the house at the moment so now is the time to do it.

 

have any of you done this?

 

which banks will give us a bank account ?

 

how will it affect us in the future, has advised that both of us go bankrupt.

[Iloveathens]

Give national debt line a call, they are very helpful and with no agenda. I would have thought that if a bank waits 11 years then the debt is SB but I wonder if there is more to this story

[Iloveathens]

There are several bank accounts that will give you one, not sure who but I think the co op is one as is maybe the halifax but dont quote me. have a look on here or start a thread asking

[jimjim5]

I have a ccj as its a mortgage shortfall they have 12 years to act. They can easily get a co and take my home of me

[Iloveathens]

Ok I'm out of my depth here, you need some expert advice

[jimjim5]

What are the pro's and cons of each?

 

 

83k debt.

 

I will have about 100 spare per month.

 

10 k equity in property

[sequenci]

Hello there.

 

If you have £100 surplus it is highly unlikely that you'll get an IVA, especially with a debt level as high as yours.

With bankruptcy you may lose your home - unless you can find someone willing to buy you out of your share of the equity.

To get the gist of both options these fact sheets are very good:

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=26_individual_voluntary_arrangements

[jimjim5]

The debts are in joint names. Both names are the owners of the property. How much would we need for an iva.

[brokebutnotbeatn]

A CO does not mean they will be able to take your house...perhaps you should post a thread in the legal section?

[assisted blonde]

If your partner isnt going bankrupt and they open an account in their name, you can be added to the account after the bankruptcy. I did this with my husband and it was ok. Or I think you can get a basic bank account but not sure if you can pay DD's from it.

[sequenci]

we don't have IVA's in scotland the next equivalent is a DAS

 

http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=22_debt_arrangement_scheme

 

It looks like JimJim is in Kent Ida :/

[jimjim5]

We would both be going for iva or bankruptcy.