Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: tigers_gonads on 28 June 2009, 11:48:46
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oh well, after 18 years being self employed and spending the last 2 years slowly watching it all fall apart, it looks like i have no choice but to sign on the dole next week and then file for bankruptcy :'(
has anybody on here been bankrupt ?
any advise / tips greatfully accepted :y
cheers steve
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Really sorry to hear mate :(
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Sorry to hear that Steve.
Not done it myself so can't offer advice. Is there no other way round it? IVA or something? :-/
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Sad news matey. I would certainly try other options rather then bankrupsy as I believe creditors can send in the bailiffs for your goods in some cases.
Total your debts up and create a list and have a chat with some of the debt management companies (The free ones) There may be more than one option out there for you.
What ever direction you take, be thoughtfull and do your home work. In most cases advice is free
One company a friend dealt with was CCCS (might be better emailing them as I heard the phone's are allways busy)
http://www.cccs.co.uk/
http://www.google.co.uk/search?hl=en&q=Free+Debt+Advice+&btnG=Search&meta=
All the best matey.
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Very sorry to hear that Steve :'( :'( :'( :'(
I very nearly went bankrupt a few years back, but managed to avoid it.
However, I recommend you go to your local Citizens Advice Bureau who helped me greatly when I was in some financial difficulties after my marriage break up, and in fact were very keen to recommend the bankruptcy route to me. But, as I say I avoided that as a) it costs (£350 I think?) and b) it will affect your credit rating for a long time afterwards.
By avoiding bankruptcy and coming to "an arrangement" with your creditors has meant I am now fully credit worthy again! 8-) 8-) 8-) 8-) 8-)
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Sad news matey. I would certainly try other options rather then bankrupsy as I believe creditors can send in the bailiffs for your goods in some cases.
Total your debts up and create a list and have a chat with some of the debt management companies (The free ones) There may be more than one option out there for you.
What ever direction you take, be thoughtfull and do your home work. In most cases advice is free
One company a friend dealt with was CCCS (might be better emailing them as I heard the phone's are allways busy)
http://www.cccs.co.uk/
http://www.google.co.uk/search?hl=en&q=Free+Debt+Advice+&btnG=Search&meta=
All the best matey.
cheers lads,
on the good side.
live in a council house and the house is in our lasses name not mine. :y
cars worth 500 quid tops ( been told unless its valued over 1500 quid then the reciever wont be interested )
i've no property, or investments.
so i've got my tools ( which i'll need to work ) and my clothes. :y
on the bad side.
i've not kept upto date with my stamp contributions so it looks like i won't get dole :'(
been told that our lass can claim tax credits in her name because the lads still only 13 :y
and i'm working on the idea that that the court can't take what i havent got !!
ok, 90% of the contents of the house was payed for by me ( in cash ) but seen the house is in her name and as far as the courts can tell, all the property is hers :y
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Very sorry to hear that Steve :'( :'( :'( :'(
I very nearly went bankrupt a few years back, but managed to avoid it.
However, I recommend you go to your local Citizens Advice Bureau who helped me greatly when I was in some financial difficulties after my marriage break up, and in fact were very keen to recommend the bankruptcy route to me. But, as I say I avoided that as a) it costs (£350 I think?) and b) it will affect your credit rating for a long time afterwards.
By avoiding bankruptcy and coming to "an arrangement" with your creditors has meant I am now fully credit worthy again! 8-) 8-) 8-) 8-) 8-)
i type slowly ;D
cheers liz
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oh well, after 18 years being self employed and spending the last 2 years slowly watching it all fall apart, it looks like i have no choice but to sign on the dole next week and then file for bankruptcy :'(
has anybody on here been bankrupt ?
any advise / tips greatfully accepted :y
cheers steve
Ive been there, back in 2000, its not funny. and it came back to haunt me a few years later when my Mother died (Assets).
I had no choice, was contracting to a large Telecoms Company who went into Administration overnight. The money they owed me was a lot for me and my livelyhood but was peanuts compared to Nokia and Motorola so I didn't get a look in.
I happen to know a bit abouts this Steve, if your intrested PM me and I'll give you my Mobile number if you want to have a chat about it. :y
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cheers lads,
on the good side.
live in a council house and the house is in our lasses name not mine. :y
cars worth 500 quid tops ( been told unless its valued over 1500 quid then the reciever wont be interested )
i've no property, or investments.
so i've got my tools ( which i'll need to work ) and my clothes. :y
on the bad side.
i've not kept upto date with my stamp contributions so it looks like i won't get dole :'( Load of cobblers, they have to pay you something to live on, allthough if your partner s working that may make a difference.
been told that our lass can claim tax credits in her name because the lads still only 13 :y
and i'm working on the idea that that the court can't take what i havent got !! Court wont take tools of your trade and I believe the baliffs if involved are not allowed to.
ok, 90% of the contents of the house was payed for by me ( in cash ) but seen the house is in her name and as far as the courts can tell, all the property is hers :y
Have a nosey arround here, if the benefit is not listed it may well link you to a page that will help.
edit, adding the link helps http://www.dwp.gov.uk/lifeevent/benefits/atoz.asp
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Under present rules it is MANDATORY to take specialist advice before filing for bankruptcy.
Citizens Advice have the relevant specialists, contact them ASAP.
Good luck .... :-/ :-/ :-/
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You might also find these people helpful http://www.nationaldebtline.co.uk/
I don't trust my local CAB - never have. Just my opinion of my local CAB though! :y
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thanks too you all for all the idea's / advise. :y
i will look into all the advise over the next couple of days and will pm / ring some of you about this :y
i've had my head up my arse for a good 6 months now over this :'(
spoke to the bank manager 2 weeks ago and asked about extending the overdraft .
he said "computer said no" ......... so i cancelled all my direct debits and asked him how am i supposed to pay my business loan ?
he looked me in the eye and said " from the banks point of view, if you go bankrupt then we claim on the loan insurance and recieve most of the outstanding amount back in one lump sum " complete and utter wa*ker >:( >:(
i walked out before i lost it and ended up in the cells >:( >:(
thats lloyds tsb for you >:(
any chance of regular money coming in has gone because the work is just not there at the moment ( caravan / porta cabin / housing industry has totally gone in the last year so the public round hear are teriffied to spend any money :'( so i think thats a court approved admin order out of the window :'(
the only work i have is off a landlord who is based in the midlands. where its good money, it takes 2 - 3 months to get paid ( even though i can demand it in 30 days, once you do that, he never rings you again >:( )
sadly after the floods 2 years ago, alot of sparkys went self employed and made a bit of a killing on the insurance work :y
12 months later ( this time last year ), the work has gone and they all went back to there old employers to ask for ther old jobs back to be told "p*ss off" ( this was the start of the economic shit thats happening now) :'(
hence they must be 200 sparkys in this town begging for work :'(
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bankruptsy can be sorted in 12 months if the debt is 15000 or under, over that it lasts 3 years (maybe 6), an IVA is a baaaad option, that can affect you for 12 years. there are new rules a better place for info is here,
http://www.consumeractiongroup.co.uk/forum/#black-consumer-forums-center
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bankruptsy can be sorted in 12 months if the debt is 15000 or under, over that it lasts 3 years (maybe 6), an IVA is a baaaad option, that can affect you for 12 years. there are new rules a better place for info is here,
http://www.consumeractiongroup.co.uk/forum/#black-consumer-forums-center
yeh, thats what i was thinking :y
just been told of a mate that if your on the dole, it costs you nothing nowdays :y
if your working, it costs you 500 quid :y
and the best bit .................. once the court has been satisfied and finished with you and providing you don't work for 6 months then the court will discharge you :y
all this happened to him last year......... cheque bounced ............ bank called in his loan .......... and bobs your auntie ......... he pays 500 quid ( he's still working ).......going threw the procedure now :y
he sold his 2 of his 3 cars to his daughter and brother
50 quid each :y
morgage company said you have always payed your morgage and your house is well into negative equity so keep it :y
tax man says yes you owe use money but if we stop you working then we will never get it :y
he is looking to be discharged in about 1 year :y
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Hi. Not too far from you. Being as you don't own your house & have no high value assets, if you're really up against the wall it might be the best way to go mate.
Sorry to hear things have got so bad, all the best, Guy. :y
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Been there, done that, got the t-shirt about 18 months ago, I will qualify my advice that it's based on rules then and I have no idea if anything has changed in that time.
#1 point, forget any so called 'stigma' I held on for a year past what I should have, when I did the deed the release of stress was amazing. It was singly the best thing I have ever done.
In no particular order.
Go to http://www.cccs.co.uk/ these are a registered charity so not in it for any money. Fill out the online debt remedy form (they will ask for this when you call), then call them :)
IVA's are bad, if you get the option avoid them.
Cost used to be a bit over 500 quid, (350 to go bankupt, 150 court fees), that split caught me out.
If you still have credit get the fee out cash, put it to one side, wait a couple of weeks then hit the courts, this way your fee is in the total that you go bankrupt for ;)
£1500 for a car is about right, any thing over that they expect you to sell it and buy cheaper. Declare the car as a necessity to work, ditto with your tools. Don't worry about the council house, just make sure that they get paid in full and never go into arrears, ditto with council tax. You can in theory add them to your bankrupt total but that just gives them leaway to evict you.
When you fill out the CCCS form write down all your figures and how you calculated them, you WILL end up referring back to them. You can get away with very creative accounting so long as you don't take the piss, for example I based my petrol usage on 20mpg, taking the longest route to work and filling up at the most expensive garage.
Google is your friend here, I spent a week searching govt sites, finance forums etc etc looking at what I could claim. For example a lot of people miss that you can put in a monthly amount towards a cheap 1 week holiday. Your aim is to create a list of essential outgoings as high as possible while making it look like your minimum requirement to live.
Discharge period is 12 months, if your situation is simple it can be as little as 5 months. You dont have to remain unemployed to get early discharge, the key is that your monthly income must not exceed your declared (agreed by them) expenses by more than £50-£75, if it does they review the figures and expect you to pay the excess to them. This is bad because although you still get discharge at 1 year you have to pay back that figure for 3 years (I think). To give you an idea, council house,1 kid, I picked up an equivalent £34k contract at month 4 and they still early discharged because I was only £55 above my monthly figure.
Before I stop this wall of text one last piece of advice, don't blatantly lie to the insolvency service and dont think bankrupt next month i'll go get a new plasma tv on credit. One of my neighbours pulled that stunt and the only investigation he is missing is a rectal exam for stashed money :D
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Been there, done that, got the t-shirt about 18 months ago, I will qualify my advice that it's based on rules then and I have no idea if anything has changed in that time.
#1 point, forget any so called 'stigma' I held on for a year past what I should have, when I did the deed the release of stress was amazing. It was singly the best thing I have ever done.
In no particular order.
Go to http://www.cccs.co.uk/ these are a registered charity so not in it for any money. Fill out the online debt remedy form (they will ask for this when you call), then call them :)
IVA's are bad, if you get the option avoid them.
Cost used to be a bit over 500 quid, (350 to go bankupt, 150 court fees), that split caught me out.
If you still have credit get the fee out cash, put it to one side, wait a couple of weeks then hit the courts, this way your fee is in the total that you go bankrupt for ;)
£1500 for a car is about right, any thing over that they expect you to sell it and buy cheaper. Declare the car as a necessity to work, ditto with your tools. Don't worry about the council house, just make sure that they get paid in full and never go into arrears, ditto with council tax. You can in theory add them to your bankrupt total but that just gives them leaway to evict you.
When you fill out the CCCS form write down all your figures and how you calculated them, you WILL end up referring back to them. You can get away with very creative accounting so long as you don't take the piss, for example I based my petrol usage on 20mpg, taking the longest route to work and filling up at the most expensive garage.
Google is your friend here, I spent a week searching govt sites, finance forums etc etc looking at what I could claim. For example a lot of people miss that you can put in a monthly amount towards a cheap 1 week holiday. Your aim is to create a list of essential outgoings as high as possible while making it look like your minimum requirement to live.
Discharge period is 12 months, if your situation is simple it can be as little as 5 months. You dont have to remain unemployed to get early discharge, the key is that your monthly income must not exceed your declared (agreed by them) expenses by more than £50-£75, if it does they review the figures and expect you to pay the excess to them. This is bad because although you still get discharge at 1 year you have to pay back that figure for 3 years (I think). To give you an idea, council house,1 kid, I picked up an equivalent £34k contract at month 4 and they still early discharged because I was only £55 above my monthly figure.
Before I stop this wall of text one last piece of advice, don't blatantly lie to the insolvency service and dont think bankrupt next month i'll go get a new plasma tv on credit. One of my neighbours pulled that stunt and the only investigation he is missing is a rectal exam for stashed money :D
....very, very sage words TeeBee :y :y
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well thanks lads ( and liz ) for all the advise and storys :y
iv'e got too admit the business ( or whats let of it ) has been falling apart for a couple of years now :(
anybody who has known me over the years will tell you what a bad looser i am :-[
whether im playing a board game with my lad or footy with my mates, i've got to win and belive me i don't eat humble pie easy :-[
if anybody has any advise or storys then please tell :y
i would be supprised if im the only one on this forum who is in this position.
got too admit that i will sleep better tonight so thanks :y
steve aka tigers_gonads
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Done a quick google....
This may help
http://www.theba.org.uk/index.php
;)
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Sorry about your situation mate. Just wondering...are the bankruptcy laws different in england to that of scotland? I know someone that went bankrupt last year (in scotland) and they paid £60 and it only lasted a year.
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As we are giving helpful links .. this one is all the legal bit ... a tad heavy to read but it IS the framework around which the court proceedings are governed.
http://www.hmcourts-service.gov.uk/cms/1351.htm
The easier stuff to read is here ...
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_10023215
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As we are giving helpful links .. this one is all the legal bit ... a tad heavy to read but it IS the framework around which the court proceedings are governed.
http://www.hmcourts-service.gov.uk/cms/1351.htm
The easier stuff to read is here ...
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_10023215
Do you see many such cases Entwood????
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The court I work at is doing around 1500 cases a year ... I don't get involved directly with bankruptcy ... but you pick up bits as you help out with phone calls/filing etc etc ... if there are any direct questions I can put them to those who deal with it directly ... they are about 12 feet from me when I'm at my desk .. !! :)
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i had a pub that went to the wall in 2006, went bust for 50 odd thou. was discharged within 6 months. was the best thing i did. the stress relief was unbeliveable. the only down side of course is the zero credit rating, but i can live with that for 6 years or so. :)
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oh well, after 18 years being self employed and spending the last 2 years slowly watching it all fall apart, it looks like i have no choice but to sign on the dole next week and then file for bankruptcy :'(
has anybody on here been bankrupt ?
any advise / tips greatfully accepted :y
cheers steve
I have just sent you a pm that may be useful for you. :y :y
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too all the people who offered and me advice when i had my head up my bum last week.
a quick update on the bankruptcy :(
now got myself a basic bank account sorted for the dreaded day :y
spoke to my ex ;D ;D ;D bank manager last week.
told him i was not tradeing anymore and intended to sign on the dole this week.
he wasn't happy when i explaned that i have no assets what ever and he can't take what i haven't got :y i must admit that the look on his face was a picture ;D ;D
i have about £1200 outstanding which i should be getting in around the end of this month. i have had a word with the wholesalers i use and as long as i pay them off before i go bankrupt then they will be happy to give me an account in another name ( when im discharged ) :y
all money coming in now goes in the new account and is drawn out in cash so i can pay off anybody i want to keep sweet in other words ............ wholesalers and my accountant :y the rest will be shown in my accounts as " living expences " : ;D
sat down with the missus and worked out that with family tax top up's ( in her name ) and the money i won't be paying out, we should be around £ 800 a month better off :y
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oh and the miggys running like a dream at the mo :y :y
too the lads and lasses who have been where i am and offered advise ( too many to mention )
i'll pm you all when the time gets closer :y
cheers steve
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Sounding good considering your circumstances Steve. £800 a month better off and a bit of help from the wholesalers regards future trading.
just remember matey, there is lot's of help out there, and 99% of cases companies want to help you get back on your feet as it benefits them in the future.
All the best matey and hope all works out well for you and your family. :y
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Just looking at all the replies on here , never knew there was such a depth of information/wisdom on this forum , outstanding everybody!!
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Just looking at all the replies on here , never knew there was such a depth of information/wisdom on this forum , outstanding everybody!!
This forum is amazing matey. Such a broad range of experiance and wisdom. Most questions I have seen have normally had some form of reply with in the hour, and the Omega Question section normally gets a reply within minutes, no matter what the time of day, there is allways some one willing to help.
So I echo the ending of your post.