Bankruptcy Considerations

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People facing debt: Could you write off some debt? Get started here: moneynerd.co.uk/get-debt-opti...
Read more: moneynerd.co.uk/using-bankrup...
The information provided in this video is for editorial purposes only and not intended as financial advice. Free debt counselling, debt adjusting and providing of credit information services are available from MoneyHelper, an independent service set up to help people manage their money. You can find out more by contacting MoneyHelper. MoneyNerd is not associated with MoneyHelper, we just think they're great.
MoneyNerd does not give specific debt advice and we recommend that you always discuss your personal situation with a qualified adviser that works for a company that is authorised and regulated by the Financial Conduct Authority. With your consent MoneyNerd may pass you on to a trusted debt counselling company or insolvency practitioner. MoneyNerd Limited is an Introducer Appointed Representative of Pacific Financial Solutions Ltd who is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 688034) and is classed as a debt counselling firm. Their in house IPs are Jason Bowen who is authorised to Act in the UK by the Institute of Chartered Accountants of Scotland (ICAS). Licence no. 22150 and Laura Stewart who is authorised to Act as in the UK by the Insolvency Practitioners Association (IPA). Licence no. 23590.

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Опубликовано:

7 фев 2021

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Комментарии : 34

@MoneyNerd 3 года назад

Chat online with a solicitor to solve your debt issue: justanswer.9pctbx.net/c/2873512/1147978/9320?sharedid=youtube-debt

@bahar1107 3 года назад

Scared

@bahar1107 3 года назад

@@MoneyNerd I am not sure either. But I am currently in a situation with my shared ownership flat that is being assessed for the cladding problems and EWS1 and even though I wanted to sell my flat I am not going to be able now to as it is now deemed worthless. The cost of it is too much as it is and with the cladding it is going to double. I am also in a lot of debt and just feel overwhelmed and I keep thinking that bankruptcy is my best option but every time I say this to friends and family they all react as if I want to commit a crime.

@magicnum3er114 3 года назад

Sounds like an opportunity to me. I had no idea it's such an easy process, thank you for the great video. Can't wait for my first bankruptcy

@bahar1107 3 года назад

@@magicnum3er114 let me know how it goes please. Cause I am still not sure about mine.

@pedroguerreiro7906 3 года назад

Thanks very much indeed for sharing such important information.

@MoneyNerd 3 года назад

Glad it was helpful Pedro!

@energdnb Год назад

I dont want to live anymore

@pawelsokolowski4096 2 года назад

Hi, Thank you for the clarification. Can you please tell me what to do when I no longer live in the UK and have nothing to give away. Can I apply when I am no longer living in the UK? Thank you.

@B1GLANDD 2 года назад

Hi, who goes through your income and expenditure? Do they ask to see p60s, tax returns or bank statements? Thanks

@deborahbradley4239 2 года назад

Does bankruptcy include tax credits overpayments? And will it affect a limited company?

@alfredm6318 Год назад

Hi, my partner failed his business big time! He's got several guarantor loans and creditors soon will chase him personally for business debt. No way he can repay them. What happens if decleares himsef bankrupt while some creditors haven't started chasing him yet, while others giving him a hard time already?

@MrTrig84 2 года назад

I have tried to apply for a DRO. It says I can’t because I have a car on finance. Current Value £7000. Does this mean I will have to go for bankruptcy and will I lose the car??

@jonbr3 2 года назад

What about outstanding tax bill? Would this be written off?

@johsa2162 9 месяцев назад

Is bankruptcy a suitable solution if your going to loose your or be made redundant? Also during your bankruptcy would i still be allowed to save money aside for a rainy day fund or to cover for extra expenses?

@MoneyNerd 8 месяцев назад

Hi @johsa2162, bankruptcy should be considered as a last resort if you're really struggling with debt. There are alternatives, such as an IVA, DRO, and DMP, with each having their own pros and cons. You can read this article to learn more moneynerd.co.uk/using-bankruptcy-to-get-out-of-debt/ Alternatively, you can check out this article on losing your job and getting back on your feet moneynerd.co.uk/lost-my-job-need-money-pay-bills/ Hope these help, and good luck!

@69bock69 2 года назад

When filling in the form it asks about outgoings. Including going out for food, kids pocket money, smoking , leisure and sports. Do they count this things as out goings

@MoneyNerd 2 года назад

Hey Gavin, good question. I pulled the below straight from the Citizens Advice website. Usually included: • your rent or mortgage payments • food • heating and lighting • TV licence • broadband and telephone service • household insurance • car tax and insurance, if the trustee has allowed you to keep your car • membership of the AA, RAC or similar, if you're allowed to keep your car • professional membership fees that are part of your job and not paid by your employer • prescriptions, dental treatment and opticians' fees • payments under a maintenance order or child support agency assessment • a reasonable monthly cost of a mobile phone • dry cleaning. Reasonable spend on these included: • clothing • holidays • hairdressers • extra-curricular activities for your children • after-school clubs • pets. Not usually included: • gym membership, sports expenses or club membership, although you may be able to argue you need this for medical purposes • pension contributions you're making to enhance a private pension • private health insurance • money for gambling, alcohol or cigarettes • satellite TV, although if you have a 'combined' package with broadband and telephone service, the official receiver will look at whether this saves money overall • excessive mortgage payments • regular payments to charities or religious organisations. Good luck with it all!

@69bock69 2 года назад

Thank you for fast reply!! Excellent vid and very informative 👍

@MoneyNerd 2 года назад

@@69bock69 Thank you! Thanks for watching

@WcWGoldbergWcW 2 года назад

What if you paid for things in cash… how would they track your spendings….

@h9football 2 года назад

What do I do if I forget a debt when submitting bankruptcy. Will this still be written off? Will I need to contact all my debtors directly to inform them after I’ve been declared bankrupt or are they notified?

@MoneyNerd 2 года назад

Hey Ashley. Straight from the citizens advice website: Your bankruptcy might still cover the debt. If this applies to you, you should contact the official receiver or bankruptcy trustee. They will add the debt to the bankruptcy. If you already had the debt before you went bankrupt but you forgot to tell the official receiver about it, your bankruptcy might still cover it. If you were only asked to pay the debt after you went bankrupt, it depends when the debt started. If the debt is because of something that happened before you went bankrupt, your bankruptcy might cover it. For example, your bankruptcy might cover a benefit overpayment if the overpayment happened before you went bankrupt - even if you were only asked to pay it after you went bankrupt. If the debt is paying for something that happened after you went bankrupt, it’s not covered by your bankruptcy.

@christophertownley6734 3 года назад

But student loans ?

@christophertownley6734 3 года назад

Let me quess,..that person a government employee,...

@stevebailey5696 2 года назад

I’d like to ask you some questions please , can you get back to me please Steve

@teaincrumpets8456 2 года назад

Can you go bankrupt if you still have a job?

@teaincrumpets8456 2 года назад

Like still have wages coming in every week

@davmanlop333 2 года назад

What happens if your IVA fails because of an increase you can't afford and they want to make you bankrupt but you don't want to go bankrupt?

@MoneyNerd 2 года назад

Here's the advice straight from the Citizens Advice website: If your IVA fails, your insolvency practitioner can ask the court to make you bankrupt. If you have a low income and don’t own a home, this may be a good solution for you. There are risks though, so find out about how bankruptcy may affect you before letting this happen. Alternatively, your creditors may try and make you bankrupt. Normally, your creditors would have to give you a warning, called a statutory demand, but they don't need to do this if your IVA has failed. They can ask the court to make you bankrupt straight away on the grounds that you haven’t kept to your IVA. If you want to avoid bankruptcy, you should contact your creditors straight away. You should try and come to an agreement with them each separately about how you will repay the debt.