those forms AGAIN!!!

[jane.l]

Another query about bankruptcy forms AGAIN!

On the car section, it is on hire purchase, is it ok to put down “not sure” in the amount owing section???

I have not a clue how much I owe on it, I did put some deposit down and have had the car for one year . Should I try and work out what I have paid????

It would be a very rough estimate. Or can I just put “don’t know”??????

[catullus]

The OR will need to know this info quickly so "not sure" is only putting off the need to find out the answer.

Have you got any paperwork relating to the loan? You should always be given a copy and it's not the sort of thing that you throw away.

If you have the paperwork attach that to the questionaire if you answer not sure. That will help.
On the agreement if you can see the term "hire purchase" or "lease purchase" it will be an HP contract.

[pippa]

Jane

I assume you pay the HP monthly, why dont you multiply the monthly amount by the months outstanding on the agreement, would that give you the figure you need? Sorry if I have missed something.

Pippa

[catullus]

Misread the post!!

Thought you didn't know if it was an HP contract or not. Sorry.

Pippa is right. Go to the agreement. See what the total contract liability was (cost+interest and charges-deposit) and knock off the monthly payments that you have now made and then put "estimated" after the figure that you put on the form.

That will do.

[jane.l]

Thanks for all help and advice! I have another problem now, its going to be a long night!

In the secured creditor section on the br forms,

What does the “net amount owing “ actually mean???????????

I am soo confused,:::

Together mortgage= secured is £99,444, I have put the Unsecured part, £16,000, in the unsecured creditor’s section

2nd charge, Picture Finance we owe £36,776 But house is worth £115,000 so negative equity,

I am having a total brain freeze and have not the foggiest what this means????????????

I think the “net amount owing” is our shortfall?? Is this correct,? Do we have to estimate this amount????? It wont become apparent until the house is sold, but I don’t know what to put on the forms!!!!!!

[catullus]

No. Net amount means after taking into account any money of yours that the secured creditor could set off against the debt you owe them. It's nothing to do with the value of the house. There will be a different section of the form for that.

If the creditor has security ie a mortgage or charge on your house, they go in to the secured creditor column, regardless of the value of the house.

[jane.l]

Ooo, I’m thick! I still don’t know what that means,!

If I go to the court and leave that “net amount owing” box empty, will I have my bankruptcy rejected???

[BrassicLintus]

If it helps Jane I was totally confused by that question too!!!! I filed for BR this morning so I'll tell you what I put (think it's wrong but I'm sure when I have my OR interview (but not for another 2 weeks!) that I will be able to clarify the details. In the secured creditors bit I put down my mortgage company, now my mortgage is £81K but with early redemption penalties I would have to pay them £86, same with my secured loan, i actually owe about £23k but to repay it early i would have to pay £26k. So all I put down was the highest figure for each!!! The clerk didnt question this this morning and she didn't even want any paperwork relating to my mortgage or secured loan (even though I spent hours and hours yesterday in work trying to sneakily copy 50 odd pages x 3!!!!) But as I say I think I did it wrong - but i'm blonde so allowed to have me moments!!!

[BrassicLintus]

Hi Cat, just read your reply, so should I have put for my mortgage "net amount - 6K"? and for my secured loan 3K?? See Jane you aint alone hun!!!!

[pippa]

Jane

Catullus is right just list the amount you owe to each individual secured and unsecured in the specific areas. You will list the house value in another box. Dont worry the forms add/subtract as they go along so after entering all the amounts owed in the secured area it will show a minus against the equity/asset once you have inserted the house value.

Catullus, no fred elliot tonight, was very funny!

Pippa

[jane.l]

In the columns on the secured creditor form, it says

A is amount owing, B is present value of house, and
then the last box is “net amount owing, A-B

this is the bit we are struggling with

eg

A=£99,444 B=£115,000 (house value) = what is “net amount owing”??


The next line is

A=£36,776 B=£115,000(house value) = net amount owing???



should we add the secured lending together, eg, Nrock & Picture and then take away the house value, which leaves the net amount owing, in the Total Box?????

I think I am going to CRY!!!

[pippa]

Hang on I will get my forms out

[pippa]

Jane are you in section 4?

I did not enter anything in Net amount owing it totalled up at the end

even once you start to submit the form you can still go back and amend it it will give you warning just before the point of no return.

Pippa

[BrassicLintus]

Oh, I'm starting to panic again!!! Think i read that question totally wrong on my form!!! And put totally wrong figures!!! Looking at the way you have typed it Jane the first line A=£99444 B=115,00 so net amount owing would be A minus B = -£15556? Sure Pippa will correct me!

[pippa]

Jane

''A=£36,776 B=£115,000(house value) = net amount owing''

colum B is 0 surely, then net owing =A.

Hope I am not confusing you [:I]