If you have decided to go Bankrupt and want help and support through the process our Assistance Service is what you need.
Want help to go Bankrupt? Give us a call on 0800 088 7376 or complete the form below to speak to one of our experts
When you apply for Bankruptcy you will first need to complete your application form. You will then have an interview with the Official Receiver. This is daunting for many people. Our service will help these things go smoothly.
Completion of your Bankruptcy Application
Your bankruptcy application must be completed using the Government’s on-line system. We complete the on-line document on your behalf during a telephone meeting with you.
We will complete your application using facts and information provided by you. Once you are Bankrupt the Official Receiver (OR) may ask you to prove any of the details you have provided with documentation.
The living expenditure budget completed in your Bankruptcy application must be approved by the Official Receiver. The figures and any resulting Income Payment estimated by us is therefore subject to change.
Preparation for your interview with the Official Receiver
The Official Receiver (OR) will decide how long your bankruptcy will last, what to do with assets such as your car and home and how much you will have to pay each month towards your debts.
We will explain what to expect in your interview with the OR and make sure you are able to answer all the questions that may be put to you.
In addition to the standard Bankruptcy application fee we charge an upfront fee for our Bankruptcy Assistance Service as follows:
Single person Bankruptcy Application: £350
Couple Bankruptcy Application: £575
An increase to the standard fee may be charged for individuals or couples currently residing outside of the UK or for other individuals who require more in depth assistance.
If you want there is nothing to stop you going through the Bankruptcy Process yourself with no additional help from Wilmott Turner.
Our first job will be to complete your on-line bankruptcy application form. We will arrange a mutually convenient time to do this with you over the telephone. The form normally takes 2-3 hours to complete.
Once your application from has been submitted we will help you answer any questions raised by the Adjudicator.
The Adjudicator has up to 28 days to consider your application. However they in most cases they will confirm you are bankrupt within 2 working days.
We will then prepare you for your interview with the OR. We will also help you complete the documents that you will be sent for signing if you need help with these.
You will normally be Bankrupt for 12 months. During this time we will will endeavour to provide support and advice to you on the telephone. However we will not be contractually obliged to do this.
If you want to use our Bankruptcy Service we will ask you to sign our Letter of Engagement and agree to our Bankruptcy Service Terms & Conditions.
Before making your final decision to go Bankrupt it is important that you remember some key advice WTFS has given about how Bankruptcy is likely to affect you:
Government Advice about Bankruptcy
Before making the final decision to go Bankrupt you should read the Insolvency Service’s guide to personal debt solutions which you may also find useful: “In Debt – Dealing with your creditors”. It is also recommended that you read the one page document produced by The Money Advice Service (MAS) entitled “Dealing with debt – 5 things you should know”.
Your bank account may be frozen
If you become Bankrupt your bank account may be frozen either by order of the Official Receiver or due to Bank policy. As such you may need to open a new Bank Account before going bankrupt.
Any income payments you are required to make will last for 3 years
The duration of your Bankruptcy will normally be 12 months. However if after reviewing your monthly income and living expenses budgets the Official Receiver believes you have income that is surplus to your requirements you will have to pay this surplus towards your debts for 3 years. This Income Payment Agreement will therefore continue after the date your bankruptcy ends.
Only unsecured debts are included in Bankruptcy
All of your unsecured debts are included in your Bankruptcy. However secured debts such as your Mortgage are not included. You must maintain the monthly payments towards your secured debts even after you are Bankrupt or you will risk the property or other asset that the debt is secured against being repossessed.
Your credit rating will be negatively affected for 6 years
Bankruptcy will have a significant negative impact on your credit rating. A record of your Bankruptcy will remain on your credit file for 6 years. During this time and possibly for some time afterwards your ability to get new credit, a new mortgage or other financial services will be seriously affected.
Your Details will be included in a Public Register
Once you go Bankrupt your name, date of birth and address will be added to the Insolvency Register. This register is publically accessible and via the internet. As such anyone could discover that you are Bankrupt if they search the register for your name. Once you are discharged your name and details will be taken off the register.
Your living expenditure will be restricted
During your Bankruptcy and for the duration of any Income Payment Agreement you will be required to live within a restricted living expenses budget. You will have to pay all of your surplus income towards your debts. If your income increases your payments may also increase for the remainder of your Income Payment Agreement.
Your home may be at risk if you are a Property Owner
If you are a home owner with equity in your property your share of this will normally have to be released for the benefit of your creditors. One option is for a joint owner or other third party to raise a sum equal to your share of the equity which is then given to the Official Receiver. However if this cannot be achieved and your share of the equity is significant the property may have to be sold to release it.
Your car may be at risk
If your car is worth more than £1000 when you go Bankruptcy you may be required to sell it. You will be allowed to buy a replacement car up to the value of £1000 but any other proceeds of the sale will have to be given to the Official Receiver. If may be possible to avoid selling you car if a third party is prepared to pay the difference of the car’s value and £1000 to the Official Receiver.
You must co-operate with the Official Receiver
You must make sure that you provide full and accurate information to the Official Receiver about your household income, living expenses and your debts. If you do not co-operate fully or if it comes to light that you paid creditors preferentially or gave away assets for less than their true value before you went Bankrupt then the restrictions of your bankruptcy could be extended.
You may cancel your agreement with us within 14 days of signing the Letter of Engagement by informing us by letter, email or telephone and receive a full refund of the fee paid.
Under these circumstances Wilmott Turner Financial Services (Wlimott Turner) will refund you the Fee paid to us in full unless the you have already received your Bankruptcy Statement of Affairs documentation completed by Wilmott Turner. In these circumstances no refund will be paid save if it comes to light that the advice provided to you was incorrect and Bankruptcy was not the most appropriate solution for you in which case you will be refunded the fee paid in full.
You may cancel this agreement with immediate effect at any time after 14 days of signing the Wilmott Turner Letter of Engagement by informing us by letter, email or telephone of this intention. However under these circumstances there will be no refund of the fee paid save if it comes to light that the advice provided to you was incorrect and Bankruptcy was not the most appropriate solution for you in which case you will be refunded the fee paid in full.
We pride ourselves on the highest level of customer service and professional advice. However if you should wish to complain about the service or advice you have received from Wilmott Turner you can do so.
Complaints may be made in person, by telephone, by e-mail, or by letter. We will acknowledge your complaint by letter within 5 business days. We will endeavour to complete our investigation and resolve your complaint as quickly as possible and in any event within 8 weeks of receiving the initial complaint.
You can view a full copy of our complaints policy here: Complaints Policy
A copy can also be requested by e-mailing the Complaints Officer: firstname.lastname@example.org or by calling 01753 862210.
What if you are not satisfied?
If you are not satisfied after receiving the final response from us then you have the right to make a complaint to the Financial Ombudsman Service. You must do this within 6 months of the date of the Final Response letter.
Wilmott Turner will co-operate fully with the Ombudsman in resolving any complaints made against it and agrees to be bound by any awards made by the Ombudsman. We undertake to pay promptly any fees levied by the Ombudsman.
You can contact the Financial Ombudsman in the following ways:
Post: Financial Ombudsman Service, Exchange Tower, London. E14 9SR
Phone: Consumer Helpline (Mon-Fri 8am to 8pm & Sat 9am to 1pm
0800 023 4 567
0300 123 9 123 (Charged as per your standard mobile tariff)