We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
from dmp to bankruptcy..
solus_2
Posts: 11 Forumite
Can anyone, please, help to dispel my ignorance..
1. What happened if you come out of a DMP to go bankrupt, would that be likely that the OR will put you into an IPA for the same amount you were paying to the DMP, assuming that if you were paying that means you can afford it?
2.Can pension credit (guaranteed minimum income) be realised as bankruptcy asset?
3.Are there any charities that can help with bankruptcy fees? I know people on benefits don't need to pay for £150 court fees, but what about the administration fees?
4. To petition for bankruptcy do I also need to pay for an insolvency practitioner or financial adviser?
No way out..That's how I see...
Thanks a lot!!
1. What happened if you come out of a DMP to go bankrupt, would that be likely that the OR will put you into an IPA for the same amount you were paying to the DMP, assuming that if you were paying that means you can afford it?
2.Can pension credit (guaranteed minimum income) be realised as bankruptcy asset?
3.Are there any charities that can help with bankruptcy fees? I know people on benefits don't need to pay for £150 court fees, but what about the administration fees?
4. To petition for bankruptcy do I also need to pay for an insolvency practitioner or financial adviser?
No way out..That's how I see...
Thanks a lot!!
0
Comments
-
Give one of the below a call and also have a look at the link for charities that can possibly help
https://www.cccs.co.uk/
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
http://forums.moneysavingexpert.com/showthread.html?t=1167839:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Hello solus, not sure on questions 1 and 2. But others here will.
Charities who can help with fees, click on link below:-
http://forums.moneysavingexpert.com/showthread.html?t=1167839
Don't pay any one!! Go through a debt charity, it's important to do this as a judge now asks if you have sought bankruptcy advice.
Please click on links below:-
http://www.citizensadvice.org.uk/index/getadvice.htm
http://www.nationaldebtline.co.uk/
http://www.cccs.co.uk/
For more essential info and ‘more’ Debt charities:-
http://forums.moneysavingexpert.com/showthread.html?t=1056083
And of course we will help you through the process.
Best wishes.
If...x"If wishes were horses, then beggars would ride"
0 -
In answer to your first question-not necessarily.I was on a dmp but didn't have to pay anything once I went BR.Debts Jan 2014 £20,108.34 :eek:
EF #70 £0/£1000
SW 1st 4lbs0 -
Thanks everybody!! And one more question:
I have a mobile phone contract for another 1 1/2 year, it's a Iphone(!)will I lose it, in case of bankruptcy? What's the benefit for the mobile company to kick you out and not to have your money, anyway? I've never been in arrears with them .Actually, weird enough, I've never been in arrears, before, with anybody, just borrowing from one to pay another!0 -
I kept my phone contract as it was only £25 a month and as I was single at the time I didn't feel safe driving around with the kids alone sometimes in the dark with no phone.OR agreed and said it was OK.Debts Jan 2014 £20,108.34 :eek:
EF #70 £0/£1000
SW 1st 4lbs0 -
Too quick for you IWWH:p:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
I know:p:p:p:p:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Can anyone, please, help to dispel my ignorance..
1. What happened if you come out of a DMP to go bankrupt, would that be likely that the OR will put you into an IPA for the same amount you were paying to the DMP, assuming that if you were paying that means you can afford it? The OR will take a percentage of your surplus income if your surplus is over £99, they do not take100% of the surplus like a DMP will. e.g. if you have £100 spare the OR would take £50 (DMP would take whole £100). Depending on your circumstances you may not pay anything.
2.Can pension credit (guaranteed minimum income) be realised as bankruptcy asset?
3.Are there any charities that can help with bankruptcy fees? I know people on benefits don't need to pay for £150 court fees, but what about the administration fees? You can stop making payments into your DMP for some months running up to your bankruptcy and save the fee's like that.
4. To petition for bankruptcy do I also need to pay for an insolvency practitioner or financial adviser? no no no! you can do it yourself, any help you need you can get from CAB, CCCS, or from here for free
No way out..That's how I see...
Thanks a lot!!
Answers in red above. Good luck, you can get some fantastic advice from the CAB or CCCS, and also lots of help from here if you need it for filling in the forms etc.0 -
Hi solus, where is your income from, do you work, have private pensions or just state pension and pension creditHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards