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Bankruptcy & living with it

To help people who are bankrupt rehabilitate their finances, without judgment.

Breathing Space 20 day challenge
Hi all, Does anyone have any experience of a creditor challenging their breathing space application within the first 20 days? I am considering breathing space and wondered if anyone has faced this challenge or what reasons are their for them to challenge? Many thanks.
Will payment
Would a solicitor in Scotland check the English Insolvency list if paying a will to someone in England or just the Scottish one as a matter of law ?
Inheritance whilst bankrupt
Hi, This is a hypothetical question but one I feel I need to know the answer to before potentially filing for bankruptcy. If someone is bankrupt and then has inheritance come to them in the next 6 year period, does that inheritance pass down to them without any problems or does that inheritance have to go and pay off all…
Interest only mortgage with mortgage term ending and struggling to sell, thinking of going bankrupt.
Hello, I'm in a bit of a pickle which is stressing me out massively and wondered if anyone has any experience. I took out a mortgage years ago which was interest only, that mortgage term end is now approaching so I have 2 options, either sell the property or remortgage it. The problem is I can't sell it as the lease hold…
start LTD during IVA and secure company money
I have dilemma. i'm halfway through IVA. an opportunity arose to stabilize income through franchises. I want to do this by setting up a LTD company and paying myself as a director a salary and dividend that will cover the expenses of normal living and the rest of the company's income for future investment in the company…
Bankruptcy questions
After months of worry, I finally applied and was declared bankrupt 2 weeks ago. I’m due to have ‘the telephone interview’ and was wondering how much depth I need to go into with the OR. Also, I took a cash advance on a credit card to help fund a business (solely in my husbands name) should I be honest about this? the aim…
Income/Expenditure Check
Hi All, I've recently started a new job and have moved to a new address, so the OR office has been in touch to provide an income/expenditure form. I have posted the proposed figures below, I'd be really grateful if someone could review and comment and whether it looks acceptable or whether anything should be adjusted? Many…
Bankruptcy question
I became unable to repay credit card and loan repayments (amount owed is £35,000) in 2017 due to change in personal circumstances. Between then and now I have not worked and have not claimed benefits. I have no assets, car is in husband name and always has been. So I have absolutely no personal income. I have had some…
Post bankruptcy and Power of Attorney question
I am wondering if anyone has had a similar issue to me. I had to file for bankruptcy in 2008. Last year we set up Lasting Power of Attorney (LPAs) for both my elderly parents with me as their attorney for both financial and health. When I saw the solicitor she didn’t ask me whether I was, or had been bankrupt. (They cost…
Additional cardholder credit score
I want to get an additional credit card on my account for my daughter for emergencies. Will it affect her credit rating (positively or negatively) as she wants to apply for her own card (with a different provider) at the same time ?
Insolvency Office Complaint
I am desperately seeking advice regarding a bankruptcy application that my husband submitted online on the 9th December 2022. John and I are currently separated but he has asked me for help with this matter. To give you some background to this, John has accrued debt with 3 separate organisations. These are HMRC, DWP and…
"Income to be considered in an income payments calculation"
Hi there, The subject is from the Insolvency Direct website and I am totally confused about the IPA calculation. I work full-time time and also receive monthly UC, although even without the UC I would still be liable for an IPA. I have copied over the section I am confused about below in - 31.7.43 IPA/IPO contribution…
6 year file clean from the date of bankruptcy or from discharge ?
I was declared bankrupt 9th of May 2017 and discharged 1 year later and wondering when my credit file will be cleaned. Is it 6 years from the start or discharge? Thanks for any replies :)
My bankruptcy and partners pension
Following the failure of my business due to the events of the last few years, I have decided that bankruptcy is my only option. However, my partner has just taken a lump sum from his pension to enable him/us to travel to see family overseas and to buy himself a car. We rent our home and have no assets, but we do have a…
Bankruptcy Self Employed & Preferential Payments
I am currently going through the motions of applying for bankruptcy. I have in the region of £40k of debts. One of my main business costs is stock, and I'm concerned that my regular purchases of stock will be considered preferential purchases? If I didn't buy stock to sell I wouldn't have/had a business to operate so it…
Cost of Living payments and bankruptcy.
I had the last 2 COL payments before bankruptcy but now I am bankrupt for the next payments £900 over 3 payments would I need to declare these to the OR as everyone who qualifies on a low income and qualifying benefit will get it. I’m only on a Tax code IPA and don’t really want an income IPA for the next 3 years over the…
Old debt
Hi I went bankrupt approx 19 years ago , but yesterday I realised a letter from.capquest saying I owe £1164 . 64 . I worried a bit as I haven't had any debt since my bankruptcy. So I phoned them up today and it was from the year 1999 . 25 years ago . Shop direct . Anyway he said if I could prove my bankrupt then he cold…
Walking away from my home
I’m on interest only mortgage. My plan 20 years ago was to sell and pay what I owe to the mortgage provider. However, few months ago we have been told the block I live in has the same material as the Grenville tower and needs to be fixed. We have been told this may take up to 3years to sort. Mortgage matured in just over a…
Trust deed Scotland
Hi all. I need to join a trust deed due to £32k in debt and now can't cope. They have asked if I want to have a joint trust deed with my partner but she only has a around £4k in debt her credit rating is damaged a lot though with this as missed payments. We both work full time where I earn £19k and she £30k. What is best?…
Joint account - advice needed
Hello, I'm hoping someone can offer some advice... I seperated from my husband 3 years ago. We're not divorced, just living separately. In March 2020, I declared myself bankrupt, he didn't. The bankruptcy itself went very smoothly, and I'm now in a much better place financially. However, from checking my credit report I…

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MSE News

Warning: 'WASPI' women affected by State Pension age rise should watch out for 'steep rise' in scams
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Bankruptcy & living with it

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