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Bank and income
Hi there, I have decided to apply for bankruptcy as my debts are far too high to manage, an IVA is out of the question as my partner and my income is slightly too high (his salary is much larger than mine). Whilst I am dreading the process, I do believe this is the only way to for me to get out of this mess. If anyone has…
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DRO - statements advice
Good morning I have been paying a DMP, but I want to move to a DRO as it will help me pay of my debts in a reasonable time frame. I have about 20,000 in debts for various credit cards. I hate that I have myself in this mess, but have been paying off a DMP for a while with finally under 20k left. My current problem is that…
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IVA Advice
Hi all, I'm currently experiencing money problems and have been contacting a company called PayPlan to discuss my options. Following an income and expenditure discussion I've been offered IVA or bankruptcy as options. Can someone explain to me the process and the damages I may face for either option as I'm extremely…
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Three years since bankruptcy
Well it's been quite a journey these last three years since I had to declare myself bankrupt. Just thought I'd have a bit of a ramble in case anyone's interested. Settled down with my new better half in a far more prosperous part of the country, earning more than double what I was three years ago, saving well on our way to…
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Potential Bankruptcy - Couple of questions
I am considering bankruptcy and have a couple of questions. 1) My partner lives with me and rather than having joint finances I simply pay all household bills and she gives me a monthly payment for her share. Would her finances be looked into by the OR? 2) My car is worth about 3200, I don’t want to lose it as there is no…
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Tax code following bankruptcy
When I was made bankrupt, I was given the tax code NT, this should have reverted to my previous tax code at the end of the tax year, but I've just found out it hasn't. Whose job is it to inform my employer? Am I meant to chase for it, or should this be automatic? The upshot is I will now have to make up the unpaid tax…
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Moved: Foreign debt
This discussion has been moved.
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Need advice please - DRO and tenancy agreement
Hi everyone I'm just looking for some advice please. I have finally taken the plunge and begun proceedings to apply for a DRO. I spent a good hour on the phone to Stepchange yesterday, who said that they feel that a DRO is the best place of action for my circumstances. I have just checked my tenancy agreement and have seen…
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Funeral plan
Hello I am currently thinking of taking out a bankruptcy motion and stepchange has asked for details of insurance policy’s etc. I have a prepaid funeral plan I am paying up. Can they make me cash this in? I’m terrified of dying and leaving my family with no way of burying me. It is a simple cremation plan which will have…
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No win no fee scam
Hello, I am looking for advice please, back in 2016 we owned a house which 7 years previously had cavity wall insulation installed, because it was an old terraced house it caused a lot of damage as it had been wrongly installed, we saw you could claim compensation on a no win no fee basis so we signed up as we thought what…
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Out of Bankruptcy but still denied credit
Hi Is there anyone who has come out of BR but still can't get even simple credit like Klarna instalment payments? I've only checked my Experian credit file and its clean, or do I need to check all credit reference agencies to make sure the others follow suit? Thanks
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Getting a Business Bank Account post Bankruptcy
Hope you can help, I have been cleared of bankruptcy now and have my current account, which I have always had, but been using it as my business account, as I really had no there choice. when I became bankrupt I could not open any new accounts, nationwide allowed me to continue using my current account. I now have had a…
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Moved: I'm drowning and I need help!!!
This discussion has been moved.
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Tax Credit Overpayment help
Hi all, I have a question regarding an overpayment of tax credit (although I think I know what the answer may be). So firstly I went BR on 12 Feb 2020 and was DC 12 Feb 2021. I was advised in June 2021 that I had been overpaid tax credit for the period Apr 2020 to Mar 2021. They asked for payment in Oct 2021 (to which I…
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High flyer about to land hard or few bankruptcy questions
Hi Dear Community, I hope you all are doing well. Not sure if everyone is willing to know my story so I'll skip most it, but happy to answer any questions. I'm director of an LTD which is about to go down as a result of mostly my bad actions. The ltd was running for several years now and at the beginning it was fine, but I…
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Should I go Bankrupt when I have to inevitably have to move out?
Well long story short. I am 21 and 35k in debt! Income £19,914 Currently on PayPlan paying 250£ a month. I passed my apprenticeship recently so hopefully I get a decent paying Job or a promotion. I am going have to move out very soon which is unfortunate. I’ve been offered an IVA but I don’t like the sound of it. I have…
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IVA "management fee charge"
My relative has an IVA which was supposed to last 6 years and when he took it out his debts were about £32K but he was due to pay back less than half of that I think over the 6 years. He knew the IVA "management fee" charge was about £900 and that they had included that into his weekly/monthly repayments. He also knew that…
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Copy of IPA
Dear MSE pals, I have recently been discharged from bankruptcy and making some changes in my life. Thanks to all you out there for the help but I have one question regarding the IPA figures. My interview Went smoothly and was given an IPA I am comfortable with if a little tight. I was given a payment schedule for the…
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After Aquired assets
I declared myself bankrupt in March 21 on disability benefits with no assets. My total debt was £35k in August my best friend died suddenly leaving me approx £60k in cash and a car valued at £15k the OR will take 15% of the cash £8,250 and their fee £7990 plus the debt of £35k. The car will be auctioned and after all fees…
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Buying my exes share - How flexible will the Official Receiver be?
Hello, I had my final hearing for divorce finances a few months ago after being 2 years into the process and an order was made to have the house fully signed over to me with no payment, my ex was in contempt of court having never even filed a Form E.. We're two weeks from completion on my new mortgage and transfer of title…
