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Waiting for IPA - Do I save the money?
Just a quick one. I get paid next week and while I'm waiting for an IPA which I think I'll get, do I save the amount I think I'll get an IPA for, or can I use it to buy stuff?
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BBL, director's loan, bankruptcy
Wife and I are the only two directors of a limited company, with just us in it, and after COVID-19 we were earning less than £1,000 monthly, both. We took a £22K BBL, with which we paid ourselves, using directors' loans. We are already maxed out on personal loans, so that was the only way to keep our family going (only way…
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SOA attached help needed please, want to submit Friday... Thanks in advance
Hi all, So I have finally received my workplace pension statement and have finished my application form ready to submit.. Please can I have some advice on my SOA I went through these with step change a while ago and they said food is a little high, we do generally spend more than most of these amounts, without living…
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Bankruptcy Qs - Leaving the British Isles and End of bankruptcy order
Couple of questions it would be great to get answers on please. What happens at the end of the 12 month bankruptcy order, assuming all has gone well? Do you have an exit interview/forms to fill out or do you just get a letter to say your bankruptcy order has finished and the restrictions no longer apply etc? Also are you…
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Contact from the IPA team. Question
Hi all I went bancrropt nearly 2 months ago but I never had a phone interview with the OR, just some email communications, was told they didn't need to further interview me. However, few days ago I received an email from IPA team who needed to speak to me for 5-10 minutes and an appointmet was sett for next Thursday…
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Moved: Stressed
This discussion has been moved.
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Any new br DREADING OR PHONECALL mental health
Has anyone recently sent the form I could ask a few things please. I'm dreading the phonecall. Do they go into everything my debt was caused whilst my mental health was not great and I DON'T want to go back there reliving it. If i say this will they treat me worse
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Exceeding IPA limits
Hi gang🙏 I've been looking at my actual spending and its way above the IPA limits I can see from the SFS and those suggested by forum users and debt charity. That's why I've got in such financial issues -overpspending each month by 200 for about 10 years always hoping to pay it's all back. Mostly stupid stuff like 600…
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Additional bank account
I am due to be discharged from BR in about a month so to be on the safe side will wait until then but I want to open up an additional bank account which I will use for day to day spending (petrol, lunch etc) and keep my main account (A basic nationwide account I opened at the start of BR) for my wages coming in, bills…
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IPA finish confirmation
Hi all. I was given an IPA for the tax year to account for the council tax. I have one payment left on it due 1st March. I will then pay the council tax bill again for 2021/22 My question is will I receive confirmation it is paid up and will I be ok just to cancel the DD after the last payment is made thanks
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11 year old bankruptcy
Hi guys I need a quick bit of advice. I declared myself bankrupt in 2009 and as my home was in negative equity I was allowed to remain in it. The problem is now that I am on an interest only mortgage that will soon be coming to the end of the term and need to sell my property to be able to pay it off. I know that a…
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Salary sacrifice car in BR
Hi I've been told the OR will contact the finance company for the finance amount on the car with a view to sell it if it has value. Can't imagine it does as i paid no deposit and work pays for most. Is it worth writing to the finance company with a statement on my need. Apparently they get to determine whether I keep it or…
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BR QUESTIONS
I have lots of questions I'm afraid. I will fill you in on basics but post after with all the info if needed. I am a single mum of 4 young children. I have an IVA which is about to fail so just trying to get my BR application ready after being adviced. Debts are over 24k. Lost my job due to lock down March last year ..…
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Life assurance
Husband is bankrupt. Due to be discarged in September. We have a joint life policy. Receiver offered to sell it to us for £50 I am puzzled about the wording which states; may lapse.● If you do not proceed with the purchase and premiums continue to be paid, I will be entitled to receive the full proceeds of any claim or…
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Bankruptcy query
I am currently in an Iva but I just wanted to ask the question about bankruptcy as I am afraid that the company may fail my Iva. The problem with bankruptcy is that I have around 5,000 of equity interest in my husbands property. My husband brought the property before we got married, every piece of document is in his name…
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Cheque from OR...?
Afternoon, I've received a random cheque from the Insolvency service for a couple of hundred pounds.. No letter, no description of what it's for, the only other thing apart from my details on there is "Remittance Advice" Can anyone explain what this could be for? I don't want to phone up and find it's been issued in…
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National insurance contributions
Hi guys cant seem to find an answer to this on HMRC website or on this forum. I was made Bankrupt in Dec 2020 and I am self employed. Just completed my tax return for 19/20 and I need to pay class 4 NI as per my profit for that year. Is this included in my Bankruptcy or do I proceed to pay this and inform the OR that I…
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Receiving a gift (car) and bankruptcy Help!
Hi all, I have everything ready to submit my bankruptcy application, I was waiting until Monday when I get paid so I can draw some cash out before my accounts are frozen. I am aware this sounds like a bit of a crazy made up story but it's not.... My doorbell rang tonight unexpectedly and a family member has bought me a new…
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Phone call from OR's assistant
HI, Just had a phonecall from the ORs assistant who, to put it midly, was rude, and implied I had assets I was hiding and belittled my mental health issues, asking about relationships and why they broke down. Horrific. Hopefully the OR will be a bit nicer when they call me in two weeks time. Has anyone else had a call from…
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Adjudicators letter.
Received today email from the OR.Some forms to sign and return with regard to data protection , HMRC etc. and ethnic group.He has also said that they do not need to interview me any further. My phone call last week lasted about 30 mins and was a simple and pleasant , relatively speaking , conversationAfter all the nerves…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
7.2K discussions
41.6K comments
Most recent: DRO salary sacrifice by ManyWays
7 September at 12:33PM
