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Do we need to declare a BR that was 15 years ago?
We thankfully have moved on with life from where we were 15 years ago when my wife was made bankrupt. that said every so often something bring it up, currently it's home insurance renewal time, I've just been entering details into a well known comparison site and the question is:Has anyone at the address ever been declared…
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Post Bankruptcy Credit Report Clean Up - account sold
Hi In January 24 i was officially discharged from my bankruptcy and in August 24 i started the process of cleaning up my credit report using the guide in the very useful pinned post. Most have corrected their entries on my credit report using the first letter where we give them 28 days to correct their entry. However, i…
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Divorced and financial claims against me
Hi there, Sorry, not sure if this is the correct category, but it has to do partially with my bankruptcy! I got divorced a few years ago and I believe my ex wife is starting proceedings to claim financially against me. When the relationship broke down I continued paying as much as I could so that the kids could have an OK…
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Self Employed Sole Trader Planning Bankruptcy
Hi all, I'm in a complicated situation and I'd love some advice about next steps and the budget sheet. I stopped paying my debts, child maintenance (informal arrangement), council tax, and VAT, Income Tax and National Insurance about 3yrs ago due to poor mental health following a traumatic event. I was sectioned earlier…
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DD and SO during sequestration
Hi, we are going down the route of sequestration. £40,000 in debt due to job loss, unable to pay mortgage and house was in severe negative equity. Home repossessed. We both now have good jobs and rent privately. We have no assets or savings and 3 children. We moved to rural Scotland for a fresh start. What happens to our…
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Unvested Restricted Stock Units that vest during Bankruptcy year
Hi, need some help understanding my obligations and potential options/outcomes. Currently bankrupt and undischarged. As part of my job I receive stock twice a year. These vesting periods will fall within my bankruptcy duration. Each vest is worth £7-9k (£15k total). Currently these are not included in my income as I dont…
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Bankruptcy & Property with Huge Negative Equity
Afternoon, I’ve made the decision that Bankruptcy is the best option for myself, I’m currently living on Credit Cards etc. due my Mortgage situation it’s interest only payments are over £900 per month with Ground Rent of over £130. I’m also paying £850 per month to service my Credit Cards on a Salary of £2350 per month!! I…
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Debt from negative equity shortfall when house was repossessed
Hi, we have nearly £40grand of negative equity shortfall from the sale of our property when it was repossessed (due to redundancy). We have no assets, rent privately and have 3 kids. We have been advised that Sequestration is our best option. Is this type of debt viewed differently to the likes of credit cards/loans etc?…
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Moved: IVA or DMP
This discussion has been moved.
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Bankruptcy with a "good" income
Hello, I am probably going to file for bankruptcy once my tenancy agreement is renewed in a couple of months. My issue is, I am self-employed and have what would probably be considered a "good" income, but as I'm self-employed it's not always regular, I can have a £6000 month followed by a £2000 month - how does this work…
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Steps Before Filing for Bankruptcy
Hi, hoping for a bit of clarity. I will unfortunately be filing for bankruptcy in the next couple of months but just want to check what I need to get in order before submitting the application. I have circa £55k in debts. I have never missed a payment and don't have any arrears or CCJs etc. A DRO would take me 10 years and…
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Bankruptcy Help
Would appreciate any advice. I think I am being forced to make myself bankrupt and unsure if this is the best option or whether I have any other options? I owe a business £400k and they started civil proceedings against me nearly 2 weeks ago. I will ultimately lose as only have a limited defence. I have a mortgaged…
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Experian just added bankrupt records to my credit file from over 8 years ago
I have just noticed a change to my otherwise perfect credit file whereby Experian has added adverse data to my credit file on July 2024. The data relates to a bankruptcy back in Feb 2016 of which dropped off my report back in 2022 after the 6 year period. I raised this with Experian and the initial response was to send in…
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DRO & new car purchase
Hi, can anyone advise me please? my DRO started in February this year so my car asset limit was the £2000 mark. My car is now on its last legs 07 reg, will cost more to repair than it's worth. As the asset limit for cars went up to £4000 after I entered in to a DRO can I now just replace my car up to the new value without…
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sorry to pester you with this question
my mother is 87, the only parent I have left,my dad died 24 years ago, she lives 600 miles away in the north of Scotland and I do a WhatsApp call every Sunday. she is housebound due to mobility problems and gets free homehelps 4 times a day from council. social services funding and rules seems to be better in Scotland for…
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How fast is the insolvency service?, here is how fast !
from their targets and their performance 2020-2023
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GOT OUR DROS Today!!
just phoned the insolvency service , my dro and wife's dro got approved, got email confirmation today too. the IS register will be updated 2 working days later with our names no mail due in post and cap not being informed either which is odd cos the IS said cap never put down their contact details , just ours
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DRO application approved
got the call today myself and wife via Christians against poverty are approving the dro application, next step is a 3 hour meeting with them at home where they go through the full agreement with CAP how they will work with us and I guess the legalities and the double checking of things before we sign the agreement and the…
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DRO and existing car finance
Hello I contacted PayPlan regarding my debts. A friend of mine was on a DRO, and CAB didn't see a problem with him keeping his financed car, but when I asked about this was told I couldn't have a car on finance during a DRO? All CAB did was exclude it from his debts (I think). I am confused. She said if not for the car I…
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Is it true 1 in 6 people get an IPA with bankruptcy?
I've read 1 in 6, 1 in 8 and another article that said anyone with a job will get one. I am considering bankruptcy but if I wind up with an IPA it will ruin me financially more than simply paying my debts ever could. No judgement only advice please, my MH can't take it.
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
