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Family home and debt
Hi all Having checked my parents will recently, it seems i am trustee to the property along with my brother. The proviso in the will states the house cannot be sold while i live there, ( i have lived there 50 years), also if i stop living there or someone else moves in with me, the house will become the property of the…
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HMRC bankruptcy hearing
I'm being declared bankrupt by HMRC for unpaid income tax. My hearing at the High Court in London is in a couple of weeks but it clashes with a longstanding hospital appointment. I've been expecting bankruptcy for quite a while and I'm not opposing it. Do I need to attend the hearing?
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Income/expenses bankruptcy
Hello. My bankruptcy was approved in March 2024. I filled out the required NTB2, TNDIS and DPADA forms at the outset and after a telephone conversation with the IPA assessor, it was determined I would not have to sign into an IPA. 7 months later, the insolvency service have contacted me wanting me to sign electronic…
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Interlocking IVA
Hi I have asked this question on another thread but would really appreciate a professionaly qualified My wife and i are in year five of our iva. Our son has a uni place and we are expected to contribute 5k of his maintenance award. As we are in an iva we can't do that. The IP treats our son as non dependant, Student…
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Interlocking ivas and after acquired assets
Hi, can anyone help with this or signpost me anywhere? My wife and i are in year five of our iva. Our son has a uni place and we are expected to contribute 5k of his maintenance award. As we are in an iva we can't do that. The IP treats our son as non dependant, Student finance england treat him as dependant. Seems unfair…
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Bankruptcy Scotland Insolvency Practitioner
Dear all I'm currently sequestrated with a insolvency practitioner administering my estate. I have requested a final statement and breakdown of fees to pay the balances off but suddenly the IP have taken it upon themselves to call around looking for the possibility of debts elsewhere. Can an IP take it upon themselves to…
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Bankruptcy Revolut and forex trading account's
Hello I planing to file BR and wondering what happen with forex trading accounts? would I be able to keep them open with low deposit under 100usd and keep trading micro for training purpose? trading is not the reason of my br. Just don't want give up just yet. Another question regarding Revolut online banking with a cash…
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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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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…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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Most recent: Couple of DRO Clarifications Please by ManyWays
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