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Bankruptcy & living with it

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

DMP vs Bankruptcy
Hi, I am just looking for some last minute advice. I have the money to pay for my bankruptcy but before I do, I want to ask for some advice on whether I should bite the bullet or try and work out a DMP. I know that with bankruptcy it'll be done in 6 years on the credit record but if I go with a DMP and make the payments I…
Income tax and bankruptcy
Hi all, Hope you are enjoying a lovely Christmas And new year holiday. I had a few questions regarding income tax and bankruptcy. Quick recap of my situation I was made bankrupt in November 2019 after losing my job and being in no position to pay my debts. I owe HMRC some money for tax year - 2018/2019 - it’s a figure that…
under IPA child starts work
child in full time education(college); start do part time job (8h contract per week); these income should be counted for IPA please? I tried to find information but wasn’t lucky. only thing I found they expect from “young adult-over 18”to contribute some money to household expenses if they staying home full time Thank you
IPA/SOA question
Hi, I am weighing up my options and just wondering how close my SOA is to what the OR is going to allow. My current SOA is above my actual income but I have tried to give an accurate portrayal of my outgoings. I expect they will ask me to cut back on my food costs to try and balance the budget but is there anything else…
DRO schedule
I know how a BR works and runs :cool: With a DRO though... I read/assume one applies, pays the fee and if granted all debts are "frozen" for a year and written off after a year if the applicants position financially remains unchanged. What happens after the year of the DRO, do they (stepchange) contact the applicant and go…
HMRC & Bankruptcy
Hello, I would very much appreciate any advice that could be given regarding a situation between myself and HMRC. HRMC are threatening bankruptcy for unpaid Income Tax. They are asking that the full amount, approximately £10,000 be paid before the beginning of January or else they will proceed with a bankruptcy petition.…
expenses when in IPA
Hi all, just quick one: when you have IPA in place, and let’s say yours food allowance was £50 but you ate only 2 days per week /spend week on parents ant ate there, it is allowed to spend this money for shoes?:) just very general question, about allowed expenses and if they must to be used for exact things. Thank you
IVA SOA Question
Hi, Please could someone advise me of a realistic amount to put on my SOA for groceries. I have a family of 4 - 2 adults , one teenager, a 6 year old and a cat!
Complicated child maintenance situation
Hi all. I have a rather complicated and annoying situation. I currently pay my ex wife a pretty reasonable sum every month for child maintenance. This is not though the csa. After moving into rented accommodation recently, we are looking to buy a house in the coming months. In order to increase my affordability, I offered…
Can i keep my car
Hello new to the forum and looking for help. 6 or so months ago we voluntary repossessed our home for reasons i done want to go in to as such, and we moved to renting accommodation. For the last 3months we have been preparing for bankcruptcy making token payments to our creditors apart from our car finance. Our hire…
DRO advice
Hi Long story short I'm in alot of debt, I qualify for a DRO which I plan to apply for in March - or sooner if I can get money together. I'm due a large back payment from Universal Credit and had planned to pay my mum back a personal loan she made to me (before the DRO was considered) and clearing one of my debts but now…
FYI.... ask and ye shall receive
Been helping someone with total debts of £22,000, so £2000 over the maximum debts to qualify for a DRO. 10 creditors from £140 to £6000 this has been going on 18 months and he has been making reduced payments of between £1 and £15 per month today he rang 3 DCA's ( 1 Barclays debt £1800 the other a barclays debt of £4200)…
Bankruptcy in new year
Hi In 2006 I started off with a debt of £96000. I have been with Step change from 2006 and repaid £70000. Being 52 I am now going to apply for bankruptcy as it will take another 10 years at least to clear my debts. My salary is £23000 pa and work for a company. Rent same house since 1992. No savings, car or property. Over…
I've been stupid and I'm terrified
So long story very short....been on a DMP with Stepchange for several years which has been running fine. I've got myself into debt through gambling this last few months and to clear it all I took out a bank loan of 14k to pay it off which I realise was silly because a) I can't afford it and b) it goes against the rules of…
Self employed tax rebate when discharged
Made bankrupt 12/12/18 so OR takes 18/19 tax. Self employed for 19/20 tax year and discharged on 12/12/19. Do I keep all of 19/20 tax? Does the OR only gets the tax for the year the bankruptcy was made 18/19 and all years before, or do I only get tax rebate for 12/12/19 to april?
Frozen Current Account after dishcharged bankruptcy
Hi All, I just discharged from Bankruptcy after 12 months. So, when check my credit reports, found still my current accounts which were included in the bankruptcy and was frozen still showing in the report as "OK". Even, I can log into account but I tried to bank transfer into this account but rejected. So, I am little…
endowment policy
20yrs ago I went bankrupt,at the time I had an endowment policy which was a few years old.It has not been paid into since 1998 but has matured with a valve of £4ooo just now,will I be able to keep it ?
Advice needed!!
Need some advice so here goes. 51 year old finance manager working in public sector. Current debts £32K. Majority two credit cards, long term debt of 10 years dating back to divorce. Unfortunately current job is affecting my health and relationships and the thought of 10 more years doing this has led to the radical idea to…
Failing IVA - Questions
Hi, I have decided to end my IVA and I wanted to know, how long does it generally take and IVA company to distribute the funds I have amassed (as none have been so far) there is about £7000 in there. Also how long will it take for my creditors to start to chase me again? Thank you all :) Nik
Famous bankrupts, past & present
I thought I'd post this to remind us that we're not social outcasts :) King Edward II - 14th century English king. His 14th century attempt to conquer France led to the Hundred Years' War, and the cost of this scheme put him £30 (approx. $60) in debt - over $7,000,000 in today's cash.) :eek: Rembrandt 1606-1669 - the…

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Martin Lewis: How to call your bank with just three digits – as 'anti-scam' phone number called over a million times
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Bankruptcy & living with it

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