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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…
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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.…
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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
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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!
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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…
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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…
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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…
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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)…
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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…
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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…
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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?
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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…
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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 ?
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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…
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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
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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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Certificate of Discharge
Dear All, After 12 months, finally I have been discharged from Bankruptcy this week. I received a Certificate of Discharge from the insolvency customer service team. In the bottom of the certificate, its written "If the above-individual requests it, the official receiver will advertise this discharge notice and have it…
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credit paid into account after bankruptcy discharge
I have been asked to help one of my wife's friends with this issue: Here is what I understand: Sophia (not her real name) used to do some work for an agency back in 2016 and was paid into her bank account. In 2017 she declared insolvency and this account as it was overdrawn was included in it. In 2018 she was discharged..…
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Credit File Updated Post Discharge
Hi, I was discharged from bankruptcy on 01/10/2019. I'm now the best I have ever been with budgeting and I am now trying to improve my credit history. On a monthly basis I check my report to make sure all is as it should be and this month I have noticed a change: A debt included in my bankruptcy (Tesco Mobile) has changed…
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Tax Credit Debt
Hi all, I’m currently bankrupt (as of May ‘19). I was under the impression that my Tax Credit overpayment would be included, is that incorrect? I’m still paying back £70 odd a month out of my Universal Credit. Haven’t been on the ball and only just realised, I will give them a ring tomorrow to query it.
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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Most recent: Irresponsible lending claim after DRO by ManyWays
23 April at 11:54AM
