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5 months in.
So I’m 5 months into BR. Life is so much better, I no longer get letter after letter and phone call after phone call! Couple questions tho. I’m still getting a annual statement sent? Is that normal? And when will my credit start to improve? Ie when will the defaults come off?
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Link to SOA
Hi I want to complete a SOA to get advice before I file as I don't think I will need to pay an IPA as it's very close and would like to try and avoid it if possible. Can someone post a link for the SOA so that I can complete and post. Also my ex husband (still married but separated) is still living with me and our children…
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Possible bankruptcy
Hi. Has anyone gone down the bankruptcy route and come out the other side? A bit of a back story..... We have been stupid with money so I’m aware it’s entirely our own fault. Spoiling the kids too much etc and living beyond our means then hubby lost a well paid job when I was pregnant with number 3 and the only job he…
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D-Day! what now?
My bankruptcy discharge is today! This time last year I had a sense of relief that I had been declared bankrupt, but I was also filled with dread about dealing with the OR, wondering about an IPA (I didn't have enough income to contribute to one in the end), worrying about my bank account and wondering how I would cope in…
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Possible Bankruptcy SOA
Hi, I posted yesterday on the DRO part of the forum until I realised with certain debts I have entered on the StepChange as extra expense I do not qualify for a DRO. Since seeking further debt advice I have been advised to either hold off my debtors and asking them to freeze interest and waiting for my universal credit/CTC…
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Before I press Submit
Hi, I am now in the position to press submit on my application. Before I do, can anyone try and give a reason not to do it? I have 30k debt but no assets and no real money to put towards a DMP. Bankruptcy seems like the logical if nuclear option.
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Petitioned for bankruptcy
Hi.. I've been petitioned for bankruptcy out of what I seem is spite and being vindictive....even though I have offered to pay by instalments the creditor says not enough and would rather pay to make me bankrupt... I am writing to court to appeal this and wondering if I have any grounds to have this set aside ....I am…
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Value of vehicle to OR that has been written off
Wondering if anyone can advise, I currently own a motorcycle that would be worth around £3400, however it was written off last year and I bought it back from the insurance company for 10% at £340. Obviously I have the engineers report and valuations etc from the insurers, how would the value be treated by the OR in this…
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Going Bankrupt - 26 & Scared
Hi, This is my first ever post, I hope someone may be able to offer some advice. I am trying to get as much infomation//advice as possible before filing for bankruptcy. I have spoken to StepChange and Citizens Advice and I think I should file for bankruptcy. I am still very scared but I think I am making the right choice.…
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Soa/ipa
Hi all newbie here. I finally built up the courage to complete the bankcrupcy application!! Just would like your opinions on the soa below for when i have my interview. Ideally would rather avoid an ipa for 3 years if possible. Thank you guys Household Information[/b] Number of adults in household........... 1 Number of…
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Paying for BR
Hi All, I read the bankruptcy application wrong thinking you could pay £5 instalments until you have enough to pay it off when after applying but now I understand you cannot submit until the full fee is paid. I understand why there is a fee however I am in debt and I’m not sure I can even afford to pay the fee, I have…
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Some questions
I am on benefits and have stopped paying all of my debts except my car finance in order to save for the bankruptcy fee, I have the following questions if anyone can help. 1) My car finance is for a second hand car bought in April 2017. It was a four year term and interest free. The car is worth about £1900-2000 according…
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Remortgage after bankruptcy
Hi all. Looking for some impartial advice. I was declared bankrupt in Jan 2015 and discharged a year later. I was helped out by a relative with the deposit on a house in 2008. The deposit was to be paid back by the sale of my original house but the market collapse left me with a house I couldn't sell for enough so said…
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Timing - now or wait - Plus IPA Question
Hi All I am currently self employed however the business is about to wound up - part of the company debts are some that i personally guaranteed so i know they are going to come after me. I don't have any assets - Rent - car is leased - no cash I have been offered a job with a basic salary plus commission - it would take…
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Credit search on file
Just after I was declared bankrupt 2.5 years ago 2 of the credit cards I owed money on sold the debt to Arrow Global. Arrow Global were advised by the OR & by myself on the bankruptcy & I’ve heard nothing from them since, however I’ve just checked my credit file & I noticed they they have carried out 2 credit search for…
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Change of trustee
I’m just wondering if anybody could help with a question I have please. I’m 2 years plus into my bankruptcy situation. I was discharged after a year but during that time my property, family home & additional property hadn’t been dealt with. The government OR was handling my case. My husband at their request made an offer…
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Depressed and in urgent need for advice
Hi all, Hope you all had a great Christmas. I’m sorry to bring the mood down but I am in desperate need of advice. I am going to be completely honest and upfront about my situation so please do your best to refrain from judging me. I was declared bankrupt in early December 2019 - just 4 weeks ago. This was as a result of…
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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…
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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…
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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
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
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Most recent: Hoping to apply for a DRO by Thymeforchange
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