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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
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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…
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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!
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
7.3K discussions
41.8K comments
Most recent: Couple of DRO Clarifications Please by sourcrates
1 March at 7:21PM
