-
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…
-
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.…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
