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Car finance - IVA
Hi All, Currently in a IVA which I’ve been in for 1 year. I have a HP whilst in the IVA but I need to change the car as it’s not a practical car anymore for my line of work. Needing something bigger currently pay £230 a month - my question is. I highly doubt I will get finance on another vehicle so am I able to get a…
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Being chased for money (car on finance) after bankruptcy discharge
Hi, After a year of hell my partner was discharged from bankruptcy in June this year. We are just starting to get our lives back on track. Today we had a letter come through the post asking for the OR’s share in the car my partner has on finance. This was listed as an asset when he was made bankrupt a year ago but we…
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SOA form
Morning all, i am looking at getting my finances in order as i got in debt after me and friend got given a 100% mortgage at 18 years old we couldn't really afford it at the time we both had car finance any ways we ended up taking more loans out to help pay the bills etc and in the end we both ended up just walking away due…
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Mortgage query after bankruptcy
Hi all. I was declared bankrupt in aug 2017 and discharged in 2018. At the time of bankruptcy I was in a joint mortgage with a family member, and the OR wanted £10,000 for my share of the equity from my family member. They paid the OR the £10,000 and everything has been good. I've just been wondering if they fell into…
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Interview with OR
Hi all, I have my interview with the OR on Tuesday morning. Has anyone any advise? What will he ask me? I am so worried I will get an IPA. Will he say I have to use public transport and not use the car, so I can pay money towards an IPA? I couldnt bear that, I would not get to see my family, they live more than an hour…
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Understanding why I went bankrupt
I am just filing some post and having a tidy of paperwork, and I decided to go through some of my bank statements and credit card bills from before bankruptcy. As a rough timeline, things got worse in 2013, I made token £1 payments in 2014 before eventually going bankrupt in 2015. Looking through my statements, I was…
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Tax credits, bankruptcy and DRO
I all, I am discharged BR. One of the debts I didn't list on my BR was tax credit overpayment as it was a joint debt, we continued to pay as we've always done. I recently changed banks and rang up tax credit helpline to change bank details and the recordings said to direct debits twice within a year you need to write in.…
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DRO question...
Where does a DRO appear if someone goes looking? The London Gazette? (forever?) The IS website? (for 12 months?) Credit searches? How long?
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General Bankruptcy Query and Assets (Car)
Hello all, I am trying to help a friend think through his options to resolve his current financial crisis. He is in a bad place and whilst I know a lot about DMPs, I know very little about other debt solutions such as Bankruptcy or IVAs. My advice to him, first and foremost, was to seek advice from National Debtline - but…
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Being chased for debt on mortgage shortfall after repossession and 7 years after bankruptcy?
Hello, I am looking for advice from anyone who can help. 7 and a half years ago (Mar 12) I was declared bankrupt. I stopped paying my mortgage and informed my mortgage provider that I was handing back the keys of the property. Having done this my house was repossessed and subsequently sold. I have just now received a…
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Pension lump sum after discharge
I have a friend who was discharged from sequestration in Scotland over two years ago. She is now eligible to draw a pension lump sum and income but is worried that this will be taken by the Accountant in Bankruptcy. She did not pay any contributions during her sequestration because she was on benefits. She called the AIB…
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Bankruptcy and savings
Hi. I spoke with Stepchange last week and they said my only option is bankruptcy as my income is so low. My question is, I have about £1400 in a savings account which I’ve had as an emergency fund in case the car blew up or such like. Can I take this out and keep for living expenses once I’m bankrupt? Also, through work I…
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Interesting article in Debt Camel this week
Debt Camel has a guest post by Dr Joseph Spooner, (Assistant Professor of Insolvency Law at the LSE) on the Case for Transparency in the Standard Financial Statement. As we know, trying to find out the actual figures used for calculating reasonable living costs or allowances for people undertaking bankruptcy, IVA’s or…
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CRA & Defaults
Hello, I have 2 weeks left of my BR. I have around 6 accounts on my credit ref agency’s. I just wanted to clear something up, so I am not confused. Since the BR order all 6 have been marking me down as default with 1 being a late payment. So for the last 11 months each month they are all adding another default for that…
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6 years post-bankruptcy
Hi all I remember reading this forum incessantly in Nov/Dec 2011 when I was applying for bankruptcy and found everything so useful. I also found it a lifesaver reading positive stories of people after bankruptcy so I wanted to share my own. After 14 years of financial abuse I left my husband and was also left in 25-30k of…
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Heading Towards Bankruptcy - Please Help
Hi I ended up in debt to the tune of around £23,000. I had a credit card, the payments were too high for me to afford so I got a 0% credit card, transferred over the balance, couldn't pay, got another 0%, transferred balances over, had to use the credit card as I couldn't afford to meet the payments and so it snowballed. I…
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DRO- question about budget planner
Hi, I’m curious, I’m doing my DRO budget planner, living expenses etc. and I’m not sure if few payments towards the debts which I’m paying monthly are included in budget planner? I know I have to have 50 pounds per month left. Does those payments which I’m making monthly are included or not ? Thanks and sorry for my…
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Developed Vetting & past bankruptcy
Anyone out there gone through Developed vetting for government roles or could advise on it? I have a question, I was discharged from Bankruptcy fifteen years ago,( was related to running a company as a sole trader, it was personal insolvency, wasn't a limited liability company, ) Presumably, this will exclude me from…
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House and Bankruptcy
Ok so I have posted on here previously but not regarding this question so just hoping for some advice. My ex-wife has gone bankrupt due to huge gambling debts of over £110k. We have a joint mortgage and also a 2nd charge loan. I love out and am now renting, however the ex hasn’t been paying the secured loan so I’m moving…
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Get a mortgage now or wait?
Hi all, I was made bankrupt back in 2013 due to a small number of loans and credit cards. We had to sell our house as a result and have been renting ever since. As we pay an extortionate £1100 a month in rent (standard for where we live) we would love to own again as soon as possible. We have £20,000 deposit and according…
Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).
7.2K discussions
41.8K comments
Most recent: Moved: IVA / Debt Advice Please by sourcrates
5 January at 11:48AM
