thumperess

anggibbins

hi , my bf accumalated some 35k of debt b 4 i met him . over the last yr i av put him in hand and now he manages his basic outgoings well but all the 35k debt was put on hold awaiting him to apply for bankruptcy but as im sure u all no u need a large amount of money to do that . well i av guided him in the right direction and e as now got a job that almost pays double wot e was on and can now afford to put his bankruptcy thru . my concern now is as e as around £400 left after taking out all that e needs to pay .how will this effect him

Dez-Titute

He should seek advice from one of the debt charities before he does anything .
Contact one or all of the following National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | local Citizens Advice Bureau.

anggibbins

thanks , gonna call shortly to c if we r going the right direction . now e as a beta job and pay mayb bankruptcy not . the effects like getting a mortgage cud b beta taking a different route ?

Waspeze

Might be worth posting your OH's SoA on the DFW board if you're trying to avoid bankruptcy as they might be able to suggest ways of cutting spending.

One of the debt charities may well suggest that a DMP is more suitable now due to extra income... definitely phone one of them as Dez says!

however if they do suggest bankruptcy then to answer your question .. once all reasonable expenditure has been taken into account then if there is a surplus of more than £99 a percentage (between 50 and 70%) of this is taken to pay, what is called, an IPA (income payments agreement) for 36 months.
If there is a surplus, like you think, of £400 then 70% of this will be taken and the rest will be left to do with as he wishes

I have a surplus of about £360 and pay £238 IPA (66%)

anggibbins

after calling cccs and putting it all down on paper looks like excessincome will be considerably less so things may change . can anyone tell me the after effects of bankruptcy dmp etc . ie is any better than the other to gain credit/mortgage does one go against u more than the other ?
LOVE THIS SITE !my bf ah closed his eyes 4 yrs b 4 i met him to his debt . im a single mum of 3 with my own detached property and no nothing of this type of thing . im learnin so much from u all so that we can sort his debt n 1 day live toghether but that seems so far away as i av to protect my assest for my childrens future . e cant move in til e can take on a mortgage to shut my x up for his massive 8% e as left in my property . i cant get a mortgage cos im on benefits n cant get a job that pays enough for me to give up my benefits . wot a circle eh