Insolvency Practitioner Fees

lilacgirl_2

Hi,

Just wondering whether anyone else has ever paid an Insolvency Practitioner before to help with filing for bankruptcy?

We're due to file the petition next week but someone has recommended an IP to us but he wants £500.00 from each of us for fees plus court fees etc..,

What is it they exactly do?

We havent got anything the courts could take apart from a van on HP, in total our debts are about £65,000 all from loans contacted to our business and a personal credit card

We really dont want to regret not using one in later months especially if they can make the whole process alot easier and kind of stressfree.

Thanks for any advice in advance, Lilac

k2nga

Nothing in a word they actually do very little and please dont use them they are just crooks in my mind. Pop along to the insolvency website and register on there you and your hubby can fill out all the forms online and dont panic on not know all the answers as you can fill in and save your work in an account and come back later and it will save you £1000. plus if you get stuck there are loads of us on here who will try and help for FREE.

shadowdragon

People on these boards do it all themselves using a debt charity such as CAB/CCCS ect for advice (and these boards aswell of course), even people with businesses and complicated situations. I would not recommend spending monies on someone who will effectivley just fill the forms out for you.

lilacgirl_2

Thanks for that, he tells us he has 30 years + experience so it kind of makes you want to reply/depend on him as he obviously knows the whole process from start to finish.

Ummin and rrrinn at the mo so i suppose my intuition is telling me to question what exactly he can do for us at that cost

shadowdragon

lilacgirl wrote: »

Thanks for that, he tells us he has 30 years + experience so it kind of makes you want to reply/depend on him as he obviously knows the whole process from start to finish.

Ummin and rrrinn at the mo so i suppose my intuition is telling me to question what exactly he can do for us at that cost

Look at it this way...

Ive been on these boards for approx 3months and I probably could do what he says he can do for you!!

Chances are they prob use this board and other information sources, they will do very little for there money, after all YOU have to attend court to declare BC, YOU have to deal witht he OR Interview, YOU will have to supply all the information for your BC forms and the OR. So YOU might as well fill the forms in yourself and if you get stuck ask a question on these boards, theres nowhere better than here for a combined knowledge. Thats what I did and mine went through easy as anything.

lilacgirl_2

Thanks shadow )

Its exactly what i wanted to hear/read, needed someone to tell me we can actually do the process ourselves

Definitely going to file ourselves online and get to the courts thursday

Wish us luck!!!

Lilac x

skylight

So this person is just going to fill out your forms for you? And deal with the courts (that you have to turn up to anyway)??

Is the OR after BR, not going to question why and where you got £1k from to pay him?? As I am sure he will want his money upfront!!

This person may have 30+ experience, but with about a hundred of us with approx a years exp each, that adds up to more!

I would only suggest ever using a IP if you think your case could be complicated. Save the money, go to a debt charity and ask every question you can think of here. There is nothing that you cannot do yourself.

shadowdragon

lilacgirl wrote: »

Thanks shadow )

Its exactly what i wanted to hear/read, needed someone to tell me we can actually do the process ourselves

Definitely going to file ourselves online and get to the courts thursday

Wish us luck!!!

Lilac x

good luck, what i did was set up a spreadsheet with my Income and Expenditure which I then posted on here so it could be tweaked. I then listed all the creditors (that I could remember) with name account number outstanding balance ect, then when it came to filling out the forms it was easy to transfer the info over, plus the spreadsheet was in a format I could understand and do calculations ect with.

heres the link to my original post about my I and E so you can use it as a template and will also highlight what you can put down on your expenses, its done around my partner and I both on Disability and benefits.

http://forums.moneysavingexpert.com/showthread.html?t=974121

dalip

:hello: I'M FREE:rotfl:

I never knew about this forum when i went bc and did the forms on my own:eek: . You have a choice of paying someone who has never gone bc,or getting our advice for free and the majority of us have EXPERIENCED bc first hand. Do as shadow/k2 say have a look at the forms and see what you think. Why not have a go at filling in one this weekend and see how you get on.


BC is never stress free no matter which way you go. You have each other for support which is a lot more than some on this forum. Save that £1,000 for something nicer than paying some chap to do what deep down you know you are capable of doing yourselves.Give it a try and just ask away if you get stuck.D

lilacgirl_2

we havent really got the £1000 spare let alone the court fees, he suggested:

£300 1st month
£300 2nd month
£200 3rd month
£200 4th month

then the court fees finally which did make it sound better for us money wise

we know what our debts are and how we came to the situation we're in (we basically got ripped off when we bought our 2nd business for £25k and its sent us under as the sales are not doing what they should be like his accounts showed)

so optimistically we think we can do the papers ourselves

shadowdragon

lilacgirl wrote: »

we havent really got the £1000 spare let alone the court fees, he suggested:

£300 1st month
£300 2nd month
£200 3rd month
£200 4th month

then the court fees finally which did make it sound better for us money wise

we know what our debts are and how we came to the situation we're in (we basically got ripped off when we bought our 2nd business for £25k and its sent us under as the sales are not doing what they should be like his accounts showed)

so optimistically we think we can do the papers ourselves

Make sure you have taken advice from CCCS/CAB/Nat Debt Helpline (free debt charities) as the judge will ask if you have taken advice on BC, these boards dont count!!!

And Looking at the payment plan from the IP you wont be BC for nearly six months, I bet they wont keep the wolves from the door in that time. Also people who have decided BC is the way forward they stop paying there creditors and use that money to pay the BC Fees, just make sure you stop paying all creditors as paying one and not another will be seen as prefrential treatment and the OR wont like that, the situation is you pay them all or you dont pay any of them.