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Please help - I'm losing sleep over possible BR!

2

Comments

  • dalip
    dalip Posts: 7,045 Forumite
    EL

    Just did some rough sums and on what i have altered above and your income you would be looking at an IPA of about £350-£400per mth for 36 mths.D
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • Entry_Leveller
    Entry_Leveller Posts: 14 Forumite
    dalip wrote: »
    EL

    Just did some rough sums and on what i have altered above and your income you would be looking at an IPA of about £350-£400per mth for 36 mths.D

    Thanks Dalip - thats really useful - I guessed it could be something like that, quite a lot but then when comparing it to ten or fifteen years of an even higher amount per month - it could be worse!! Does the OR base this on 100% of surplus or a lower percentage?

    Thanks
    EL
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Ouch! Still thats between 12-14k, what is your total debt?

    :j :j


  • Entry_Leveller
    Entry_Leveller Posts: 14 Forumite
    fiveyearplan wrote: »
    Ouch! Still thats between 12-14k, what is your total debt?

    £12,000 on credit cards
    £39,000 secured loan (the only one in joint names with ex-wife and to become unsecured once house is repossessed, no equity in house)
    £3,900 overdraft (which I assume is included)
    £4,000 student loan (which i know doesnt count but is paid off for me as part of a career scheme)

    EL
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    The 39,000 loan will fall to your ex wife to pay if it is a joint loan. You are right about the student loan they aren't included in bankruptcy. The overdraft would be included in your bankruptcy. Are you in touch with your ex? Do you think she will be able to pay the loan? In any event, it won't be your problem should you decide to go bankrupt.

    :j :j


  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Entry_Leveller wrote: »
    Thanks Dalip - thats really useful - I guessed it could be something like that, quite a lot but then when comparing it to ten or fifteen years of an even higher amount per month - it could be worse!! Does the OR base this on 100% of surplus or a lower percentage?

    Thanks
    EL

    The IPA is based on a percentage of surplus. There is a table somewhere (philnicandamy is good at posting it!) and I've seen it in a couple of recent threads but don't know where to find it.

    :j :j


  • Entry_Leveller
    Entry_Leveller Posts: 14 Forumite
    fiveyearplan wrote: »
    The 39,000 loan will fall to your ex wife to pay if it is a joint loan. You are right about the student loan they aren't included in bankruptcy. The overdraft would be included in your bankruptcy. Are you in touch with your ex? Do you think she will be able to pay the loan? In any event, it won't be your problem should you decide to go bankrupt.

    Thanks f-y-p,
    yeah to be honest if she gets lumped with the whole amount, its nothing she wouldnt deserve - as she caused the mess in the first place (she secretly refused to pay the mortgage & bills despite living there for 2 years!). I'm not in touch with her and I think she may be planning BR herself eventually. I've tried to be amicable and help her with this but I need to start thinking of number one as its two years on and I desperately need to move on with my life. Many thanks for the advice.
    EL
  • philnicandamy
    philnicandamy Posts: 15,685 Forumite
    10,000 Posts Combo Breaker
    ipa_table.gif

    There you go......
    We all die. The goal isn't to live forever, the goal is to create something that will
  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    I knew you wouldn't disappoint Phil!.

    EL, quite right, its time for you to move on.

    :j :j


  • dalip
    dalip Posts: 7,045 Forumite
    EL

    Don't forget IPA's are not set in stone. If for instance your GF cut her hours/changed her job,or you did, the IPA can be lowered. It can also be highered,suspended or even dissolved at any time during those 36 mths. D
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
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