Is BR the best option??

dalip

The allowances during bc are more generous that when on an IVA. The OR does not take certain benefits into account ,although you do have to put them down.
An IPA is payable on any surplus income after your living cost are accounted for. Anything over £99 surplus a % is taken,on your income you would be looking at 50% but to be honest,i would be suprised if you got one. IPA's run for 36mth but they can be altered if your income changes. As far as the moeny to your parents is concerned don't mention it and pay them out of your surplus.

oliviarosejackson

Who actually bought the car? Whose name is it registered in?

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The loan is in my parents name and the car is registered in my mums name. Me and my mum share the car thou. I pay the loan and we pay half to everything else, insurance etc...

An IPA is payable on any surplus income after your living cost are accounted for. Anything over £99 surplus a % is taken,on your income you would be looking at 50% but to be honest,i would be suprised if you got one. IPA's run for 36mth but they can be altered if your income changes. As far as the moeny to your parents is concerned don't mention it and pay them out of your surplus.

That is what I will have to do, although it does worry me that i will not have enough surplus.

I got to be honest and say i am not sure what triggers an IPA although i think if you have over £100 a month surplus they may want to set you up with an IPA. The best thing you can do is put on here you incoming and outgoing in the form of an SOA and people here will tell you what you can add and take away which may make an IPA less likely.

Do you not have an IPA in your BR. I shall look at that thread later when i get in from work. I look forward to reading it.

Thank you again everyone, you all have been so helpful

dalip

Not everybody gets an IPA if you put up your income and expenditure as it is now without debts. We can look at it for you then you can decide the best course of action. I had an IPA of £50 a mth but when my income dropped it got dissolved. They are not built in stone and can be increased/decreased(although £50 or less is not worth them collecting)suspended or as in my case dissolved.D

peachyprice

oliviarosejackson wrote: »

Who actually bought the car? Whose name is it registered in?QUOTE]

The loan is in my parents name and the car is registered in my mums name. Me and my mum share the car thou. I pay the loan and we pay half to everything else, insurance etc...

That's good, when you go BR there's a space on the forms to put if you have the use of a car belonging to someone else. They cannot take the car as it's not yours, but you'll be able to include the running costs in your I&E.

How much do you pay them a month?

oliviarosejackson

Hi everyone and thank you for all for taking the time to read through my problem and giveing me help and advice.

That's good, when you go BR there's a space on the forms to put if you have the use of a car belonging to someone else. They cannot take the car as it's not yours, but you'll be able to include the running costs in your I&E.

How much do you pay them a month?

Thanks for that, I pay them the £126 per month for the loan. Is there any chance that they would not let me use it??

Not everybody gets an IPA if you put up your income and expenditure as it is now without debts. We can look at it for you then you can decide the best course of action.

I shall try my best to do my SOA in a minute to see what people think. How generous are the with the IPA?? What benifits do they not take into account??

Also, another question, I do apologise, how much does it cost to go BR??
Is it around £400?? How long does it take to go BR from when you make the appointment?? Im so unsure of how it all works.

peachyprice

oliviarosejackson wrote: »

Hi everyone and thank you for all for taking the time to read through my problem and giveing me help and advice.



Thanks for that, I pay them the £126 per month for the loan. Is there any chance that they would not let me use it??

No, they should let you use it, if you don't use the car you'll still have to pay to get to work anyway. You should be able to find the £126 to pay your parents within your I&E.



I shall try my best to do my SOA in a minute to see what people think. How generous are the with the IPA?? What benifits do they not take into account??
Definitely not child benefit, not sure what others

Also, another question, I do apologise, how much does it cost to go BR??
Is it around £400?? How long does it take to go BR from when you make the appointment?? Im so unsure of how it all works.
It costs £495. How olong it takes to get an appointment depends on how busy your local court is, some you can get in within a few days, others you may have to wait weeks. You are made bankrupt on the day of your appointment.

Any more questions, just ask!

oliviarosejackson

Thanks peachyprice

What happens after you have been made BR?? When do they go through your I&E?? What is the allowance like?? How will it affect me going BR after being in an IVA?? When is your name in the local paper?? What happens about your job?? What about my bank account?? I have a basic one with the coop and i dont owe them any money. Will it be frozen?? Soryy for all of the questions...

peachyprice

oliviarosejackson wrote: »

Thanks peachyprice

What happens after you have been made BR??
You go home and have a big drink But serioulsy, you are given your bankruptcy order before you leave court. At some courts you speak to the OR briefly on the day, others they write you.
When do they go through your I&E??
That's usually at your interview, which will usually be on the phone, or some are at the OR's office, about 2 weeks after your hearing.
What is the allowance like??
You put everything on your SoA that you have to spend each month, and put the maximum amount you spend. Some OR's cut things back, others don't.
How will it affect me going BR after being in an IVA??
You'll have a lot more money each month!
When is your name in the local paper??
About a week after your court date. I never did see mine.
What happens about your job??
Nothing, if you don't tell them there's no reason for them to find out
What about my bank account?? I have a basic one with the coop and i dont owe them any money. Will it be frozen??
If you get to speak to the OR on your court day they will ask you which account you use for day to day living, once you tell them they will send a letter to the bank to say they have no interest in it and you'll be able to carry on as normal. If they don't call you, there's a number on the bottom of your bankruptcy order, you can give them a call and ask them for permission to carry on using your account.

Soryy for all of the questions...

No probs, keep asking!

oliviarosejackson

Thank you so much for all of the advice peachyprice, really do appreciate it.

Do you think the coop will let me keep my account??

Is it really as scary as it seems??

How will it affect me in later life?? Getting a mortgage??

oliviarosejackson

Also how long do they monitor your income??