token payment or belly up

smcaul

kickingkay wrote:

no being as its my dads business he did he has employed me to act as transport manager i sat my CPC exam some 2 yrs ago and he obtained the o licence from this but as far as im aware if im to go bancrupt he will need to employ a new transport manager which isnt a overnight task its quite straightforward but sounds complicated

klare xx

This is what I am getting at. There is different terminology used here, You need a professionally competent person (hence the CPC) to act as a transport manager on an O'Licence, the O'Licence will only be issued to person/company of good repute/financial standing, hence the Transport manager does not need to show good repute/financial standing, he only needs to show professional competence. The reason I know this is because it is what I do for a living and have done for many years, What I am really getting at is that even if you do end up Bankrupt, either through choice or otherwise, then it should not effect your fathers business and your role in it. Hope that takes some of the preassure off of you a little. But as I saidcheck with VOSA as I may be wrong, it has been a while since I have had to apply for an O'Licence!!!

kickingkay

smcaul wrote:

This is what I am getting at. There is different terminology used here, You need a professionally competent person (hence the CPC) to act as a transport manager on an O'Licence, the O'Licence will only be issued to person/company of good repute/financial standing, hence the Transport manager does not need to show good repute/financial standing, he only needs to show professional competence. The reason I know this is because it is what I do for a living and have done for many years, What I am really getting at is that even if you do end up Bankrupt, either through choice or otherwise, then it should not effect your fathers business and your role in it. Hope that takes some of the preassure off of you a little. But as I saidcheck with VOSA as I may be wrong, it has been a while since I have had to apply for an O'Licence!!!

thanks il check
klare xx

moneysavingplumber

Under your current circumstances a DMP would take approximately 20 years to complete (assuming interest is cancelled) given £77,000 of unsecured debt and a proposed £310 p/m disposable income. Over 5 years this would be a total of £18600, unlikely to be accepted as an IVA, although this is from my own experience only.

Bankruptcy looks like a genuine option to me. You would lose the house but declaring yourself bankrupt is far preferable in terms of credit recovery to being declared bankrupt by somebody else, which is the worst case scenario.

I'm only posting my opinion, get lots and lots of good advice. My father in law was bankrupt and says it's the best thing he ever did. I'm in an IVA and tend to forget until the monthly payment comes around or the yearly review comes up, it's not all doom and gloom.

Now this is the longest of long, long shots, longer than an extremely long thing with a degree in longness from Oxford University, but if you downsized in property either by size or location to release some equity and reduced your unsecured debt then a DMP may be possible, and you wouldn't have lost your home.

kickingkay

moneysavingplumber wrote:

Under your current circumstances a DMP would take approximately 20 years to complete (assuming interest is cancelled) given £77,000 of unsecured debt and a proposed £310 p/m disposable income. Over 5 years this would be a total of £18600, unlikely to be accepted as an IVA, although this is from my own experience only.

Bankruptcy looks like a genuine option to me. You would lose the house but declaring yourself bankrupt is far preferable in terms of credit recovery to being declared bankrupt by somebody else, which is the worst case scenario.

I'm only posting my opinion, get lots and lots of good advice. My father in law was bankrupt and says it's the best thing he ever did. I'm in an IVA and tend to forget until the monthly payment comes around or the yearly review comes up, it's not all doom and gloom.

Now this is the longest of long, long shots, longer than an extremely long thing with a degree in longness from Oxford University, but if you downsized in property either by size or location to release some equity and reduced your unsecured debt then a DMP may be possible, and you wouldn't have lost your home.

well tomorrow is anoither day as they say and ive managed to sap my repayment mortgage to an % only until we are back on our feet again
so ive managed to raise anoth £200 quid to through at debts thats for now in but thats 200 more than dmp quoted and thats taking inbto account of what they say we need to live on so
ive worked out our outgoings will be around the 1600 pcm and we will have about 320 to through at them til h is at school also ft have contacted me dont know what they are doing but they say im entitled now to payments so i wont spend this until im sure :mad: but ive worked out i can through at debts 300 pcm thats 3600 for 3 1/2 yrs then 8700 per yr after til cleared off
so all in all about 6 yrs and we will be debt free it will put the mortgage on hold but thats on for 6 yrs we will soon be able to catch up!!!!! in theory of course
klare xxx

moneysavingplumber

kickingkay wrote:

well tomorrow is anoither day as they say and ive managed to sap my repayment mortgage to an % only until we are back on our feet again
so ive managed to raise anoth £200 quid to through at debts thats for now in but thats 200 more than dmp quoted and thats taking inbto account of what they say we need to live on so
ive worked out our outgoings will be around the 1600 pcm and we will have about 320 to through at them til h is at school also ft have contacted me dont know what they are doing but they say im entitled now to payments so i wont spend this until im sure :mad: but ive worked out i can through at debts 300 pcm thats 3600 for 3 1/2 yrs then 8700 per yr after til cleared off
so all in all about 6 yrs and we will be debt free it will put the mortgage on hold but thats on for 6 yrs we will soon be able to catch up!!!!! in theory of course
klare xxx

Hi,

I might have misread something but I thought the additional £200 available would give you £510 pcm disposable which would mean a completion time of 12 years and 7 months. I may be missing something you've said that might be obvious to others but I don't get the £300 pcm for 3 1/2 years bit and then the increased payments of £725 for 6 years. If you have funds available during the first 3 1/2 years you will have to disclose them. If you don't have them available then I'm fairly sure that they will only be able to project a DMP based on what you actually have available and they will review it on a regular basis. The creditors will want proof that every penny of your disposable income is being used towards the debts and they have fairly rigid limits that are based on what the courts accept as reasonable living costs.

I would get some professional advice on this as soon as possible so that you know realistically exactly what your options are.

Good luck.