advice re bankruptcy

DON79

it's my wages and my husband does earn between 23-25K before tax i think. He pays the mortgage and his own debts out of that as well as some other household stuff.

DON79

oh and two children also. oops! forgot to mention.

deedee_3

Any children? There is a possibility of a partial refund, if not a full one. Click on the first link and read through.

oops! crossed post

marklunn3602

Hi

I hope you dont mind me butting in on this thread but I'm finding it very useful and also have some questions

The OH's debt is 22k in her name which at the moment is costing her £450 per month. On a DMP this will take at least 7yrs to pay off notwithstanding mortgage rises, inflation etc.

With all of the living & household expences added in the debt payments it leaves us as a family still needing to find another £300 a month.

So if she was to go BR we would have about £300 spare at the end of the month. Am I right in thinking then that we will have to contribute a % of the leftovers for three years?

Mark

DON79

thank you for your help dee dee. I just wondered whether I could or not, will read through your posts to see for sure. I just hoped that if it was just me going bankrupt, would not have to tell them about husbands income but I guess I have to. he doen't want to go bankrupt cos he is paying his debts off and has had payment arrangements in place for a long time. I think he just wants to keep going with his but then he does owe a lot less than I do too. lucky him!

deedee_3

Yes she will have to pay a percentage to the OR for 36 months, this is called an IPA.

Will get you a link.

Have you spoken to one of the debt charities yet? This is a must as her bankruptcy could be delayed by the judge until she has.

Here we go Mark, this is from Fermi's sticky at the top of the board 'Bankruptcy information, important topics etc' It also has information debt charities and lots of other useful reading.


Income Payment Agreements/Orders.

IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)

FAQ - Income Payment Orders / Agreements ( IPO / IPA ) (IS)

OR's Case Help Manual - Income Payments Agreements (IS)

OR's Case Help Manual - Income Payments Orders (IS)

OR's Technical Manual - IPAs Assessment of real disposable income (IS)

Nil tax (NT) coding/IPAs (MSE)

Income Payments Calculator (Excel spreadsheet) (IS)/;oo

DON79

Hi Mark, don't mind at all. you are welcome to join in. I don't have agreat understanding of this all yet but I think sometime the OR can get the person going BR to pay a percentage of monthly income into the Bankruptcy for a period of upto three years. But as I said, I am newbie and learning as I go along too so anyone please feel free to correct me. Thanks, Donna.

DON79

crossed again dee dee!

marklunn3602

Hi Deedee

Yes I've spoken to CCCs but BR was never suggested. You mention the judge will ask about this. What happens if the charity recommends a DMP over many years, can we still go ahead and self declare?

Mark

pink-lint_2

hi mark , we used CAB, we did a dmp but it never worked out so went back to the CAB after many months and then they recomended BR , hope this helps