About to Go

redrt

Hi everyone. Felt I had to come here for some TLC. Spent four years trying to manage mounting credit card debts and finally going to CCCS who advised trying to balance my budget. Did that and then they advised my going bankrupt, so chased down the forms and realised more in a mess than I thought.

Any comments/advice would be very much appreciated.

I live with my OtherHalf who is very supportive and in control of her own money.

My troubles all stemmed from my divorce around 8 yrs ago

I earn a basic of £12k and commission on top ( I work in the property world). So far this month, I have earned about £2300 in commission - so it's a fairly good month - others have been worse.

How does a variable income get taken into account??

We rent a council owned house on a two year lease through a limited company that we had to set up, because the Local Authority doesn't want to give us the right to buy. Except the ltd. company was quietly wound up because i didn't do the books. Lease up for renewal again but landlord's agent wants to increase the rent dramatically. BR will presumably flag up everything and we'll be kicked out.

I have tried to figure out what happens in Bankruptcy, but can't quite get a handle on it. Discharged/undischarged what does this mean?

i thought it lasted for a year but some say 3...

Does the OR take all your assets and sell them, take the cash raised off what you owe then try and pay off the rest of the debt from what's left after your essential expenditure is deducted? Does OR do that for three years?

Can the OR actually find out if I have sold my motor vehicle to someone else - if I don't put it down on the form. - I just have to ask. Does all of the maintenance to my ex and kids get taken into account or can this be reduced by the OR?

I am sure that there is so much more that I should be asking, but head in sand for so long has clouded my brain. ( Some very dark thoughts in there cos of this)

Any help is really appreciated. You're all good people

Rylynn

Hi and welcome to the site.

Okay I can reply to some of your questions but not others so here goes.

When did you sell the bike? and did you sell it for the amount it was worth, and what did you do with the money?

Do you pay your ex wife through a court order or CSA?

Is there just two of you. Would be helpful to have your SOA (an income and expenditure list) on here so people can take a look.

Are any of your debts joint with ex wife or new partner.

On variable income I think you do an assessment over a certain period, say last 6 months and even the amounts out to get a sum of wages, but someone else will clarify that.

Discharge comes 12 months after the date of bankruptcy or sooner if given an early discharge. Undischarged is the period you are bankrupt but can be no longer (NORMALLY) than 12 months.

If you have to pay an IPA which is the surplus you have left after allowances for living and bills (it is on a rolling scale from 50 per cent) that is where the 36 months comes in. You still get discharged after 12 months (or sooner as explained) but the payments last for 36 months, however, these can go up or down depending on changing within your income, ie going up or down, any changes have to be notified to the OR within 21 days of them happening.

On your lease I have no answers does it state in the policy they do not accept BRs?

RL

Oh and there is no IPA on a surplus of £99 or under.

dalip

redrt wrote: »

Hi everyone. Felt I had to come here for some TLC. Spent four years trying to manage mounting credit card debts and finally going to CCCS who advised trying to balance my budget. Did that and then they advised my going bankrupt, so chased down the forms and realised more in a mess than I thought.

Any comments/advice would be very much appreciated.

I live with my OtherHalf who is very supportive and in control of her own money.

My troubles all stemmed from my divorce around 8 yrs ago

I earn a basic of £12k and commission on top ( I work in the property world). So far this month, I have earned about £2300 in commission - so it's a fairly good month - others have been worse.

How does a variable income get taken into account??As ryl says they equal it out over a 6 mth period,you may find you have to send in all your payslips untill they reach a figure

We rent a council owned house on a two year lease through a limited company that we had to set up, because the Local Authority doesn't want to give us the right to buy. Except the ltd. company was quietly wound up because i didn't do the books. Lease up for renewal again but landlord's agent wants to increase the rent dramatically. BR will presumably flag up everything and we'll be kicked out.

I have tried to figure out what happens in Bankruptcy, but can't quite get a handle on it. Discharged/undischarged what does this mean?Discharged is the date your bc ends. Undischarged is the period you are actually bc:o

i thought it lasted for a year but some say 3...max length is 12 mths(some less if they get what is called early discharge,this is usually for the simple bc)only in very exceptional circumstances can your bc last longer than 12 mths

Does the OR take all your assets and sell them, take the cash raised off what you owe then try and pay off the rest of the debt from what's left after your essential expenditure is deducted?By assets the OR is only interested in items worth over £1,000. Does OR do that for three years?IncomePaymentsAgreement,IPA,lasts for 36 mths from the date of the first payment.The monthly amount is variable,so if your circumstances change the amount you pay can be lowered,highered or payments suspended

Can the OR actually find out if I have sold my motor vehicle to someone else - if I don't put it down on the form. - I just have to ask. The OR does a routine check with the DVLA so they would see that a vehicle had recently changed ownership .The OR will sometimes allow you to keep a car if needed for work and the expenditure for it is not too excessive,but it would depend on the value of the car. The norm appears to be about £2,500-£3,000 max. Does all of the maintenance to my ex and kids get taken into account or can this be reduced by the OR?Not sure on this one,but again like ryl says, if it is through a court or CSA then i would not have thought so. If it is just an informal agreement between you and your ex then yes i am sure the OR could question it if it was exceptionally high.

I am sure that there is so much more that I should be asking, but head in sand for so long has clouded my brain. ( Some very dark thoughts in there cos of this)

Any help is really appreciated. You're all good people

No worries ask away,,thats what this forum is here for. Good luck.Dx

redrt

Just another thought...

Should I be making those token payments still to my creditors, I was paying a £1 postal order per company but that was getting a bit stiff - and I thought welll I am going to go BR soon, let's just stop - it sounds wrong but don't often get a chance to speak to CCCS.

dalip

If you stop all token payments expect a lot of phone calls. Usually we say stop all payments to creditors as soon as you know for def that you are going bc but not sure in your case if it would not be worth continuing just to keep your creditors off your back.See what others think,that is just MO.Dx