Help needed!

t0mm

That has helped no end Waspy! Thanks

The only question that remains unanswered is how long does it take from intial application to the Judge banging his gavel?

peachyprice

The majority of courts you make your appointment in advance, waiting lists at the moment vary between 1 week and 2 months, on the day of your appointment you go to court at the alloted time, see the clerk who checks your forms and nabs your cash, then you wait and may or may not see the judge. All in all the day at court takes around 2 hours, and that's it you're BR.

Some courts have a walk in system where you don't need an appointment, and there are a very few where you take your forms in and pay your fee, then come back a day or 2 later to collect your bankruptcy order.

You need to phone your local County Court to find out which system they operate.

t0mm

Excellent. I can't even begin to tell you all how helpful you've been I will, no doubt, be back tomorrow with more burning questions!

Thanks again! I finally feel like i'm beginning to get somewhere with my debt problems

Dunpayin

Sorry to hijack, but...

Am I right in thinking that if an IPA isn't issued in the first 12 months (whilst undischarged), then after discharge an IPA can't be issued? Sorry for the bad sentence structure, it's early!

Ta, D*

t0mm

Dunpayin wrote: »

Sorry to hijack, but...

Am I right in thinking that if an IPA isn't issued in the first 12 months (whilst undischarged), then after discharge an IPA can't be issued? Sorry for the bad sentence structure, it's early!

Ta, D*

No problem about hijacking mate, it's a good question - I wouldn't mind knowing the answer either

Waspeze

Dunpayin wrote: »

Sorry to hijack, but...

Am I right in thinking that if an IPA isn't issued in the first 12 months (whilst undischarged), then after discharge an IPA can't be issued? Sorry for the bad sentence structure, it's early!

Ta, D*

Correct!

Though if it was a case of you not cooperating with the OR or with holding information then i'm pretty sure they can apply to the courts or something.

However if it was just a case of you, for example, getting a job after discharge then you wouldn't be bound by an IPA as long as one wasn't set up before.

Dunpayin

Thanks Waspeze

t0mm

Have had another go at a SoA - my gym membership is in joint names with my landlord, so he's said he'd put my rent up to £355 to cover the payments and will put the gym solely in his name. Does that sound like a good plan - I just worry that they will not accept gym membership on my SoA...

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1250
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1250

Monthly Expense Details
Mortgage................................ 0
Secured loan repayments................. 0
Rent.................................... 355
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 200
Road tax................................ 15
Car Insurance........................... 45
Car maintenance (including MOT)......... 25
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 30
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Total monthly expenses.................. 1000

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 2000
Total Assets............................ 3000

No Secured Debt

Unsecured Debts
Description....................Debt......Monthly...APR
RBS Loan.......................8000......182.......10.4
RBS Loan.......................1000......26........21.9
Lloyds Credit Card.............1300......30........15.9
RBS Overdraft..................2000......60........16.9
Natwest Overdraft..............1220......50........0
Black Horse Loan...............3000......108.......40.9
Total unsecured debts..........16520.....456.......-

Monthly Budget Summary
Total monthly income.................... 1,250
Expenses (including secured debts)....... 1,000
Available for debt repayments........... 250
Monthly UNsecured debt repayments....... 456
Surplus(deficit if negative)............ -206

Personal Balance Sheet Summary
Total assets (things you own)........... 3,000
Total Secured debt...................... -0
Total Unsecured debt.................... -16,520
Net Assets.............................. -13,520

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

Going on the above, I have £250 approx left over for debt repayments:

60% = £150

So does that mean I can expect an IPA of about £150 and £100 cash left over that I can keep?

t0mm

One more question:

I went to the CAB today to get some further advice and, because I am not in arrears with any of my payments, they cannot help me. I tried to explain that the only reason that i'm not in arrears is that I keep taking out more credit to pay old credit off, but apparently that's not a good enough reason for helping me...

They did however give me some leaflets on bankruptcy, from the insolvency service - and one of them has some information about overpaid benefits... I owe approx £1500 to the DWP in overpaid CA, I am waiting to hear more from them about how they want it repaid... However the section in the insolvency leaflet says:

"If you are made bankrupt, you must not make payments direct to creditors .... [however] there are some very limited exceptions to this non-payment rule. They include:"

"Benefit Repayments, where the benefit provider can recover any benefit overpayments from any further benefits you receive until you are discharged, when you will be released from these debts"

I'm a little confused to the wording of this.. Does that mean that I can include it as part of my BR debt, but if I make a claim whilst bankrupt, they will simply reduce the overpayment each week of my entitlement, rather than pay me the money to my account... Then at discharge, the overpayment is wiped out?

Or have I interpreted that completely wrong?

Dunpayin

Dunno about the benefits, but the gym membership sounds a good plan.