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Bankruptcy and Payment option Advice

Hello All,

I have decided today that I will go Bankrupt. I see it as the only feasible option. I have had excellent advice from the National Debtline, they are really excellent. Excellent advice was also given by Payplan regarding IVA.

I am due to attend Court on the 18th December. My question is, that I am on about £1700 a month and after rent, bills, living etc and taking into consideration the "guidelines" for expenditure, I have around £500 left each month. I am likely to be put on a payment arrangement, if so, will it be the whole amount? My other dilemma is that I am a contractor and can't be sure if my contract will roll on. If not, I will be looking for work. How will this affect my payment arrangement if my work income is not particularly stable and I can't guarantee that I will have a job.

Thanks for your help.

Jackie

Comments

  • as youve taken advice the next step would be to post a full SOA of income/outgoings/debts/assets here

    an IPO/IPA is nil at £99 surplus then approx 60% of the surplus once over £99

    (i.e. £200 surplus=£120 IPO/IPA, for 3 years)

    if circumstances change you tell the OR who has to alter the IPO/IPA to suit

    use this to calculate the soa, copy and paste back here

    http://www.makesenseofcards.com/soacalc.html

    complete the soa as things are now income wise but not including the debts which will be wiped once you become BR
    Now we all know how it felt to play in the band on the Titanic...
  • jakjo
    jakjo Posts: 94 Forumite
    Hi Maxmy,

    Thanks very much for your help. I will tke a look and fill it out now. I am only assuming that with this much disposable income that I will def be set up on an agreement. Am I right?
  • jakjo
    jakjo Posts: 94 Forumite
    Another question is that if I start to transfer my wages into a friends bank account. Of course I will tell the OR this. Will they ask to have the money from that account too?
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