Bankruptcy would there be much difference?

Legacy_user

Just curious if there would be any difference in the way things are at the moment. We don't own our home, have nothing of value, haven't been able to get credit for years, If I was made bankrupt surly the only difference would be I am debt free?

dalip

In a nut shell yes.Dx

Lost2

But in some case you may have to pay a IPA and that has to be paid for 36 months

System

Lost2 wrote: »

But in some case you may have to pay a IPA and that has to be paid for 36 months

What is an IPA? Apart from the stigma of it all I really can't see how thing could be much different.

fermi

nirelandguy wrote: »

What is an IPA? Apart from the stigma of it all I really can't see how thing could be much different.

Income Payments Agreement.

Basically if after living costs you have £100 or more surplus a month, you may be asked to pay 50-70 % of that surplus to the OR/trustee for up to 3 years.

See: FAQ - Income Payment Orders / Agreements

System

fermi wrote: »

Income Payments Agreement.

Basically if after living costs you have £100 or more surplus a month, you may be asked to pay 50-70 % of that surplus to the OR/trustee for up to 3 years.

See: FAQ - Income Payment Orders / Agreements

Ah well fook that then, that sort of defeats the purpose.

fermi

nirelandguy wrote: »

Ah well fook that then, that sort of defeats the purpose.

Well, depends on the levels of your debts and your income.

If you think that would be too big a price to pay, then it's likely that you shouldn't be considering bankruptcy anyway.

yellowmonkey

Hi

I dont know if you have been on a DMP but I seem to remember the name from the DMP thread from a few years ago?

nirelandguy wrote: »

Ah well fook that then, that sort of defeats the purpose.

Things are not always that clear cut. If you are thinking of a way to solve your debt problems then BR can be an option but a LAST option. I was on DMP for 2 years struggling before I thought of BR and I was prepared for an IPA if need be (Still might get one yet ) but that was still better than the 14 years + that it would take on a DMP. The budget is better for a BR SOA so you can be realistic with what you really need to live each month instead of thinking what you need each month and cutting back in order to pay off your debts and struggling.

If you are thinking of it I would advise that you read this board and the CCCS/N Debtline websites and everything else you can get hold of before you make any decision. I read and absorbed as much as I could for at least 3 months before I made an informed decision to go BR

Good luck

ym

tigerfeet2006

I am assuming from your name that you are living in Northern Ireland. If so there is different BR rules in NI

There is a different number for the help line of the CCCS in NI, their number is 0800 027 4990.