Bankrupt or IVA - the truth please

sparkle2607

Hi I would go down the bankruptcy route. You have said you have no assets so an Iva will achieve nothing and still stops life as you know it. You will be entitled to child benefit and single working family tax credit along with money towards your childcare bill. I completed my Iva in 2007 but it has wrecked my life, relationship and financially will still take years to put it behind me. You must get a separate bank account though, the co-op is great for people like us. This forum has been my saving grace so just ask and one of us will have been there and will have the answers or know where to get them. GOOD LUCK X

Lost2

Can I ask why £20 for medical, as you would get your prescriptions free, or has it all changed?

skylight

Lost2 wrote: »

Can I ask why £20 for medical, as you would get your prescriptions free, or has it all changed?

All changed!

If you are on a means tested benefit you get them free. If you get child tax credit but earn less than £15kish pa then you get them, but not if you get working tax credit on top of that; and most at that income do so its a bit of a swizz.




OP - do you wear glasses/contacts? Is that why that bit is £20??

dalip

You may be able to incease your h/k to £300. The rest i agree with TF.

Are the figures actual;) or what you are hoping gets accepted.Dx


Ps the OR has rough guidelines for all essential outgoings based your own personal circumtstances. If you exceed them he will just cut them back. It does not always run, that because you feel you have no surplus the OR will think the same.Dx

Lost2

skylight wrote: »

All changed!

If you are on a means tested benefit you get them free. If you get child tax credit but earn less than £15kish pa then you get them, but not if you get working tax credit on top of that; and most at that income do so its a bit of a swizz.




OP - do you wear glasses/contacts? Is that why that bit is £20??

Thanks for that sky, I can remember a time when all prescriptions glasses and dentist where free to everyone.......and they call this progress

actually there not free as we pay NI

abxyz

Lost 2

£20 for medical. I am a Pilot and I have to pay for my medical each year approx £250 so just put it down like that. probably needs to go in professional membership section. I am a member of my professional body as well so hoping I can claim that.

I have forgotten to put down child benefit as well.

Petrol is very very high I know but I have a hefty commute to work which is a change in job circumstance (not my choice) natuarally I don't want to commute for ever.

Thanks for your advice everyone.

Dalip these are all actual yes. Obviously I wan't to make sure that what case I put forward is a viable one.

Do any of you think I would be subject to an IPA???

dalip

I would be tempted to put the £20 for medical in seperate and explain.As TF says start keeping all petrol receipts to back up your claims.

You include CB on the form but the OR does not use it in his calculations of an IPA.


Ok the burning question..........does not look like it. TF has suggested some alterations i would be tempted to up the h/k,clothes and add holidays like we have said then lower petrol and car insurance to an ACCEPTABLE(to the OR) level.

At the end of the day you are allowed £99 surplus +CB before the OR becomes interested in applying an IPA,then he only takes a % for 36 months. Must say that is much better than £500 for 5 years;).Dx

fermi

Always very hard to say whether someone will get an IPA or not and for how much.

But what you can say is....

IVA = paying 100% of spare income for 5 years with strict allowances.

BR = Maybe paying 50 - 70 % of surplus income for 3 years with an allowed budget that is usually significantly more generous.

dalip

Great minds think alike fermi;)

skylight

dalip wrote: »

Great minds think alike fermi;)

I know. But I hadn't agreed with Fermi.














(lol....!!!!):D