Discussion Thread

maxmycardagain

debtinfo wrote: »

What would people think about small companies (like say the local timber merchant) having either more protection against bankruptcy or having a preferential status for money recovered. Or should they accept the risk of having accounts the same as everyone else

No new ltd company (directors of) should have the protection of Ltd status for the first 18 months of trading, thier status should be that of a sole trader

its impossible to credit check a new ltd company

homersimpson316

For me i found BR a fantastic way out of a mess i created, sure the banks have some blame for lending me money i couldnt afford to repay but i also knew deep down i was only getting deeper in debt, i should of never been allowed a mortgage, to re mortgage when OH left and then take out a secured loan.

About a year ago i had no idea how i was going to get out of the mess and was dreaming of winning enough on the lottery to break even. Then when i started looking into it BR seemed the most logical. Alot of people loose alot by going BR so am not saying BR is an easy way out but for me it was and i think that somehow that its all too easy. I lived well beyond my means and have some fantastic memories and experienced things i prob never would have unless i got myself in debt (Credit cards and loans).

I am 3 weeks into BR and have no IPA

What have i lost?

A house, respect, and The option of not getting credit or a mortgage (which doesnt bother me, but will probably do when am paying a mortgage in my 60's still)

What have i gained?

Debt Free, Stress Free, New start, A SMILE ON MY FACE!

larzie30

Interesting topic this, I am likely to have to go br next month, it certainly isn't the easy option for me (consequences within my job etc) but it seems the only way forward. As for the IPA I will end up with a surplus of over 500 if the OR allows all of my expenses as for me having to give 70% of it to the IPA, I find this acceptable, it is only for 3 years and at least it shows I am not getting off scott free!! As for people who don't work etc, well some may have genuine reasons and some may just be lazy but at the end of the day you can't get money where there is none. So i think basing the IPA on surplus is appropriate as basing it on total income really could penalise those who have 'worked their way up'

But hey I have only just started on this road so perhaps there are things I am yet to learn,

xx

homersimpson316

Isnt a IPA 50% surplus? I have no ipa because what i earn goes out on bills, and general living expenses and have under £100 a month surplus, times are a struggle, thats why the banks are part to fault, out the £100 how was i suppose to pay back the loan they gave me for 20k at £215 a month along with the 4 credit cards i maxed

JCS1

homersimpson316 wrote: »

Isnt a IPA 50% surplus? I have no ipa because what i earn goes out on bills, and general living expenses and have under £100 a month surplus, times are a struggle, thats why the banks are part to fault, out the £100 how was i suppose to pay back the loan they gave me for 20k at £215 a month along with the 4 credit cards i maxed

IPA's start at 50% and increase to 70% on a rising scale.