What shall I do

tigerfeet2006

As long as you have taken advice from a debt charity and they have said that BR is an option then you won't be refused.

NDL are open from 9am to 9pm and a re very busy atm, which is understandable. I sat the other day with a drink and kept my finger on the redial for 20 minutes before I got through. It is worth doing this.

covlad1980

what so I should just keep ringing as it puts u on hold,in terms of info do you need as want as many points of view as possible.

covlad1980

Just spoke to national debt line,they were very helpfull took me through all my options .And sending a pack out to me.
The lady wuld not say what she thougth was best option,but I starting to think br as she was able to easy my concerns over br.

what happens if i miss payments never done it before,should I swap accounts first.and make token payment while I get ready for br

RugbyMum_3

Hi all, have been glued to this web-site for a couple of hours now and have found it to be a great source of information and indeed comfort !
My husband and I are aro £80K in debt and have just contacted National Debt Line who suggest an IVA. I think I understand it all, but have a query regarding the mortgage bit. We own one quarter share in our property and rent the rest from L&Q - so what happens to us in the 4th year - we've tried to borrow money against our mortgage but were told this was not possible, neither was a remortgage.
Also once the monthly IVA payment is set does this change ? I presume you have to submit payslips etc, when is your account reviewed ?? Do your payments increase if you have more money coming in (ever the optimist !!).
Appreciate any comments/advice!
:-( ... is there an icon for scared witless ?

baggsy909

covlad1980 wrote: »

what happens if i miss payments never done it before,should I swap accounts first.and make token payment while I get ready for br

I'm in the same boat as you Covlad. Think i'm edging towards BR - or certainly IVA at a minimum. Thinking I might as well cancel the bills for the coming month as my credit rating is screwed anyway and everyting will be changing soon regarding payments. Any advice on this would be of interest to me too.

I've just applied to a few banks for a current acount as my debt at the moment is with my current account provider. If you are the same, then you'll have to get another account as if not your bank can take your excess cash to recoup some of their loan from you. Not good if you've also got rent/phone/council tax also coming out of that account...

covlad1980

I am in process of going to nat west from hsbc, once I get it I will instruct wrk to pay there and set up some direct debits.Then save for br,may send on debt management letters and pay a token fee while I save so as to get ready as if I go for it credit rating dont really count does it.

Also what this ipo/ipa thing,how much will that cost me if i go bankrupt and what the criteria.One last thing this whole discharge thing is confusing me what does it mean

covlad1980

anyone else got any input,or can answer my last question

mustbedebtfree

an IPA is based on a surplus amount left every month after all reasonable monthly expenses have been met eg rent for your new place with your girlfirend

based on a scale of 50 - 70% of surplus over £99

MBDF

tigerfeet2006

If you are going BR then you need to open a Co-op Cashminder or a Barclays Cash Account, they are the only 2 BR friendly accounts.

An IPA/IPO is a commitment to pay a percentage of any surplus income you have over £99 after your essential outgoings have been taken into account. You pay this for 36 months and if you have a change in circumstances you let them know and it can be altered up, down or suspended. From the Bankruptcy Help sticky.
Income Payment Agreements/Orders.

• IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)
• FAQ - Income Payment Orders / Agreements ( IPO / IPA ) (IS)
• OR's Case Help Manual - Income Payments Agreements (IS)
• OR's Case Help Manual - Income Payments Orders (IS)
• OR's Technical Manual - IPAs Assessment of real disposable income (IS)
• Nil tax (NT) coding/IPAs (MSE)
• Income Payments Calculator (Excel spreadsheet) (IS)

I recommend you read the first post on that sticky.

If you put up you SoA then someone will show you how an OR might look at it and the likelyhood of an IPA.
http://www.makesenseofcards.co.uk/soacalc.html




You are discharged from BR after 12 months. This means you are free from all the BR restrictions.

covlad1980

ok thanks ,one thing I asked is should I do as I in process of setting up account with nat west, will they close it if i go br in few month s time.
Also should I switch all account to new account and make token payments to creditors,with the help of a letter that ndl are providing for debt management plan.