Joint debt

larzie30

Am i right in thinking that as any joint debt goes to be the other persons sole responsibility that those debts will not be repaid at all in my IPA it will just be the credit in my name only.

Also can the organisations for the joint debt come after you when you are discharged or is that it once you have gone br

Thanks

L

Merry_Gentry

Am i right in thinking that as any joint debt goes to be the other persons sole responsibility that those debts will not be repaid at all in my IPA it will just be the credit in my name only.

That's correct - joint debts fall to the other person.

Also can the organisations for the joint debt come after you when you are discharged or is that it once you have gone br

If you go bankrupt, they can no longer chase you ever.

larzie30

thats good news because I have been feeling really bad about the debt that I have taken on in good faith over the last couple of years thinking I would be able to pay it off after the house was sold etc. Given that my total personal debt (not including joint debt) is about 1700 and my IPA should be about 450 per month I should pay quite a lot of it off! Roughly how much do the br people take over the 3 yrs?

Thanks

L

Merry_Gentry

There's an IPA chart somewhere, but it starts at 50% on a sliding scale up to 70% depending on your surplus.

philnicandamy

for example....

larzie30

thanks for that I have worked this out previously and if or accepts my soa then my ipa should be around 450, what I meant was that there is a charge for the br service was wondering what the costs of this are. because my debt is about 17k and paying 450 a month will pay off about 16k was wondering how mcuh of that will go agains debts?

Thanks

L

philnicandamy

The receiver takes his cut first then creditors later IF anything left

going bankrupt costs £510 although court costs can be reduced if on certain benefits

fiveyearplan

How much is your joint debt? Have you posted your SOA on here yet?

JCS1

OR fees start at £1,715 which get paid first along with out of pocket expenses. Moonbeever also charge for collecting the IPA.

debtinfo

Hi Larzie, the money in the bankruptcy after costs gets split between all your creditors sole and joint on a pro rata basis. For instance if you had a £10,000 debt with your partner and £1,000 was available after costs then all this would go to the creditor leaving £9,000 that the partner then had sole responsibility to pay.

Costs
The first thing that always get paid is the cost of realising the asset such as moonbeever or the OR's Agent or auction fees etc. The basic costs of a bankruptcy are £1715 and you pay a deposit of £360 leaving a balance of £1,355. When an asset is realised this balance is paid next. Once this is paid off the OR can take 17% of any other assets realised (this goes to pay the shortfall that exists on most bankruptcys). After the 17% is taken if there is less than about £600 left it is put into a large bank account that gets split between the most common creditors. If more than £600 is left then preferential creditors are paid prorata (their are not many pref creditors left, mostly employees). After preferential creditors, then ordinary creditors are paid pro rata.

Flowerpot_2

debtinfo wrote: »

Costs
The first thing that always get paid is the cost of realising the asset such as moonbeever or the OR's Agent or auction fees etc. The basic costs of a bankruptcy are £1715 and you pay a deposit of £360 leaving a balance of £1,355. When an asset is realised this balance is paid next. Once this is paid off the OR can take 17% of any other assets realised (this goes to pay the shortfall that exists on most bankruptcys). After the 17% is taken if there is less than about £600 left it is put into a large bank account that gets split between the most common creditors. If more than £600 is left then preferential creditors are paid prorata (their are not many pref creditors left, mostly employees). After preferential creditors, then ordinary creditors are paid pro rata.

Hi debtinfo......sorry for yet another of my stupid 'der' questions but how & where does the OR get the monies from then if you don't have any assets? Or is that why he/she's interested in my £250 old but much-loved heap of a car? :mad:
FPx
(sorry for hijacking)