Can people clarify this for me?

MicheH

Please seek professional advice. I feel like you're grappling at your finances to make them look like you need to go bankrupt PLease don't think i'm judging you because I'm in a mess, I'm just concerned that you think bankruptcy is your only way to go (maybe it is, i'm no expert!) I just feel like I needed to say this. Your surplus is massive which leads me to wonder if there really is another way for you.. bankruptcy sucks in the reality, it isn't easy at all. It is a relief however to not have to ignore the phone or feel like crying when the post man comes.. I feel like i'm digging myself into a judgemental hole here and i mean no harm, I just don't want you to go headlong into thinking bR is the answer when there are other ways that might suit you.

Charco_2

I know everyone will now jump on my back because this is the BANKRUPTCY BOARD but have you spoken to anyone about an IVA?

IF your outgoings are more than your incomings then you are technically insolvent* and I don't think anyone should be telling you you CAN'T go bankrupt. Not saying it's the best solution for you but it can't hurt to find out all your options.
(*Your disposable income is rather high and looks like it could be higher when you take into account that some of your expenses may not be allowed in BR or an IVA - so you may not be techically insolvent but according to your first post you are))

(I'm guessing, but are you with the CCCS for your Debt Man?)

MicheH

Thanks Charco, I was kind of feeling the same way. There are other options out there, they just were not suitable for my situation. If there was another way I would have taken it

philnicandamy

Remember peeps......

Bankruptcy is a LAST resort when all other options are closed....:D

dalip

MH i agree with what you have said above but you know £2600 a month is not that large amount for 2 adults and 2 kids. As we all know DMP are cut to the bare bones.Dx

Sammy3008

Charco wrote: »

I know everyone will now jump on my back because this is the BANKRUPTCY BOARD but have you spoken to anyone about an IVA?

IF your outgoings are more than your incomings then you are technically insolvent and I don't think anyone should be telling you you CAN'T go bankrupt. Not saying it's the best solution for you but it can't hurt to find out all your options. (Your disposable income is rather high and looks like it could be higher when you take into account that some of your expenses may not be allowed in BR or an IVA)

(I'm guessing, but are you with the CCCS for your Debt Man?)

I have had advice from lots of debt advice people, including the CCCS, who have said BR is our option, the reason we can't go into a IVA is because we have a together mortgage with NR, and they own most of the debt, and its pretty much guranteed or so we've been told, we'll be turned down by NR.

Miche I appreciate any advice given on here, but I've tryed to seek so much professional advice, and it seems we are told 1 thing by 1 professional and other things by another professional, so at the moment, we feel we are going round in circles.

Are surplus looks big (£304.00) because this is including the benefits, and the biggest benefit I get (its my DH who'd be going BR) is our son's DLA, which is £477 per month.

MicheH

Phil you always say it best *note to self.. do not waffle!*

Sammy3008

philnicandamy wrote: »

Remember peeps......

Bankruptcy is a LAST resort when all other options are closed....:D

This is also something we have been told so many times, but really there isn't any option for us, come December we have an extra £198.00 going out per month on a loan my DH took out last year, on a buy now pay later.
We don't have enough surplus to enter into an IVA, and we don't want to be paying into a DMP for the next 44 years, which is currently how it stands :rolleyes:

Sammy3008

MicheH wrote: »

Phil you always say it best *note to self.. do not waffle!*

I feel I am being slightly victimised here to be fair, I am asking for people's opinion, and also professionals but I don't feel I'm getting very far.

We know BR is a last resort option, but there are no other options available to us at the moment

Ok we have a surplus of £304.00, come december minus £198.00 off that, and ok if we include having to pay the debts, we'd be up sh** creak without a paddle!
The only reason we're seeing by, is because of benefits, if we were just living off DH wages of £1662.00 we'd probably be spending over that, including groceries etc.

philnicandamy

and TBH IVA's are near useless unless you have property to hold onto....at the moment no matter what anyone says you are insolvent (unable to repay debts more out than in etc) the judge will see why your surplus is larger (because you dont pay debts after BR) nothing stopping you really but the OR will take around 70% a month for three years of what surplus you have

the receiver in bankruptcy as well though WILL take an interest in a car worth so much....