Worrying about living with BR...

MTpockets

I'm giving serious thought to BR, have sought advice and it does sound like one of the best options over an IVA. So much information to take in that my head's swimming...

I'm trying to gauge what kind of impact this will have on my life as well as my debts. Can anyone share their experiences of the below?...

• How hard is it to file for BR on your own?
• Do I have a chance in hell of filing before the rise in fees on 6 April?
• If you have an IPA and they assess your income/essential outgoings, do you have much left beyond what they deem 'essential spending'?
• Can you try and amass savings once you're declared BR?

Guess I'm also worried about being judged:

• Should I tell my Mum (plus I owe her money)?... ok, I know the answer to that one really...
• Should I tell my flatmates (they're also friends)?
• Will the new boyfriend run a mile if/when I tell him?

:eek:

debtinfo

MTpockets wrote: »

I'm giving serious thought to BR, have sought advice and it does sound like one of the best options over an IVA. So much information to take in that my head's swimming...

I'm trying to gauge what kind of impact this will have on my life as well as my debts. Can anyone share their experiences of the below?...

• How hard is it to file for BR on your own? Its fairly straightforward, about 90% of people on this site do it themselves.
• Do I have a chance in hell of filing before the rise in fees on 6 April? Will depend on how quick the court can fit you in, ring up the local court and see if they have a waiting list
• If you have an IPA and they assess your income/essential outgoings, do you have much left beyond what they deem 'essential spending'? Of the surplus they will take between 50 and 70%, the rest is yours to keep. The amount they allow for living costs is also more generous than other debt solutions
• Can you try and amass savings once you're declared BR? Within reason yes, obviously if you gain large savings then the IPA is not strict enough

Guess I'm also worried about being judged:

• Should I tell my Mum (plus I owe her money)?... ok, I know the answer to that one really...
• Should I tell my flatmates (they're also friends)?
• Will the new boyfriend run a mile if/when I tell him?

:eek:

As for who you should tell, i deal really in who you must tell rather than should, as should is a personal decision. The mum will eally need to know because as you owe her money she will be a creditor in the bankruptcy

hope that helps

confused76

MTpockets wrote: »

I'm giving serious thought to BR, have sought advice and it does sound like one of the best options over an IVA. So much information to take in that my head's swimming...

I'm trying to gauge what kind of impact this will have on my life as well as my debts. Can anyone share their experiences of the below?...

• How hard is it to file for BR on your own?
• Do I have a chance in hell of filing before the rise in fees on 6 April?
• If you have an IPA and they assess your income/essential outgoings, do you have much left beyond what they deem 'essential spending'?
• Can you try and amass savings once you're declared BR?

Guess I'm also worried about being judged:

• Should I tell my Mum (plus I owe her money)?... ok, I know the answer to that one really...
• Should I tell my flatmates (they're also friends)?
• Will the new boyfriend run a mile if/when I tell him?

:eek:

hi there will do my best to help

it's not hard to file on your own at all - you can submit the forms online and take copies to court with you on the day along with your fee. people post any queries about the forms on here - there is also an insolvency service helpline

re filing before april - hmm depends what system your local court has - some are drop in on the day, some are appointment only, so you need to ring your local court and check they cover your postcode, and see what their system is. i think lots of people are trying to get in before the fees rise though

if you got an IPA they only take a percentage of your 'surplus' income so you don't have it all taken off you - there is a table of these rates floating about somewhere will try and find it

you can save while br - i know i save money to one side for car repairs and things like that - yourkshire building society have an internet saver account you can open online

your mum - i told my parents they were really supportive - i think you really need to tell her especially if you owe her money...

flatmates - that's your call but i bet you could do with some support. i only told a couple of friends though, didn't want everyone knowing my business

new boyf - i'd hope if he was worth his salt he'd stick around....

i was worried about being judged, but i am getting over it!

i hope this helps. anything else, ask away

confused76

debtinfo you're far too quick for me!!!!!!!!

IF

Hi and welcome MTP, first thing Make a list of all your creditors, debts, assets.
Secondly and most important is contact one of the following debt charities:-

Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
National Debtline - Website: National Debtline Telephone: 0808 808 4000
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Please try these they don't charge and are impartial, try at least two.

Your thinking of too much and everything is muddled, one step at a time.
Yes you can save with your surplus each month.
Yes I would tell who you have mentioned, it is nice to have support.

Hope this helps and take care.
Ifwishes x

IF

confused76 wrote: »

debtinfo you're far too quick for me!!!!!!!!

And me....DI :A

MTpockets

Thanks everyone, it's all rather overwhelming at the moment and I haven't even started!!

Have already spoken to a probably less that impartial company re IVAs and the spoke to National Debtline today and they couldn't have been more helpful - have subsequently binned the IVA provider, plus they wanted upfront fees...