great site! need advice plz

lifebeginsat54?

Im due to go BR soon. I was under the impression that once BR i would be freed from debts and could make a fresh start, however just found out that i will be subject to IPA taking 50 - 70% of my disposable income for 3 years. My query/problem is: I voluntarily surrendered my mortgage in Jan and came to live with my daughter until BR, when i hoped that i would be able to rent privately and have a fresh start. Will i still be allowed to rent? Should i try and do it before IPA? Sorry if i seem confused but the thought of another 3 years of financial struggle depresses me. i want to move on but ill be 57 before all this is over and i wonder if i have the energy to keep on battling. is there life after BR?

curly04

they only take off your surplus

rent & bill money is not surplus!

if you still live with your daughter and they say you hve to pay then you have to pay

but if your circumstances change they will re assess this for you and suspend any IPA - that is what they have done with me after i sperated from my husband

lifebeginsat54?

Thanks - i was worried that i wouldn't be able to move on once the IPA was in place. Be glad when its all over!

curly04

im 32 and i would say the last 8 years of my life has been debt this debt that debt the other

since going BR i've left my husband, had my house repo'd had to move from our rented home to somewhere i could afford my own
Since July last year when we made the comitment to go br then Nov when I went BR life has had more ups and down and twist and turns than a sock in a washing machine!

but I'm coming out the otherside now - its not easy but its worth it in the end as you get your life back

say on the board let us know how you get on and ask if you need help
x

dojoman

Have you taken advice about BR from one of the debt charities?

okeydokey

Hi Lifebeginsat54, yes it does all seem rather daunting at first but you will get through it, keep reading this site, its great for support and good advice.

fiveyearplan

Welcome Lifebeginsat54 and yes there is life after BR. I went BR in April 2008, discharged April 2009 and I haven't really looked back. You will be able to rent when you are ready then your IPA will be reassessed and if you don't have over £99 surplus you won't have to pay it until/unless your circumstances change again.

Doucam

Hi lifebegins - we went BR last year, got ED end of June.

I won't say it has been easy - I haven't allowed it to be - beating myself up about it at regular intervals !!

DH and I were talking about this last night actually, and as he said we just need to put it behind us now. It is done, we survived, and best of all we have no debts, yes we live a more frugal life but our children are not suffering, if anything they are the happiest we have seen them, probably because we are happier and less stressed as well.

It does get better - honest!!

Monkeyballs

Hi '54,

As other have mentioned above the IPA will take a %age of your surplus income.

So, food, rent and any other outgoings (including clothes, hairdresser, etc.) are taken into consideration.

I went BR in 2005. At the time I was earning about £900 per month, out of this, after all outgoings I was paying £100 per month.

This was sooooo much better than the £600 I had been paying.

Trust me, be as complete and accurate on your forms and you'll be fine.

Good luck!