The Bankruptcy Club & Supporters Club

Mike_St_Helens

njc12 wrote:

2007 sounds fantastic for you already Sandra - who needs to worry about debts wheb you have a hunk like that to take your mind off things!!!

A hunk.. but does he have spunk Sandra ! :cool:

sandralovescats

L3ighton wrote:

IPA whats that? in this time you still struggle to pay your bills or do you stop paying them?

The idea is to pay off your credit cards/loans/overdraft (not secured loans with an IVA) in 60 months.

You take your incomings, subtract your outgoings (normal living expenses) and are left with a sum. They take a percentage of that residual sum for your IVA payment to see if you can afford the repayment.

You pay 30p-40p in the £ to an IVA so for a debt of £40000 this would be £16000 (at 40p/£) plus the fee for IVA which would be around £8000.
So £16K + £8K = £24K in 60 months would be £400 per month.

Both yourself and your creditors sign a legally binding agreement.

sandralovescats

njc12 wrote:

2007 sounds fantastic for you already Sandra - who needs to worry about debts wheb you have a hunk like that to take your mind off things!!!

Yes, well, it does help!

L3ighton

i have a friend and i told him what i'm doing as i'm strugglin with my debt, he has told me that he has maxed out 6 credit cards of £25000 and a loan of £20000 in the space of 2 months all a result of his wife leavin him, to take his depression away he started to gamble and drinkin which seem to help him and it got out of control, now he has realised what he has done and he said he doesn't know what to do, he thinks he goin to lose his house and he thinks he goin to prison, he said he is even more depressed than ever now and i'm worried that he may make an attempted to take his life as he did mention it and he also mentioned about leavin and everything behind, at the moment he feels there is nothing for and and everything he has worked hard for has gone down the pan.
he said he is still payin his priority bills but he struggles with the other bills and he's worried that what they will say as he spent it in a short space of time
he is askin what can he do?

sandralovescats

L3ighton wrote:

i have a friend and i told him what i'm doing as i'm strugglin with my debt, he has told me that he has maxed out 6 credit cards of £25000 and a loan of £20000 in the space of 2 months all a result of his wife leavin him, to take his depression away he started to gamble and drinkin which seem to help him and it got out of control, now he has realised what he has done and he said he doesn't know what to do, he thinks he goin to lose his house and he thinks he goin to prison, he said he is even more depressed than ever now and i'm worried that he may make an attempted to take his life as he did mention it and he also mentioned about leavin and everything behind, at the moment he feels there is nothing for and and everything he has worked hard for has gone down the pan.
he said he is still payin his priority bills but he struggles with the other bills and he's worried that what they will say as he spent it in a short space of time
he is askin what can he do?

He can go bankrupt. However, he will most definitely be looking at a BRU. The OR might say that there were mitigating circumstances, which would help, I guess.

sarah_skint

L3ighton
i declared myself bankrupt for 55,000 on the 30th nov, mine was due to gambling - family pressure etc, it was taken out in the space of 5 months and wasted. I have been honest from the start with the gambling. When i spoke to my or the following week he asked me and i told him all i could, i will have to have an interview in about 2 months time and i should get a BRU. I also had to provide him with all bank documents etc and a list of the gambling sites I had spent the money on. I feel so different about everything now such a weight has been lifted I feel great, but I could not have got through these last few months without the help and guidence from this board. My hats off to you Mike, Rog and Sandra and her cats I thank you from the bottom of my heart for all your excellent advice. Best Wishes for the New Year to all XXX

sandralovescats

sarah_skint wrote:

L3ighton
i declared myself bankrupt for 55,000 on the 30th nov, mine was due to gambling - family pressure etc, it was taken out in the space of 5 months and wasted. I have been honest from the start with the gambling. When i spoke to my or the following week he asked me and i told him all i could, i will have to have an interview in about 2 months time and i should get a BRU. I also had to provide him with all bank documents etc and a list of the gambling sites I had spent the money on. I feel so different about everything now such a weight has been lifted I feel great, but I could not have got through these last few months without the help and guidence from this board. My hats off to you Mike, Rog and Sandra and her cats I thank you from the bottom of my heart for all your excellent advice. Best Wishes for the New Year to all XXX

Where've you been hiding??? I thought you'd gone off somewhere sunny or something!

Breadsticks_2

Hi everyone, may I have a number please?

I am married with a 1 year old son and in £40k of unsecured debt (all in my name). I have sought advice from CCCS who have advised best route is Bankruptcy. I immediately said no as I work in a bank and would lose my job (my employers have no idea). However I have now resigned myself to it and after reading every post on this thread I have been motivated to get myself sorted out. I have also learned a huge amount!!!!

I live in a mortgaged property which is in joint names and both mortgage and secured loan are up to date although the repayments total £1100 per month. It is currently on the market but we have no equity (possible even a few thousand negative equity). We are looking to relocate closer to work so that we can cut travel and living expenses. We will be renting instead of purchasing.

OH has debts in his name but he is on a DMP for them now from years ago (probably about £7k remaining), he also has an up to date carloan which we can ditch if we move as we won't need the car.

I have some questions if anyone can help:

1. We were thinking of both going BR but now think it may just be me. Any pros/cons on this at all?

2. Am I right in thinking if there is no equity in a property OH would be able to buy my BI for £1?

3. If OH does buy my BI will mortgage companies possible decline him as loans will be based on 1 income now not 2?

4. Would it be better to wait until the house is sold before going BR or will it not make much difference as no equity to release. My only concern is not being able to rent somewhere decent whilst BR and scared of being homeless.

5. If I voluntarily stopped work would the OR frown upon this? (I take home £1051 per month but if I stopped work I would actually save £912 per month, most of which is childcare. Which means I work for under £35 per week!!!)

6. Would I be subject to an IPA if I am SAHM and no income apart from Child Benefit and Childrens Tax Credit?

Can't think of anything else for now but I'm sure I'll be back.

Cheers

Breadsticks x

mboro

Hi peeps...may I wish you all happiness for the new year.

I am saving up to go BR this month.
I know that I will lose my bank account with the RBS.......which I only have 2 DDs with, 1 for my car insurance and the other for my mobile phone.

How will I pay these DDs once the BR is in place? And were will my wages be paid??

Im so sorry if these questions have been answered.

sandralovescats

mboro wrote:

Hi peeps...may I wish you all happiness for the new year.

I am saving up to go BR this month.
I know that I will lose my bank account with the RBS.......which I only have 2 DDs with, 1 for my car insurance and the other for my mobile phone.

How will I pay these DDs once the BR is in place? And were will my wages be paid??

Im so sorry if these questions have been answered.

You need to set up a Basic Bank Account and have your wages paid into there and DD's paid from there.


Link to Chart for Basic Bank Accounts and facilities available.

http://www.moneyfacts.co.uk/banking/bestbuys/banking_basic_bank_accounts.aspx