Go Bankrupt

TheMusicman_2

In short, I've been with a DM firm for a year paying them £110.00 per month. Last month they suggested that an IVA may be appropriate and put me in contact with an Insolvency Firm who are an offshoot of their firm. They started preparation for the IVA but last week I found out that there were other creditors I didn't know about and so my SOA were recalculated as included here. The adviser I was dealing with has advised that I stop paying the DM firm and any creditors and file for bankruptcy as soon as possible. I am now in the process of saving everything I can to pay the fees.
The insolvency firm said it would cost between £150 and £200 each to go bankrupt. When I visited the court to get the papers, I enquired about fees and was told that because we are both in receipt of state pension/pension credit we would likely be exempt from paying this fee but would still have to pay £450 each (£900 total). Is this correct?

debtinfo

Yes that is correct, it is called the bankruptcy deposit and is £450 each, The £150 is the court fee which as the clerk said you may be exempt from if so you will need to fill in an extra form called EX106. The insolvency firm was probably talking about their own firm to try and get you to py them to fill the forms in for you, needless to say you dont need them to do it for you, you can do it yourself

skylight

Thats right. You will be exempt the court fee bit but still have to pay the OR part of the BR fees. This is non-negotiable.

TheMusicman_2

Thank you for confirming the fees. At least I know now where the goalposts are.