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SOA Questions
vodka_needed
Posts: 30 Forumite
Hi
I'm trying to get my head around the whole bankrupcy thing and have a couple of questions.
I'm trying to get my head around the whole bankrupcy thing and have a couple of questions.
- When talking about debt repayments do they (you guys, cccs, the court etc) want to know about the contractual payment or what I am actually paying? For example I have a loan with an outstanding balance of £11,000 but it has been passed to a DCA and I am paying £12 a month.
- I don't own the house that I'm living in, it belongs to my partner. I just pay him X amount per month and pay for the food etc as and when it is needed - how ahould this be shown? Should I be saying that I pay for more as at the moment he is effectivly 'subbing' me.
- I'm worried that if I state things as they are now I will be told to do an IVA (as I am paying all my debts on time, albeit making reduced payments to 1 creditor). Can I say no and go straight for bankrupcy? I will be going on maternity leave in a couple of months and will have a reduction in income of £1000 a month
0
Comments
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When you fill out the Court SOA it doesn't ask what your current payments are towards debts. It is your figures as of the day you go BR and assumed you won't be paying your debts at that point.
Work out with your partner what a fair rent including bills would be, then add groceries.
Or you can fill out the SOA as partners in that you include all household expenditure, rent/mortgage, bills, groceries and a proportion of your partner's income towards the costs.
When you go on maternity leave then you need to advise the OR at the time. As your income will reduce then you can show a lower proportion towards the household.When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0 -
Hi and welcome to the forum:)
Please contact one of the charities below, they will offer free and impartial advice.
https://www.nationaldebtline.co.uk/
https://www.citizensadvice.org.uk/
https://www.cccs.co.uk/
Below is a link you may found helpful about going BR?
https://forums.moneysavingexpert.com/discussion/1056083
Also this link to the Insolvency Service is useful!
http://www.insolvency.gov.uk/:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0
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