Almost taking the BR plunge........

NeverAgain_2

Maizy,

You do not need to justify giving up work to anyone, even though you can justify it - easily.

Your post makes perfect sense, some people would crack under the strain you are feeling.

To me, and I expect to others, your present state shows you to be a decent, responsible parent doing your level best for your family in trying circumstances.

Once you are bankrupt, the official receiver will allow you a reasonable sum for rent.

To that extent, it matters not if you pay it weekly, monthly, or six monthly.

shepherd06

hi maizy, thanks for your kind encouraging words, its easy to try and make others feel better, but we never seem to take our own advise do we? sorry i have no answers for your questions but i am interested in any answers too... have you had a repo letter yet? our mortgage company has tried ringing us but we have'nt had the courage to talk to them yet... twice my OH has rang shelter and both times they have rang back to talk to him but by then he was in bed(night worker) so still no advice on council housing (if we do vol repo is this intentional even though its our only way forward) we have the money for BR now but its the secure loans that are crippling us!! we don;'t want anyone thinking we have all this money sitting in the bank on purpose, its for 'just in case' BR, moving.....but not paying mortage all the while...am i the only one thinking i might win the euro jackpot and this will all be over......i just try to think this time next year, this time next year.... hope you get a rental soon...or maybe a repo letter so you can pass this to the council.... take care for now

Ineedaname

Maizy - you have been a tower of strength for your family, so it's no wonder you're feeling the strain now. You do whatever you have to in order to keep the family together, if that means changing jobs so you just work part time cleaning, then so be it, family is important!

Regards the IPA, I believe it can only be set up during the BR year. I don't think a BRO has any bearing on that, only an extension to the BR period which doesn't happen in most cases.

Maizy

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alastairq

With regards to the rental, Im just worried that if I pay up front then the money has already been spent and the OR will take what would have been my £600 month allowance???? Im hoping they will let me keep it as the rent may need paying up front again 6 months later are you saying that would be ok?

Hi Maizy

I'm not sure [without trawling through the whole thread....S&H is here nagging]....why you would need to pay the following 6 month's rent in advance as well..?

I had a chat with my own agent [yet another annual inspection due....still getting a new bathroom, ta very much, LL]...who briefly explained the new 'industry' of attracting potential LL's on to the books,by guaranteeing their first 6 months rent.....via insurance......but Assured Short-term lets are mostly only for 6 months.....after that, the LL must give 2 month's notice to quit....and the tenant one month notice of leaving.

[ A way of beating off competition for a let is to offer LL direct, to enter a 12 month lease...]

So in all probability, once the 6 month period is up..[if you still want to stay?]...then you would revert to monthly rental payments....since no guarantees need then be entered into.

Top tip...don't bother with properties you think are simply being rented out because the owner cannot sell it...they're not in to letting for the long haul.

Maizy

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alastairq

Hi MAizy....yes, I understand your dilemma [negotiation with the OR on this point, I think?].....the point I was raising actually concerned the need for paying in advance, second time around?

Then of course we would go BR which means the LL may want us out 6m later unless we pay a further 6m rent in advance 6months after moving in because we would be BR.

ie, why would a LL, with an existing tenant, want rent in advance?

Because if the tenant defaults on rent payment [unlikely in a BR case, as no debts anyway]...then eviction is easy enough to achieve..[and if there are no arrears, then the LL's income is safe]

From what I can gather, requiring 6 months rent in advance is a condition from the letting agent, not a LL.

Being BR doesn't mean there's no money. Believe me...

Maizy

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Ineedaname

Here's the link for the SOA that you wanted Maizy.

debtinfo

One thing that people often missunderstand in bankruptcy is that the OR does not tell you what to do, they simply apply the law to whatever circumstances apply at the time they are assessing it. You have your own choices to make. So what this means is that the OR wont tell you to work and they wont peanalise you for giving up work,they will IF you have a job assess you and take your surpus IF you have one.

As regards the 6 months rent thing, If you pay rent up front and then dont pay rent during the 6 months then as above the OR will apply the circumstances that apply and may take any surplus that creates (if you are not working then this is a mute point anyway). It would be different if they took a 6 month deposit instead (ie you were still paying rent as well) then it would not count towards an IPA

BRO/IPA. The main thing to understand about a BRO is that it is not the continuation of the bankruptcy, You are duscharged from the bankruptcy and then a seperate process applies which only accounts for restrictions to placed on you not the other circumstances of bankruptcy. Therefore since an IPA can only be applied before discharged and you have been discharged then they cannot start an IPA.