bankruptcy help very worried...

arghhh

currently £338, they are proposing £140 but should we decide on BR we will prob continue to pay the £338 and just 'get by' as we have been doing the last year!

debtinfo

you really dont need someone to do this for you, even if you do are you sure that the fee you are paying them includes the bankruptcy fee, i have seen people say this many times only to have to stump up more later.

Once you get the forms in front of you and have the furom to ask questions it becomes alot clearer and not as confusing as you think, trust me, i jave seen thousands of sets of the bankruptcy forms

arghhh

i have no idea how we go about getting out of the IVA and going BR we cant afford to do it straight away we would need to save the BR fees up £1,400 for both of us i believe it will be, not sure if there are any exceptions ie i'm not currently working?

mandyl

yeah if you recieve certain benefits, i believe the wavier the court fee

JCS1

arghhh wrote: »

So much to consider and as i thought the 'company' that had contacted us first about going BR have very much sugar coated it, we were told we wouldnt loose the car because its worth less than 3k, we were told the house wouldnt be looked at and would be dismissed so wouldnt be looked at again...

one question i do have i noticed on one website i have been on it states you either have the OR or an IP if we did go bankrupt we would prob do it through the company we are with for the IVA as they have all details of all creditors e.t.c already, we obviously have our own IP through this company so i assume he would just take control with the BR instead of the OR, so my question then is does it all stay the same regardless of whether you have an OR or IP or are there differences? if that makes sense

I suspect you would be with the OR, IP's only tend to get put in place for BR if there are assets off £10k+

I'm also concerned that the company is advising you to lie what the car is used for - these forms are court documents

IF

arghhh wrote: »

i have no idea how we go about getting out of the IVA and going BR we cant afford to do it straight away we would need to save the BR fees up £1,400 for both of us i believe it will be, not sure if there are any exceptions ie i'm not currently working?

Contact a debt charity and they will advise how to end your IVA.

Court fee remission and forms.

• HMCS - Court fees do you have to pay them? (And guidance on completing the fee remission form). (pdf)
• HMCS - Form EX160 - Application for a fee remission (pdf)
• Example application for a fee remission based on gross annual income - EX160 (Thanks to NE Derbyshire CAB)
• Example application for a fee remission based on permitted benefits - EX160 (Thanks to NE Derbyshire CAB)
• Possible assistance with Bankruptcy costs / fees (Thanks to NE Derbyshire CAB)

debtinfo

arghhh wrote: »

i have no idea how we go about getting out of the IVA and going BR we cant afford to do it straight away we would need to save the BR fees up £1,400 for both of us i believe it will be, not sure if there are any exceptions ie i'm not currently working?

ok if they dont accept the reduced payments.

Simply stop paying ans start saving the money, after a few months the IVA will fail as you have not paid the IVA supervisor will then write to you telling you it has failed, keep hold of this letter, you will need it to go bankrupt. From that point on you can go bankrupt as soon as you have the fees and fill in the forms, it is that simple (in technical terms, it is still a big decision to be though through).

Additionally you dont have to go bankrupt at the same time, if you are saving and one wants to go first, for instance if one of your creditors is partcularly nasty, then you can do so and the other one can follow later

arghhh

JCS1 wrote: »

I suspect you would be with the OR, IP's only tend to get put in place for BR if there are assets off £10k+

I'm also concerned that the company is advising you to lie what the car is used for - these forms are court documents

i was also concerned about this....


how would it work or what would happen if we were to transfer registered ownership of the car to another family member, obviously we couldnt put the car maintenance on the SoA but would that stop us from loosing the car?

arghhh

debtinfo wrote: »

ok if they dont accept the reduced payments.

Simply stop paying ans start saving the money, after a few months the IVA will fail as you have not paid the IVA supervisor will then write to you telling you it has failed, keep hold of this letter, you will need it to go bankrupt. From that point on you can go bankrupt as soon as you have the fees and fill in the forms, it is that simple (in technical terms, it is still a big decision to be though through).

Additionally you dont have to go bankrupt at the same time, if you are saving and one wants to go first, for instance if one of your creditors is partcularly nasty, then you can do so and the other one can follow later

isnt this going to mean that bailiffs will start knocking and we will get CCJ's filed against us?

JCS1

arghhh wrote: »

i was also concerned about this....


how would it work or what would happen if we were to transfer registered ownership of the car to another family member, obviously we couldnt put the car maintenance on the SoA but would that stop us from loosing the car?

It may be considered as disposing of an asset - also the OR can write to DVLA and ask them for current and former owners of a vehicle.

How much is the car worth? If the OR doesn't exempt it from a BR, you can always make them an offer.