About to take the step

dojoman · 29 June 2011 at 1:20PM

Good luck with whatever you decide:)

riche36 · 30 June 2011 at 12:38PM

As i am declaring bankrupcy in a few months should i carry on paying my debts off because i can only afford to pay 2 out of 7 every month or will that be seen to favour them?

alastairq · 30 June 2011 at 12:59PM

hi.....contact one of the debt charities mentioned earlier......if you can get to a CAB, they may be able to negotiate with your creditors on your behalf ..[it's a 'credibility' thing]...

My so-called 'advice' would be to, simply, stop paying anything....[apart from the essential payments....council tax, rent, water, power, etc...]....write and offer token payments to each one...[for example, I paid each creditor £1 per month...whether they agreed or not, 'twas irrelevant to me.]...this wee process would show a Court...if it came to that, that you were still willing to 'pay'....

Yes, you will be defaulted...yes, the creditors will strut and posture about....they will threaten dire consequences upon you....but whatever you do....do NOT tell them of your intentions to petition for BR.

This knowledge alone gets creditors and DCA's very twitchy indeed, and they will ramp up their efforts to annoy you, in a communicative sense.

Whilst you are about it, open a second -[co-op or barclays] basic account....into which you pay bills money, DD's etc......and is separate from the account that receives your income.

This is solely a budgeting aid.....

riche36 · 30 June 2011 at 1:51PM

Thats brilliant thanks i will stop paying them then and get some letters off this weekend. The car finance company will prob come and collect the car if i dont pay the full amount.

riche36 · 1 July 2011 at 8:43AM

Can someone help me aanswer how will the OR calculate my IPA?

philnicandamy · 1 July 2011 at 9:11AM

if your sole income is benefits then no IPA

For all other...any surplus over £20 a month after your living expenses are paid the receiver will take whats left after this for 36mnths (this since dec 2010)

Ineedaname · 1 July 2011 at 9:18AM

It was clarified for me on the board recently that if your surplus is over £20 then you will lose ALL surplus, i.e. you don't get to keep the first £20.

riche36 · 1 July 2011 at 9:20AM

So after all my bills and deductions am left with £100 i will not get anything at all?

Ineedaname · 1 July 2011 at 9:28AM

Unfortunately not. However, the allowances are very reasonable and provide plenty to live off. Very few board members complain they are struggling to live throughout their BR year.

riche36 · 1 July 2011 at 9:44AM

Thats brilliant thanks now i understand. Currently most of the bills come out of my account and we live out of my partners account so i assume the OR will make her pay a percentage towards bills and then take everything else from me.