Help with Bankruptcy please....

debtinfo

sundays wrote: »

Having spent years as a proffessional defending cases in the court , i would honestly say this.

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really, in what context

Ineedaname

Sundays - We are here to help and suggest positive ways forward. Where there is a valid reason not to do something that will be mentioned, but your last post makes renting sound the scariest way to live!

Your posts remind me of the first CAB advisor I saw. She said I couldn't afford a dog on a DMP so I should have him put to sleep.:eek: I wonder if she would have said the same about a child?

oplus

If that is Sundays I dread the rest of the week...

SouthCoast

If issues arise about security of tenure then contact Shelter:

http://england.shelter.org.uk/

Ineedaname

sundays wrote: »

1. You do not need a bankruptcy clause in a AST to allow or prevent a landlord wanting to evict because you a BR. Nobody has suggested otherwise. However, we always suggest checking AST T&Cs in case a BR clause exists. Some members have had a clause, spoken to the landlord and still not been given notice to leave.

2. Someone had indicated i think it was INAN, that a s21 could not be used if there wasnt a postive BR clause, it can and its the easiest way to end a tenancy, S21 is the easiest and gives no defence, providing it is properly served. Shelter will tell you that.
The court will just want to be advised the tenancy is being brought to a natural end, no reason is relevant, You were the first to mention S21 and nobody has indicated it cannot be used if no BR clause.

Someone indicated that the standard AST agreement packs as seen in the post office were a bit of a waste, they are the ones the courts like they are standard and a judge will get iffy if messed around with . Don't know where you got that from either.
of course speak with your landlord, a good landlord and a good tenant is worth the weight in gold, but be prepared for negatively, many dont understand the concept of BR. And as a direct reason it scares them. That's no different to the general population's perception of BR. As long as a tenant has always paid the rent and can reassure a landlord nothing will change, then most landlords are happy. After all, it's financially better for them to keep an existing tenant than to have to go find a new one.

You really do have a negative approach to your advice. Remember this board is about supporting people through a very difficult time in their lives. New posters are are scared enough so adding to that unecessarily through choice of words isn't helpful.

missangel_2

Thanks for you're hepl and emails. I have since contacted Payplan about bankruptsy and they have also suggested an IVA as another option which has confused things even more for me.

Basically they're saying if my creditors agree to a IVA then my debt is written off after 5 years but I will still be paying around the £200 per month. With bankruptsy, Payplan are saying because I will have surplus money over I will probably be issued with an Income Payments Agreement, which means I will have to pay a proportion of my surplus income to my bankruptcy each month, for up to 3 years from the date of bankruptcy.

Any help on this would be great?

Thanks again.

missangel_2

andrew2011 wrote: »

Missangel, I was in a very similar situation. Similar debt, age, no assets, always rented etc.

From my experience-

First thing to check - will your job be affected by Bankruptcy. It's unlikely, but find out best you can anyway (do you work in finance in any way?)

Second thing to take into account - your landlord might be informed about your BR, and is within his rights to kick you out, after which you might find it difficult to rent again. If you do decide to go bankrupt you can either discuss it upfront with your landlord, or say nothing and hope for the best. Either way make sure you have a "Plan B" so you're not homeless! (friends, family, whatever).

Apart from that, I would definitely advise you to take the plunge. You are paying a heck of a lot there, it sounds like a struggle.

Your entire debt is written off on the day in court, as soon as the judge signs the papers.

If you are in a DMP your credit score is shot anyway, so that's not really a problem.

It currently costs £700 to go BR (though there are discounts if you are eligible, see the stickies on here).

Bear in mind I'm not a debt counsellor, and only speaking from raw experience!! I was with Payplan once - they were great to me, and they do have a BR advice team - speak to them.

Thanks so much for you're reply.

Did you have to set up a Income Payment Agreement with your bankruptsy or was all your debt just cleared? Also, did going bankrupt cause you any on going problems? ie did you have to close your current bank account etc?

Any further info on how you dealt with it would be great.

Thanks again!

IF

missangel wrote: »

Thanks for you're hepl and emails. I have since contacted Payplan about bankruptsy and they have also suggested an IVA as another option which has confused things even more for me.

Basically they're saying if my creditors agree to a IVA then my debt is written off after 5 years but I will still be paying around the £200 per month. With bankruptsy, Payplan are saying because I will have surplus money over I will probably be issued with an Income Payments Agreement, which means I will have to pay a proportion of my surplus income to my bankruptcy each month, for up to 3 years from the date of bankruptcy.

Any help on this would be great?

Thanks again.

Hi missangel, I would contact National Debtline always good to have a second opinion. I can't really advise you this is to safeguard you, myself and MSE. If you receive IPA the FULL amount any surplus income above £20 will be sought. So alot of reading still to do eh!!

Here's some more links:-

Bankruptcy guide CAB - Click here

Bankruptcy NDL Guide - Click here

IVA guide CAB - Click here

IVA guide NDL - Click here

IVA & DRO Board - Click here



If...x

debtinfo

missangel wrote: »

Thanks for you're hepl and emails. I have since contacted Payplan about bankruptsy and they have also suggested an IVA as another option which has confused things even more for me.

Basically they're saying if my creditors agree to a IVA then my debt is written off after 5 years but I will still be paying around the £200 per month. With bankruptsy, Payplan are saying because I will have surplus money over I will probably be issued with an Income Payments Agreement, which means I will have to pay a proportion of my surplus income to my bankruptcy each month, for up to 3 years from the date of bankruptcy.

Any help on this would be great?

Thanks again.

yes in a bankruptcy you may have to make payments for up to 3 years, they are likely to be around the same amount as in an IVA in most cases.

The differences are though, 3 years instead of 5 in an IVA

In an IVA, if you for instance lost your job the IVa may fail and you would be back to square ine, in a bankruptcy your payments would be lowered or suspended and it does not fail, ie you dont get your debts back if your circumstances change