New, looking for more specific advice about IVA vs. BR

shameless-about-money

The online forms can be found at

https://www.insolvency.gov.uk

Bakeybadoo

So, your debts get technically wiped off but they would place a IPA for 36 months, just as a sort of 'nominal' step to pay a little towards the debts?

riers_bloc

I would contact CCCS ( http://www.cccs.co.uk/ ) or your local Citizens Advice Bureau but the important thing is to act now. Don't let it drift.

The threshold for bankruptcy is actually very low. You can be declared bankrupt if you are unable to repay anything over £750. This might sound like a ridiculously low amount but that is the amount written into the 1986 Insolvency Act and it hasn't been changed over the past 20 years.

Best of luck - but I would also say: Pick up the phone now and talk to CCCS !

shameless-about-money

Bakeybadoo wrote:

So, your debts get technically wiped off but they would place a IPA for 36 months, just as a sort of 'nominal' step to pay a little towards the debts?

Yes!

Don't bother with CCCS, go to your local CAB. It is quicker to talk to someone there. Also, they can help you with the questions on the forms if you need it.

Have you both decided to go bankrupt? Are some of your debts joint?

Really the figure for going bankrupt is if you cannot pay your bills then you are insolvent and can go for bankruptcy, so any ballpark figure is really a waste of time. If you only owe £1000 yes you could go bankrupt but it would be better to do a DMP instead. We wouldn't suggest bankruptcy really under at least £15K of debt anyway.

Hope this helps.

Bakeybadoo

Oh I edited my questions post whilst you were replying shameless so I think you didn't see it but could you answer this please?

*How do I find out exactly who I owe what to? For most debts, we have no paperwork, not so much as a card number either. Lots have been passed to outside collection agencies but who, I've no idea.

Bakeybadoo

shameless-about-money wrote:

Have you both decided to go bankrupt? Are some of your debts joint?

We've both decided to do it.

No joint debts.

His are more than mine but neither of us can pay them.

We wouldn't suggest bankruptcy really under at least £15K of debt anyway.

With the car, it's £21936, without (if we did manage to get them to accept an agreement termination prior to BR), it'd be £8191, which we would still struggle to pay.

shameless-about-money

Your total debt would suggest you need to go bankrupt anyway. When you go to Court nobody is going to say to you that you cannot go bankrupt because you don't owe enough money. Bankruptcies are refused if there is fraud involved, so don't worry about that.

Phone your local County Court and see if they have a waiting list, if there is then make an appointment.

Have you had a look at the online bankruptcy forms?

shameless-about-money

Bakeybadoo wrote:

Oh I edited my questions post whilst you were replying shameless so I think you didn't see it but could you answer this please?

*How do I find out exactly who I owe what to? For most debts, we have no paperwork, not so much as a card number either. Lots have been passed to outside collection agencies but who, I've no idea.

Get a copy of your Credit Reference Files -

Experian Ltd
Consumer Help Service
PO Box 8000
Nottingham
NG80 7WF
Tel No 0870 241 6212
https://www.experian.co.uk
(You can order your credit file on the internet or by telephone).

Equifax Plc
Credit File Advice Centre
PO Box 1140
Bradford
BD1 5US
Tel No 0870 010 0583
https://www.equifax.co.uk
(you can order your credit file on the internet)

You send a £2 postal order or pay online.

There is a free one too, when I find the link!



Don't worry about the DCA since your debt belongs to the original creditor anyway.

Bakeybadoo

I actually got my Experian file but it doesn't list half of my actual debts??

Should I just call the actual person I have the debt with and get them to send me a statement?

shameless-about-money

Bakeybadoo wrote:

I actually got my Experian file but it doesn't list half of my actual debts??

Should I just call the actual person I have the debt with and get them to send me a statement?

Yes you could do that - you need the information for your SoA form for bankruptcy. It might be the best idea.