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

Bakeybadoo

Ok, I'll get onto that straight away then.

With regards to the Direct Debits and wages and benefits, should I move them over to the basic account asap then or should I wait and see? As the one they currently go in and out of will be closed by an OR.

shameless-about-money

Move your DD's and wages and State Benefits, etc immediately.
Just leave the other bank account dormant.

I did this for an IVA and had no problems.

I use the co-op and they are brilliant. You get a visa electron card too. You can take money out or put it in at any Post Office, or use a cash machine. You apply on the phone or in person at a branch. It has full internet banking too.

I can also recommend a Cashplus prepaid Mastercard - you put money onto it and use it like a credit card, but it is not a credit card. This does not go onto your SoA for bankruptcy since it is neither a credit card nor a bank account.

Bakeybadoo

So, having made a decision, should we stop right now, paying all non-essential debts or try and keep up until the hearing?

Also, if I am paying some debts via DC and I know who they are and how to contact them, should I get a statement from them for what I owe or head back to the original company?

shameless-about-money

Right, have been out!

Stop paying your creditors immediately, cancel any direct debits you have with your creditors too.

Your debt needs to be listed from the original creditor - so if it is a Barclaycard, for example, your creditor is Barclaycard, not xxx Finance who are chasing the debt.

Hope this helps.

Bakeybadoo

Right, I think I'm done with the questions, well for now...:p

Thanks so much for all your help, especially how speedy you've been in replying. Much appreciated.

Bakeybadoo

I'm back, new day, new question!

So, does it appear as though bankruptcy is the best way forwards for us. With the limited amount of information I've given in my posts?

I've been reading up about an IVA but I think we would struggle to stick to a fixed amount every month.

plumduff-2

Can I just go back to basics... How much debt is owed ny you individually..? How much by your partner indivisually and how much is jointly owed by you...?

Can you clarify this for me as i cant find it on previous posts - just a figure of £21k...

Bakeybadoo

Sure.

He owes around £16712

I owe around £5000.

No joint debt.

If there were some way we could get the car agreement terminated (it's HP) then his debt would go down by £13745 so to £3000 or so.

livinginhope

Hi there,before you do anything,I think you should seek more advice from somewhere like CCCS or Payplan,from what I can see you have over £200/month disposable income,this could quite easily go towards a DMP without the need for bankruptcy.I know you want to make a clean start,but you have means of repayment,bankruptcy really is the last resort,I don't believe you need to take that step just now.

Bakeybadoo

Thanks, we are trying to get an appt with CAB but can't seem to get through.

I don't know why but I'm nervous about a DMP of any sort. I once tried through Gregory Pennington, years ago and got screwed over.

DMP's don't include HP agreements though do they? If that's the case, we couldn't afford the £281 car payment and extra for a DMP every month.

The car really is a problem. We need to be rid of that.

Any ideas?