Soa

Sunshine2114

Ps £170 maintenance is via CSA n just been redone in October after new baby etc its extortionate bearing in mind we have him 4 nights and feed n cloth n wash his clothes etc ..but when they take her holidays that he stays at hers n Christmas etc this averages out to 168 nights a year

dancingfairy

Just to chip in, how far into your IVA are you? You say you are failing the IVA due to lack of equity? This sounds to me like a) you are near the end of your IVA and b) you are in a badly worded IVA. Normally IVAs are done so that if you can't release equity then you would just pay an extra years payments and if there is no equity then you don't have any extra to pay. Unless you signed up to an oldstyle IVA which specified a specific amount to be released? evenso they should be varied in line with the new protocols.
Please do check this out -go over to the IVA board on here as I'd hate you to have bankruptcy on your file needlessly.
There are also other options for concluding an IVA which should be looked at before you jump into bankruptcy.
Also you do realise that a) your IP has scope to reduce your IVA payments b up to10% I think it is without calling another creditors meeting and b) you can always request a creditors meeting and put another proposal to them to account for higher costs of living(ie carry on with your IVAbut at a lower amount per month).
df

Sunshine2114

I'm approx 6 months into IVA. Can afford £250 a month just but originally we declined BR and opted for IVA as was concerned about loosing home , not wanting to go to parents n admit failing .. Howeverb6 months later we have stepchild 4 nights a week , hubby having to work from home 3 days a week or face redundancy so need a larger home ... NRAM our mortgage co won't help n we r £15k min in neg equity ... Once new rent m council tax etc taken out n increased child care costs of £100 are done we can afford £150 a month , IVA declined as said that too less a payment each month and too much debts to add on ... I just wish we understood the whole bankruptcy n negative equity before taking IVA... Was so much to think of at time

JCS1

lisa.89 wrote: »

Hi,

You have put child care at £168 as you do a salary sacrifice scheme.. if I am correct this tax related - you pay less on tax and NI?

If so, when you are made BR you will be given a NIL tax code, therefore this scheme would not be valid.. this is only what I think, you should look into this as may need to put Full Child care costs as if you were not in this scheme on your SOA..

My husband and I are going BR and he is signed up to a mobile allowance as he is a lorry driver - this is a tax relief scheme too so I have written on our BR form that the figure for his salary is without this scheme..

Hope that makes sense

Childcare vouchers should be fine - what happens is that you agree to a salary reduction of say £2,000 per year and get £2,000 of childcare vouchers in return. You pay less tax as salary is lower, employer saves on NI er. There is no right to return to higher salary if you no longer need the vouchers.

dancingfairy

If you're only 6 months in then fair enough. It sounds like things have changed a lot for you as well. It sounds like youhave thought it all through. Have you spoken to one of the debt charities to check that BR is an optin for you recently? I'm not sure how recently a judge would expect you to have taken advice.
I assume you're giving up the house and going into rented. Presumably you're going to stop paying the mortgage and save up for bankruptcy and a new rental property?
Once you get settled in your new house and go bankrupt hopefully things will be easier for you.
It seems easier to move and then go bankrupt rather than go bankrupt and then move (and youre credit rating will be better to get a rental property if you do that first and then go bankrupt) but it's up to you. As long as if you go bankrupt before leaving the house that you do not sign anything to the mortgage company to say you will accept the mortgage shortfall (this can create a new debt after the bankruptcy).
Best of Luck
df

Sunshine2114

Thanks yes spoke to national debt helpline and they said seems fine BR was option originally due to Debt of £48k but circumstances changed n need to move. We getting rented property in same area so no changing nursery or schools fir kids but rent a bit higher them wanted but average n cheaper than city areas. We have got rent paid by my dad for 3 months so we could get a property sorted and he's paying my BR fees so all good to go just gotta get IVA discharged which takes 3 months then go BR.. I'm Hopi g to be sorted b June .. Just gotta wait till NRam take house .. I've been warned not to sign any papers from them ... But downside just found ou m liabe for council tax till house it repossessed which can be 12 months :-(

tigerfeet2006

Make sure you tell the council when you move out so you can get your 6 months exemption from council tax.

Sunshine2114

That's the problem from April 2013 tax year the class C exception for empty property no longer exists and it's full price unless a discount is offered at the councils ddisgresion :-( it's a bit pants .. Hopefully they will give a bit disvount