Considering BR

tigerfeet2006

There is no surplus. Just look at the SoA I have popped up for you. Answer some of the questions I have posed to you and adjust the figures accordingly and there is no surplus for an IPA, none, zilch, nada.

By the way, if the car was paid for by a personal loan then the loan is unsecured and not secured on the car so when you go BR the loan will go in but the car will be yours or an asset and the OR will want it to sell.

Please ring National Debtline and talk to some one.

hanes

arcon5 wrote: »

Op go through #26 again and review your SOA accordingly. There's no reason you should be showing a large surplus.

Yes I don't know where I got it into my head there would be a surplus as much as I thought. So going forward I will not have a surplus and I will not be entered into an IPO/IVA which is the same as my sister basically.

I think that's about it for the information I need for now, just trying to go through all the questions and assure I get them correct on the forms.

Off topic but with regards to mobile phones, given I would be declared bankrupt what would happen with a contract phone? I use it often for work, its no big deal if I lose it but is there a way around whereby I can keep it and perhaps lower my monthly commitment ?

hanes

tigerfeet2006 wrote: »

There is no surplus. Just look at the SoA I have popped up for you. Answer some of the questions I have posed to you and adjust the figures accordingly and there is no surplus for an IPA, none, zilch, nada.

By the way, if the car was paid for by a personal loan then the loan is unsecured and not secured on the car so when you go BR the loan will go in but the car will be yours or an asset and the OR will want it to sell.

Please ring National Debtline and talk to some one.

I will do so but what information do I need to have handy for questions they may ask?

tigerfeet2006

How much is your mobile phone a month?

They will want to know what your income is, what your outgoings are and what your debts are and who they are to etc

arcon5

hanes wrote: »

Off topic but with regards to mobile phones, given I would be declared bankrupt what would happen with a contract phone? I use it often for work, its no big deal if I lose it but is there a way around whereby I can keep it and perhaps lower my monthly commitment ?

When I went BR I was with O2 for about 6 months in to an 18 month contract, for which they supplied a phone. I had O2 unlock it (free for contract customers), applied for a monthly rolling contract with Orange and put the sim card in the phone from O2. O2 was then included in the BR. So if you think your monthly fee is quite high then you may as well use this opportunity to make it work for you.

Otherwise it depends, if they find out your BR some stories are that the contract was terminated and some they didn't care. But if the receiver doesn't notify them (unlikely if there is no debt with them) then realistically they won't find out until renewal (if they credit search you that is).


Going back to your SOA though...
Rather than put what you do spend, put what you think is a realistic amount to live on. I put a low figure for living expenses for example, as that was what I was spending at the time (I was proper holding back on spending though to save up the BR fee). The examiner went through it with me and what I would be allowed to be allocated and we changed it upwards.
Now with hindsight i'm pleased we did as holding back on my food budget wasn't really a long-term solution.

So make note of the figures tigerfeet has given you and work with them to eliminate the surplus.


And frequent the boards, read other peoples questions & experiences - you will learn a great deal like this!! I knew nothing of BR before frequenting these boards, I feel like I now have a fair amount of knowledge and having been BR this year know what it's like. There are some amazing members around here so plenty of free advice.

hanes

tigerfeet2006 wrote: »

How much is your mobile phone a month?

They will want to know what your income is, what your outgoings are and what your debts are and who they are to etc

We have two with Vodafone totals about £77 per month

hanes

I will go over the SOA once again and bring it in line as I missed out a few details it seems.

I have started letters to all creditors about token payments for now until I can process this BR

Im keeping posistive about it as for now we have been burying our heads in the sand thinking it will just go away within the two years that we have worked out. However life always crops something up that requires a re-think so im hoping this can happen and we will have a fresh start.

Looking forward to applying for a mortgage in 6 years time if we haven't already saved up the funds to buy.

thanks for the tips thus far will keep popping in for questions from time to time.

hanes

Thanks goes to tigerfeet I have summarised I will hopefully not be entered into an IPA

What I didn't know is with a joint bankruptcy they must be done individually inc two sets of fees

with this must I do them both at the same time or can I offset them, as £1500 is a long way off yet.

Also with regards to missing payment on my car - how many payments can I miss before they decide to take it from me, just so I know as im going to be putting £500 to one side in order to get another car.

Problem also is with car insurance I am already late paying this and don't want to miss another payment but if they take the car from me what do I do?

thanks

hanes

anyone? just so thread doesn't get lost

alastairq

Problem also is with car insurance I am already late paying this and don't want to miss another payment but if they take the car from me what do I do?

Your car insurance is a priority payment.

You need to confirm right now if your insurer still has you covered.

Check the T&Cs with regards to missed premium payments?


If your insurance is cancelled through non-payment of premiums, this will show up sooner or later on the database, to which folk like the Police have instant access.

As well as DVLA!

You will then be stopped, and prosecuted for 'no insurance'.

You don't want this sort of hassle on top of your other problems.

You must keep your present vehicle covered whilst you are still the registered keeper.


Since you will probably have another car, you can transfer your insurance to the new car.

The insurer may charge an admin fee to do this.

Note....now we have 'continuous insurance', unless your car is SORNed, it must be insured...regardless of where you keep it.



With regards to both of you petitioning BR...there is no reason why you both have to do it together.