Time for a fresh start...

smiales

I'm about to go BR, spent the last 18 months battling with debt and basically making it worse and worse! Now owe about £95k.

Need as much advice as possible about SOA's and the actual process of BR so hoping to get most of that from here and MSE.

NekoZombie

Hi, welcome.

have you actually taken any proper advice? If not you need to do this asap. Contact either the cccs or cab.

smiales

Hi both,

Yes had advice from an accountant, a couple of Insolvency Practitioners who looked into IVA's (way too expensive unfortunately) and cccs. I've been reading the boards for a couple of weeks so got a good idea of who to speak to before making any final decision.

I have my concerns about it all but when I've sat down and looked at all the options, this seems to be the most realistic. IVA would be minimum of £550pm, thats if we could even get it agreed, because we aren't married they would possibly want that much from EACH of us! No way in the world we could manage that. Looked at DMP's which in a way seem ok, my worry is that it doesn't stop action and I really couldn't carry on with 'not knowing' what might happen for the next 20 years.

I hope I can get as much info as possible on here and try to prepare for what will be required by OR.

NekoZombie

so are you planning joint BR - or is the 95k debt just yours? I ask because that will probably influence how much you have to pay back on an IVA. If its all yours then I wouldn't consider an IVA on that level of unsecured debt.

allofadither

Gud luk smiales...whatever your decision. If it's BR then you'll find plenty of help and support here.

smiales

NekoZombie wrote: »

so are you planning joint BR - or is the 95k debt just yours? I ask because that will probably influence how much you have to pay back on an IVA. If its all yours then I wouldn't consider an IVA on that level of unsecured debt.

The debts are part join and part separate. We were both planning on going BR at the same time. My OH actualy owes more in his name than I do but its all 'joint' to us. Not on paper though.

NekoZombie

smiales wrote: »

The debts are part join and part separate. We were both planning on going BR at the same time. My OH actualy owes more in his name than I do but its all 'joint' to us. Not on paper though.

I don't know very much about joint bankruptcies, but I think you need to separate the debts into what you owe and what your partner owes. I'm sure someone who knows better will come along and advise you soon.

Good luck.

smiales

NekoZombie wrote: »

I don't know very much about joint bankruptcies, but I think you need to separate the debts into what you owe and what your partner owes. I'm sure someone who knows better will come along and advise you soon.

Good luck.

From what I've gathered we will have to file separately and list our joint debts in full on each petition.

Life is a bit of a blur these days!

smiales

blind-as-a-bat wrote: »

yes smiales two sets of forms (and fees unfortunatly) one with your debt the other with your OH and joint debts on both and income on both can be the same if you include everything just swap the 'my income' and 'partners contribution' around as appropriate
Have you had a look at the forms yet?

No not even seen the forms yet, might download them later and see what they are like. Are they hard going? Do you submit your SOA at that stage or is that not done until you see the OR? Is it fairly normal to have an IPA? I have read a few people's threads saying that they have avoided it. I've done a decent SOA based on what I've picked up on here about what can and can't be included and to maximise the chance of having and IPA put on us. Also would the IPA be based on our joint leftover cash each month or individually. Its so hard when you finance everything together. We haven't seen our finances as separate for 18 months!

smiales

i'll take a look online instead then. The less paperwork near me these days the better!

TheWaltons_3

Do you own a property or are you a tenant?