Bankruptcy help required!

alastairq

Helpmeoutofthismess wrote: »

I'm happy to be corrected but can you just give me the formula you are using as I haven't got a clue, I need to work mine out again if I have been doing it wrong!

ssshhhh!


Obviously you've not heard about the latest from the Office of Statistics.....25% is the real 20% these days....

Helpmeoutofthismess

alastairq wrote: »

ssshhhh!


Obviously you've not heard about the latest from the Office of Statistics.....25% is the real 20% these days....

Well I have been racking my solitary brain cell trying to work out how it was 20% lol

woodformoretrees

If the bills are 2500 then 500 is a 5th (20%)
Your 500 is a quarter (25%) of 2000.
I think.

[Deleted User]

anniekaiya wrote: »

As for cars I purchased them both one 4 years ago the other 2, but transferred one to him about 2 years ago for insurance purposes

By "transferred", do you mean sold/gave?

If you merely made your partner the Registered Keeper, but remained the owner, did you declare same to the insurance company?

If not, then what did your partner state, in relation to the question "Is the applicant the owner of the vehicle"?

[Deleted User]

Helpmeoutofthismess wrote: »

I'm happy to be corrected but can you just give me the formula you are using as I haven't got a clue, I need to work mine out again if I have been doing it wrong!

£2000 + £500 = £2500.

£500 is 20% (not 25%) of £2500.

Helpmeoutofthismess

Bedsit_Bob wrote: »

£2000 + £500 = £2500.

£500 is 20% (not 25%) of £2500.

Thankyou, that makes sense now

H x

silvercar

alastairq wrote: »

Your partners' income is taken into account when completing your SOA.....in as much as, a decision has to be made as to what percentage of the household expenditure is contributed by your partner..and what percentage by you?

You would not be compelled to disclose your partner's income, however, if the OR does not know, then the OR might assume your partner contributes 50% of the household expenditure...which evidently isn't the case?

SO, you would have to demonstrate what percentage of household expenditure you yourself contribute.

anniekaiya wrote: »

My income is 698 per month my partners is 1700 , benefits of 180 per moth ( although this ends in July ) outgoings roughly £2750 maybe more? Hence the overtime to we can have money for the children, but it's wrecking our relationship. I'm at home 7 days a week with the kiddies he works 7 days a week 60 hours plus, we cannot carry on this way

From Alistair's comments and others on this vein previously, if your OH didn't wish to declare his income, the OR would assume for calculations that you each pay equally to the household bills. Or at least that all your money goes on bills. In which case you are very unlikely to be pressured into accepting an IPA.

longtermplanner

anniekaiya wrote: »

I'm just so worried that if I do they will make me do a Iva?

The judge cannot make you have an IVA. From the Insolvency services guide to petitioning for your own bankruptcy (http://www.insolvencydirect.bis.gov.uk/guidanceleaflets/Howtopetition/howtopetition.htm#6) the court may "Appoint an insolvency practitioner – if the court thinks an individual voluntary arrangement would be appropriate. … If you do not wish to enter into such an arrangement, you should inform the court."

ie you can just say No.

SomebodyToldMe

Just my penny's worth.......I'm in a similar situation and would choose BR over IVA as the way I see it, it's 1 year of pain compared to 5 years IVA.
Unless you can give a good reason, it will be hard to hang on to the cars.
In my case, the CAB told me ( I have single & shared debt) I would have to go BR first, and then all debts get transferred to my wife- nice of them- then she would have to go BR.
Good luck

longtermplanner

SomebodyToldMe wrote: »

In my case, the CAB told me ( I have single & shared debt) I would have to go BR first, and then all debts get transferred to my wife- nice of them- then she would have to go BR.

Just to clarify this, it is only the JOINT debts that then become your wife's sole responsibility.