If I go bankrupt....

MrKev83

Just a few q's, thanks in advance

I am currently in an IVA which is 300 pound in arrears and is growing in arrears....

I have a car on HP (2001 astra 1.6) ....its got 3 and a half years on it, am I likely to lose it? I will need it to get to work as work is goin to be about 25 miles away....

....when people say "assets" ...does that mean they take even basic things like my fishin gear and tv or does it mean bigger stuff like houses n cars?

and when your made BR....you have to make payments for 36 months?? is that right and are they payments a lot??

I have read a lot but can't find stuff easily cos theres that much info on here (which is great)

Thanks you

MrKev83

oh...my IVA is in arrears cos.... well I am in the RAF and the only way I can live with my girlfriend is to rent privately...as I'm planning on leaving I decided to rent with her up north....my IVA company said cos its not a forced change of circumstances due to the fact the military provide me with accomodation for me then I have to still pay the 279 which I haven't been, I've been paying 170 cos thats all I can afford

one other thing....I have a mobile on contract....I take it I will lose the contract....but will I get to keep the handset and put a PAYG sim in it?

debtmonkey1

A short one as I ain't had enough coffee yet!

1-You'd be surprised at the 'allowences' the OR will give you for outgoings. The trick is, Mrkev, to have £90 or less 'excess income'. At £100 or more, the OR will take 1/2 & you pay for THREE YEARS-although you will still only be bankrupt for 1 year.There are lots of threeads on her regarding outgoings-also try searching on here for 'soa'.

Also-google 'ask the expert'-this is a free part of the debthelpuk web site-the guy that posts on it, Simon W, is a qualified money advisor. He can advise further on BR & the maximum 'outgoing' figures you can use. I did not know you could allow £54 a month for 'meals at work' (ie sandwiches/fish + chips), up to £175 PCM for 'travel costs' (this one figure includes car insurances, servicing, breakdown, mot, fuel....I think if needed the car insurance could be separate)...the list goes on. He helped a friend with this 2 years ago to go BR-she had a bus pass & spent £35 a month on busses-but he still advised her to put £170!!! Before anyone shoots me down as reccomending 'being honest', etc..this guy is a qualified money advisor! His argument was that if she was asked to work late in the winter she might need taxis, etc for safety & also that her status may change, ie she may be given use of a car by friend shortly, etc....these figures are known by qualified money advisors & can help you avoid the IPA/IPo ( ie paying for 3 years) & turn your BR in to a simple case-no assets, no IPA, hopefull discharge after 6 months if you're lucky!

As far as the contract phone goes-you are given the phone FREE in return for a 12/18 month contract. If you cancel the contract (ie by going br) the full monies for the WHOLE period are a debt to be put in the BR. On your form put a '*' & underneath strss the figure is for the whole term.

I'm in a similar situ....I've put PAYG in my rather new nokia from o2!! I could not find my original contract-maybe have a look at yours ??! But do not think there is a clause in it to say you have to give the handset back. IF YOU LOOK & THERE IS-please posit on here or PM me! I have areally old o2 nokia on the slight off-chance the new handset goes!