Strange Situation After Being Declared Bankrupt

WaterMan

Hi All

Its been a while since I have posted. I was declared BK late last year. About 60% of my debt as through gambling - I have not gambled now for nearly a year thank goodness and I am beginning to get my finances in order. I believe an IPA will be sought with probably a view unfortunately to a BRO.

My situation is odd in the fact that I have now amassed quite a bit of money since I have been working since late last year. This has gone in to my wife savings account and I now have a buffer in my account too, not exactly rich but it really helps. I've noticed not actually having a credit card and an overdraft helps me budget far better. If I don't have the money in the account then I can't get it - its that simple - Old fashioned but it works for me and I am sure others.

As my title says though its a strange situation. No IPA has been sought yet and I am months away from my 12 month discharge. I have been in regular contact with the OR but the situation has dragged on. I was expecting for the IPA to begin immediately but this has not happened yet? Is this unusual? I asked the OR about the money I am earning now and she said that I could spend/keep this all as it was post bankruptcy. This or course suits me well, but in all honesty I have never been in a better financial situation as now, which seems really odd.

My wife is now expecting a baby due later this year - we are very excited and I have informed the OR. Has anyone had experience of bringing up a baby and being on IPA?

WaterMan.

enjoyyourshoes

Have you sought professional help to resolve your ''spending/gambling'' ?


Your post suggests that not having access to money is the solution, that may be the solution to the symptom?


The problem has to be your ability not to overspend/gamble, thus be the longer term solution.

WaterMan

I have been to GA meetings for a bit they helped.

Gamble free and now responsible for my money - I believe i can be trusted but not having the temptation of credit cards and overdraft are the best things - Glad thats over now

Feeling positive - My questions are more regarding the IPA etc however.

egrescrimp

The baby would just be classed as another person on your SOA if an IPA was sought. They may allow you added expenditure above what is normal though to cover things like nappies and baby formula as these things really aren't cheap! but if an IPA hasn't been sought yet, just get on with your life and keep saving

If an IPA is sought, what you've saved would be yours and they don't back date the payments My IPA started fairly early on in my bankruptcy, but they do have up to the 12 month mark to get it setup if they deem you have enough surplus.

Banquo21

It's strange, your situation mirrors mine so much. I am going to Court next Tuesday to file for my own bankruptcy. I, too accumulated most of my debt through online gambling. I haven't gambled for about nine months now. I have a baby due in September. I went down the IVA route but couldn't afford the repayments they set for me.

After speaking to stepchange and others I decided the best course of action would be bankruptcy. I don't know if I will get an IPA. Are you working? I am and really worried about my statement of affairs. I have followed the guidelines on what you allow for clothing, food etc but it seems like a lot. For example £423 a month for housekeeping for two adults and a child seems a lot! I have put what we realistically spend which is £399.

I have gone off topic a bit but good luck and I hope my bankruptcy is as smooth as yours seems to have been.

WaterMan

Banquo - Have you been given an IPOQ to fill out? If so then probably yes - Yes I am working.

I have put my housekeeping at a higher figure that 423.

Banquo21

WaterMan wrote: »

Banquo - Have you been given an IPOQ to fill out? If so then probably yes - Yes I am working.

I have put my housekeeping at a higher figure that 423.

No just the figures that are on form 6.28 I believe that form comes through after the bankruptcy.

I was paying £328 a month in my IVA and my wife was effectively paying off my debt as my IVA company took her earnings and expenditure into account. She earns way more than me. Not an ideal situation and something not all IVA companies do. I was badly advised at the start.

WaterMan

Banquo - We sound similar. I got hooked into gambling couldn't stand losing so I lost about 25-30K online chasing that elusive win. tried to self exclude etc- then went physically into betting shops. Its over now but it was hell - Was even taking money from my wife account to fund my habit. I have been given an IPOQ so my guessing is I will have an IPA. I'll let you know how I get on if you want.

Take Care mate - Hope you have your gambling under control or have stopped - Have you tried GA meetings?

WaterMan

I haven't gambled for about nine months now

Well Done mate- sorry re-read. For me it was the chasing of the money I lost that I was addicted too - That was for me anyway - Now that debt has been cleared I know longer need to chase if you see what I mean. Of course there is now the IPA penalty to pay. Thankfully my wife has stayed by me during this.

Banquo21

Yes keep me informed. I know all about that elusive big win!