New online application process for bankruptcy

millie84

I've just started my application, it seems quite straightforward and I like the option to pay by instalments. I will need a few months to save up the £655 required, so it is very helpful to me.
I was already planning to file for bankruptcy before these changes, it hasn't affected my decision, just makes the process a bit easier
I've had a DMP for nearly 4 years, and I'm getting nowhere with it, it will take over 20 years to pay my debts off, and I have no real assets. It is not a decision I have taken lightly at all.

The_Walking_Debt

That's how it is for me too. Had a lot of sleepless nights deciding. I've also just started my online application.

millie84 wrote: »

I've just started my application, it seems quite straightforward and I like the option to pay by instalments. I will need a few months to save up the £655 required, so it is very helpful to me.
I was already planning to file for bankruptcy before these changes, it hasn't affected my decision, just makes the process a bit easier
I've had a DMP for nearly 4 years, and I'm getting nowhere with it, it will take over 20 years to pay my debts off, and I have no real assets. It is not a decision I have taken lightly at all.

fishfinger1

The_Walking_Debt wrote: »

That's how it is for me too. Had a lot of sleepless nights deciding. I've also just started my online application.

I'm also in the same boat ive done nothing but think about this for the last 2 months. I keep going round in circles. I just need to bite the bullet and go for it.

National_Debtline

Now that it seems to be easier than ever to apply for bankruptcy, I want to stress how important it is for people to contact a free advice agency first. Just to make sure it's the right option and that there will not be any unforeseen consequences.

James
@natdebtline

The_Walking_Debt

Definitely. I've spoken to Step Change as well as researching, myself. I started thinking about bankruptcy seriously in January, and since that time i have read as much a I can, asked for help here and gradually got my ducks in a row. Applied for new bank account etc.

The online aspect appealed to me initially because I wasn't sure I'd get funding for the fees, but luckily I have. I wouldn't have been ready to do it before the online choice came about. I'm not sure how it will compare.

National_Debtline wrote: »

Now that it seems to be easier than ever to apply for bankruptcy, I want to stress how important it is for people to contact a free advice agency first. Just to make sure it's the right option and that there will not be any unforeseen consequences.

James
@natdebtline

tigerfeet2006

National_Debtline wrote: »

Now that it seems to be easier than ever to apply for bankruptcy, I want to stress how important it is for people to contact a free advice agency first. Just to make sure it's the right option and that there will not be any unforeseen consequences.

James
@natdebtline

This is the aspect that worries me about the online application, people not getting the correct advice.

rizla_king

debtwizard wrote: »

I say this as millie84 posted saying been in a DMP for 4 years. If nothing has changed and you were deemed to have DI (your DMP payment per month) then you are extremely likely to enter into an IPA.

so what? bankruptcy doesnt have to be the ONLY option available for you to be able to choose it.

3 years paying something reasonable on an ipa can be 100x better than scrimping paying 10-20 years on a DMP that goes nowhere.

millie84

I don't qualify for the DRO unfortunately, since I still technically own a house with my ex partner. I have made numerous attempts to get my name off the mortgage, but he is not co-operating. I don't have much equity in the house, and I have no other assets.
I can only afford to make a low payment to my DMP, and it will take 25 years to pay off all my debts.
Is it very common to have an IPA? I don't mind making a small payment, as long as it is affordable, if it gets me a fresh start.

alltaken

Who is 'debtwizard'.

It's mentioned above that the user is an IVA advocate of sorts, cosy with certain providers, a post count of 5 suggests this is a renewal of an old account, and the user is known to other members via a different forum username?

I'm just a little concerned that the user has come in with such a certain and suggestive name to a forum where many are in need of tailored advice without IVA bias.

I could be wrong, but I'm a bankrupt and know that this forum helps many, respected users are noticed by their post counts and proven advice, not their usernames. I wouldn't want to be influenced by a new user posing as a professional of sorts.

What's the IVA thing about and why the username?

DorisTrousers

Do your own research, he isn't hard to find on the internet, especially on Twitter.

Seems to be trusted by the BBC and LBC, make of that what you will, Martin Lewis himself seems to be similarly trusted by the BBC.

Where I would take issue is a direction to StepChange to establish a true disposable income. I, personally, would consult an organisation that uses the Common Financial Statement as a means for calculating affordability. The CFS is not exactly aligned to OR guidelines, but is much nearer than the internal figures used by that particular organisation. This is not a reflection on SC, who undoubtedly do a sterling job, more a tool to make sure that any IPA is kept to a minimum, or preferably not at all.