New online application process for bankruptcy

fermi

Mike would be:

http://www.debtwizard.com/

https://twitter.com/debtwizard

millie84

debtwizard wrote: »

Hello Millie

It is all down to your disposable income, are you with a fee charging debt management plan (DMP) or a non fee firm / agency?

I ask this as I am aware numerous free charging firms in the past, and thankfully no longer trading, worked to giving you a DI to justify you going onto their DMP. This would be to your disadvantage and NOT give a true reflection of your disposable income.

If you have a review with someone like StepChange then you would get a more accurate DI figure. If your DI is then above £20 then you have entered into IPA territory, the decision will then be down to The Insolvency Service.

As Rizzla King said in an earlier post, three years of making affordable payments is far more attractive to making 20 years into a DMP.

How are you getting on with the new online application? I am currently going through the forms myself to apply for bankruptcy but will not submit the forms, purely for research purposes for easy of application, gremlins in the system and to understand more about what the applicant had to go through.

Remember the last debtors prison shut in 1869, it's not a crime to be in debt. society has moved on. Do what is best for you once you are informed enough to make that important decision.

Best wishes,

Mike .

My DMP is with stepchange.
The application seems easy enough, there are a few bits I am unsure about, like declaring vehicles (neither of which are owned by me, my partner has a car I use occasionally and a motorbike I will use for commuting).
Will my partners income affect my likelihood of an IPA? We live together and share the bills, but keep our money separate. He earns roughly double my wages (but pays more tax due to work van), but makes more contributions to the household, and has his son (he has joint custody) and the car to pay for. It's not a joint bankruptcy and we don't have joint debts. I know I need to be 100% honest in my application, but I don't want to end up with an unaffordable IPA.

fermi

Can affect the calculation the OR does.

In any IPA calculations, he will be expected to pay any shared expenses/bills you both have pro rata. e.g. if of the whole household income his = 70% of the total, then in any IPA calculation he would be expected to pay 70% of the shared expenses/bills and you 30%.

An IPA MUST be affordable, and they legally must allow you enough to meet your reasonable domestic needs.

Should any proposed IPA be unreasonable, you can challenge it and refuse to sign it. OR can only enforce one on you by going to court to get a judge to do that, and if it's truly unreasonable, they would not try.