Going To Court This Week

Xbigman

gravitytolls wrote:

contact your local council, they may be able to hlp regards housing. They won't do anything until your home has been sold/repossessed, but they won't see you on the streets.

Sorry to disagree again. I held out in my house for eight months after going bankrupt and paid nothing BUT the council then said I had contributed to the problem by not paying for eight months. Catch 22 I'm afraid as I couldn't pay enough to make a difference (negitive equity).
Catch 22 part two, they won't rehouse you until you are repossessed. As I'd saved around £2000 in rent by that time I really had no grounds to complain.

My advice. If you live in an area where the council actually has properties and you want one. Go bankrupt, hold out as long as possible, rent privately, when tenancy ends go to council ' we are homeless as of this date.
If in an area where the council does not have properties available, be happy renting privately.
Regards



X

snake666

idiot wrote:

without wanting to judge, how did you get hold of so much credit, and where has it all gone? could you not sell some assets to keep the wolf from the door, or has it gone too far for that?

lloyds just kept throwing money at us my wife went for a 3k loan and walked out with 13k no problem

as for spending it we had a beauty salon and has to close it as her brother went into hospital a year ago and is still there so that costs alot seeing him everynight and feeding him with takeaways etc as hospital food is not good also he is fussy and would not eat at all if we didnt see him

the bank has been too good to us but now its payback bigtime i think

i want to rent as soon as poss so i can get my wife away from this mess as i can deal with the nasty calls and the repo men

snake

idiot_3

i can see your point about easy credit. every time i go to the bank, even if just to pay in a cheque or something they are like "do you want a loan? credit card?" etc.

is there no chance of opening the business again? i think people that run their own business seem to make a lot more than those that work for a company.

sorry to hear of your situation and good luck dude. keep your head up.

snake666

hi guys im back with an update

we didnt get the money tro go to court until the 6th of this month £920 for both of us had to wait in court for a space there at 10 am whent in a 1.35pm so not to bad saw a nice judge both at once as wift was a bit nervous in there for 5 minutes max went outside to office where a call was made to the OR she asked a few questions about 10 minutes each and said she will send the paperwork and with a time to ring which was this monday at 2pm wife went first for 45 mins and then me for 25 mins as the details are almost the same
she said we will be discharged within a year so all that stress for nothing
total debt was 237k with nothing to payback

just a word to the wise
when i talked with IVA companys i kept asking the same question and nobody gave an answer
we had a fixed rate mortage which ended in 2007 and if we were in an IVA would the intrest rate be higher for someone on a IVA when it ended or cdould we get another fixed ratec and if they went up to 15-17% after 4 years we could still lose the house even in an IVA agreement
goodluck and i hope this helps at least one of you
snake

idiot_3

sory if this seems a bit dense, but did you get to keep your house?

bet it is a massive relief to have all that lifted from your shoulders.

missimaxo

Debt_Free_Chick wrote:

The OR may tell you that they'll take a certain percentage of everything you earn, above the amount you need to live on. Let's say your budget shows you need £1500 each month. The OR may say that they want 50% of everything you earn over that amount. This will probably last for 12 months (it could be 3 years, but you usually have to earn more than average to end up with an income payments arrangement that lasts that long).

Hi all

For anybody looking at this post for information on their own situation, all income payment arrangements are set up for 3 years, so presume it WILL last for 3 years. It will only be shorter if your circumstances change during the 3 years and you agree to alter the agreement with the trustee.

Hope this helps people

T

snake666

idiot wrote:

sory if this seems a bit dense, but did you get to keep your house?

bet it is a massive relief to have all that lifted from your shoulders.

we moved out on the 1st of july and are renting we purhaps should have stayed in it until we were thrown out but where i live houses are only on the market for a few days and they are let so we went for a nice house in a nice part of town while we had the chance
the bank have not been in contact about the flat yet but i think it will be soon up for auction
and it is a massive relief so now to get back our life and start again which wont be to hard
snake

Debt_Free_Chick

missimaxo wrote:

Hi all

For anybody looking at this post for information on their own situation, all income payment arrangements are set up for 3 years, so presume it WILL last for 3 years. It will only be shorter if your circumstances change during the 3 years and you agree to alter the agreement with the trustee.

Hope this helps people

T

Sorry to argue, but it will last for a maximum of 3 years, but not necessarily for exactly 3 years.

See item g on page 11 of this from the Government's Insolvency Service.

In particular "each case is assessed individually".

Under the Enterprise Act 2002, the intention is to discharge individuals who are bankrupt, within 12 months And to limit the time for which the Trustee in Bankrutcy (OR) can lay claim to your property to three years..... another

Regards

snake666

another update
my wifes and my halifax accounts were frozen yesterday only found out when put card in wall and was retained so after a few calls and faxes i was able to release my money and both accounts were closed as they dont accept bad debitors
snake

missimaxo

Debt_Free_Chick wrote:

Sorry to argue, but it will last for a maximum of 3 years, but not necessarily for exactly 3 years.

See item g on page 11 of this from the Government's Insolvency Service.

In particular "each case is assessed individually".

Under the Enterprise Act 2002, the intention is to discharge individuals who are bankrupt, within 12 months And to limit the time for which the Trustee in Bankrutcy (OR) can lay claim to your property to three years..... another

Regards

I would like to expand upon the above...

Yes bankruptcy's last 1 year, but IPA's last 3 years and extend after you have been discharged from bankruptcy. This is because Income Payments Order's under the old bankruptcy legislation also lasted 3 years and when the new legilsation came in the new IPA's were set for the same length of time.

Once you have signed an IPA agreement, if you fail to keep it up, even after discharge, you are breaking a court order. It won't affect your bankruptcy as you are discharged, but you can be punished by court.

Also the 3 year rule specifically applies to property, it has to be realised within 3 years or it reverts back to the bankrupt.

The leaflet you direct to is a standard advice leaflet sent to every bankrupt by the OR.

"The agreement must be made prior to the bankrupt's discharge. The IPA may end after the discharge of the bankrupt but may not end after the period of 3 years beginning with the date on which the agreement was made. The period for which the IPA is to run must be specified in the agreement signed by the bankrupt and the trustee or official receiver. " from the technical manual used by the OR - it can be found online, although is a little complicated and I can't do a specific link.

go to http://www.insolvency.gov.uk/pubsscheme/ Go down to section 8 and open "Technical Manual – Volume 1: Case Administration", IPA's fall in Chapter 31 part 7.

I didn't want to argue with you debt free chick, but you seemed to imply 1 year IPA's were the norm, I was just trying to point out that they aren't and in my experience most of them are set up for 3 years. They are only altered at a later stage with a discussion between the trustee and the bankrupt if the bankrupt can no longer pay due to a change in circumstances eg. leaving work/ ill health. An IPA can be applied for any time up to the discharge of the bankrupt and will run for up to 3 years from the date it was signed, not the date of your BO.

T