Ipa if i go bankrupt

4f02

am i missing anything in my SOA that i can claim money for?

4f02

ive found my answer, new laws back in 2010 means they take 100% of your income left over after expenses.that cleared a lot up for me.

what i'd love someone to tell me looking at my SOA have i missed something i could claim for and how much i'd be likely to pay to an ipa.

ive currently £104 pcm month spare after all my debts are paid.
with allowances for clothing , dentist etc and £900 board payment what would my likely living expenses figure be?( i know yous cant be accurate)

im trying to work out if i should tough this out.with BR it would be clear in 3 years deffo even with a hefty ipa, toughing it out will take 5 years with an easing in my spare cash after 2 years as a loan finishes freeing up £80pm.

tricky decision for me

Clouds88

I would take yourself back to debt free wanna be board and have a good look around all of the advice there. I know you are saying your creditors won’t freeze interest but if you are considering bankruptcy because of it all, why don’t you stop paying them, get defaulted (interest is usually frozen then) if you are paying all your contractual payments then they won’t agree to reducing stuff. I’ve learnt from my past.

As I said bankruptcy was a last resort for me, not a choice. You can get get discounts for paying your debt off if it gets passed to a debt collector in certain circumstances too. Just read through threads, I know much now that I wish I had years ago. Addressing not over spending and saving a decent amount each month that you can afford whilst your figuring out your problems is a good place I start.

Goodluck

National_Debtline

Hi again 4f02


If you apply for bankruptcy the OR will ask you to complete a joint budget sheet showing all your household income (you and your partner) and all your outgoings. Your partner is not expected to contribute anything towards your debts, but without this extra information they cannot see if you are splitting your household bills fairly. They also don't know what the £900 you pay is covering.


Your SOA shows you have £870 per month available to offer towards £24,938 of debt. That means if all your creditors agree to freeze interest you could be debt free in under 2.5 years. That's shorter than an IPA will last in bankruptcy and you will avoid all the negative implications that come with bankruptcy.


A debt management plan (DMP) looks to be a much more suitable option for you and I would advise you to get in touch with one of the free debt advice agencies to discuss it further. Good luck with it all.


Susie
@natdebtline