Urgently need advice. Considering suicide :(

luvchocolate

Thank goodness the O.P had the good sense to treat this with a pinch of salt!!

luvchocolate

BabylonBear wrote: »

You're just jealous that you had to pay your debts but I didn't...:p:D;)

I would normally not rise to this but......on this board we have many qualified debt advisers who give their time to help and support.
We would never tell anyone to lie, hide assets etc.
The O.P is in a fragile situation and I am so pleased they took your "advice" with humour.

You have no idea of my situation and I can promise you I have never been jealous of anyone in my life.

Hopefully we can get this thread back on track.

JCS1

ThisSucks wrote: »

So it's difficult to see how the property company would benefit from this at all then?
They are extremely unpleasant people but even so, I'm not sure they'd choose bankruptcy just out of pure spite. They must imagine this benefits them in some way?

Some companies do it as a way of closing their file, HMRC used to do this too.

Creetown_Billy

Mate, DO NOT do it , there's always a way out.
Talk.

ThisSucks

They've agreed to drop the bankruptcy idea and have accepted a voluntary payment plan.
Yay!!!!!

broaps

ThisSucks wrote: »

They've agreed to drop the bankruptcy idea and have accepted a voluntary payment plan.
Yay!!!!!

This is great news. Well done for sticking with it through your problems.

thevdm

Hi, I suffer with mental health difficulties felt very panicked a few months ago when dealing with debts. My bankruptcy was approved on Monday (18th February) after I submitted the forms over the weekend. I had a brief interview with the OR over the phone on Tuesday and received the paperwork to sign on Friday. As long as none of my circumstances change in the next 12 months then that is the last contact I will have with them unitl it's done.


When you go bankrupt they are only interested in (and only ask you to list) assetts that are worth £500 or more at their second hand value, in most households this is absolutly nothing. If you're unsure about the value of a specific item, check out what they are selling for on ebay to get an idea for if it's worth more than £500 or not. The only real exception to this is cars, you have to list any car on there and generally if it's worth more than £1,000 you'll have to sell it. Check out the used prices given by the Parkers price guide to see what it's likely worth (https://www.parkers.co.uk/car-valuation/).


They can ask you to make an IPA (Income Payments Arrangement) for 3 years if you have spare income. The IPA payments cannot exceed the level of certain types of income such as wages or private pension. If all of your income is from benefits (not including pension), i.e. housing benefit, ESA, JSA, Tax Credits, PIP/DLA then they cannot ask you to make payments towards an IPA, even if you have excess income. Even if they did ask you to, you can say no and they will be unable to apply for an IPO (Income Payments Order) as you need to have wages or pension (there are other types of income too, but it doesn't include benefits).


I see you mentioned an IVA, personally I really don't like IVAs, they are based on somebody (a company or debt charity) makeing profit from your debts. As you say you have a low income you will likely be worse off with an IVA for 5 plus years. Although they are advertised as lasting 5 years, many continue longer due to breaks etc... An IVA will also take money from benefit payments and if it's failed within the term you will most likely find you still owe a ton of money to creditors.


From what I understand certain jobs in law positions will be harder to get into if you are bankrupt, although I'm sure many of the restrictions are lifted once you are discharged (this may not be true for all positions, so would be worth investigating). From what I've read an IVA can affect you in a very similar way to bankruptcy for certain jobs.



If you receive student finance for fees this will not be classed as income, but student finance for living expenses may well be and could result in an IPA. I study with the Open University and only receive tuition fee loans so haven't done much research past that.


If the DMP works for you then that would be the way to go as it shouldn't affect your ability to work in certain jobs.



I know I'm a little late to the game and you have answers to many of your questions but thought I would add this in the offchance that it helps anyone in any way.

luvchocolate

ThisSucks wrote: »

They've agreed to drop the bankruptcy idea and have accepted a voluntary payment plan.
Yay!!!!!

Hi I really hope this is the start of a better life for you.
Good luck and best wishes

ThisSucks

Thank you very much.
Things are slowly and surely picking up. My health is getting a bit better and I'm managing to make a nice amount of freelance income now.

nuttyp

Honestly the best thing we ever did.... life is so much better now we are debt free