Our BR Diary, from start to finish......

Scarlett.1974

highlander68 wrote: »

What a wonderful thread, My wife & I are looking at the prospect of going bankrupt or IVA, both of us are completely numbed by all the ramifications, your thread has actually given me a glimmer of hope for the 1st time in two weeks.
Question: Does anybody come around to view/assess items within the house (kids computers, TV's etc) & can they be taken away. Seems silly really to bother about it, but I don't think I could bear to see the children losing their equipment.
Question: What is an ED and an IPA.
Thanks

Hi highlander68 and welcome to MSE

To answer your questions:

1. No-one comes to your house. They will NOT take any of your personal possessions, kids computers/game consoles, TVs, white goods or anything else. They're only interested if you have a brand new 50" plasma TV or a monet stuffed under the bed If you're just talking about 'normal' household items then you have nothing to worry about

2. ED is Early Discharge. As you may or may not know, every BR is automatically discharged after 12 months. Some people, however, get discharged after 6, 7, 8 months. You stand more chance of ED is your case is straightforward and you fully co-operate with your OR, but it's never to be expected or counted on.

3. IPA is Income Payment Arrangement. Basically, once the OR has looked into all your income and outgoings he/she will decide if they think you can afford to pay anything to your bankruptcy. Any surplus you have (once all your bills & household expenses etc.... have been paid) up to £99 is yours to keep. Anthing over that they can take 50% and it rises depending on how much surplus you have.

HTH a little

So_Sad_Angel

highlander68 wrote: »

What a wonderful thread, My wife & I are looking at the prospect of going bankrupt or IVA, both of us are completely numbed by all the ramifications, your thread has actually given me a glimmer of hope for the 1st time in two weeks.
Question: Does anybody come around to view/assess items within the house (kids computers, TV's etc) & can they be taken away. Seems silly really to bother about it, but I don't think I could bear to see the children losing their equipment.
Question: What is an ED and an IPA.
Thanks

Hi Highlander68,

Welcome & well done for having the courage to post...I agree Scarletts thread is so inspiring & when you`re so low & there seems no hope it really helps focus on the positives.

I too read this thread at the start of our journey & made me realise that there are things that we can do & that other people have same experiences.

Make sure you speak to the debt charities CCCS or Nat debtline...read & ask as much as you can about all options...see it as a mission to get through this difficult time & believe me it is`nt easy but so many say you will be stronger for it!

Why not post a thread yourself telling us what you situation is & you will see the support will give you the confidence to deal with it `head on`.

Hugs Angiexx

Ps BR - you keep your household stuff etc, just the odd Picasso/Dali may not be allowed.

bongo1

Hi Scarlett
I have just been reading your thread......a true inspiration:T

No doubt your experience will help other people along there DFW way. Somethings seem more scary than they actually are, I really wish you all the best for the future for you and your family:beer:

There is light at the end of that long tunnel

Thanks
Kevin

highlander68

Thanks for the info, have booked an appointment with the CAB to discuss our options, house is on the market as we can't afford the mortgage when we come off Northern Rocks fixed rate in October.

Waspeze

Good luck Highlander, in the meantime keep posting if you have anymore questions

Scarlett.1974

bongo1 wrote: »

Hi Scarlett
I have just been reading your thread......a true inspiration:T

No doubt your experience will help other people along there DFW way. Somethings seem more scary than they actually are, I really wish you all the best for the future for you and your family:beer:

There is light at the end of that long tunnel

Thanks
Kevin

Thank you bongo1

You are SO right.... there most certainly IS light at the end of that tunnel and there IS life after BR, a better, happier, more contented life

dalip

Here Here Scarlett.

philnicandamy

Well said Scarlett...couldnt agree more

manojsoni8

Hi Scarlett

I have question regarding going BR or IVA...
I always used to pay off the minimum balances on all my credit cards few months ago. Due to some business loses and other family commitments I had to take out more money from my CCs. Now the situation is I cant even pay the minimum balances on my cards. Debt keeps growing with the interest CCs started charging for after missing the payments.

What do you suggest I must do. Go for BR or IVA? Please help.

Thanks,

So_Sad_Angel

Hi Manojsoni8

IVA or BR...have you spoken to CCCs / Nat Debtline or go online for debt remedy at CCCS. Usually this gives a pretty accurate outcome.

Anyway much depends on the cash left after essentials & secured repayments. I think IVA is somewhere around min £200 pm left plus potential future lump sum such as equity release on property.

BR is where there is really no realistic possibility of paying off those debts. Very much the `last resort`.

Why not start a thread & post your income & expenditure & let us give further options.

Cheers Angexx