Help Needed Please

David_20

Hi  yes its possible to stay were i am, its just very challenging at times when 4 adults and 2 children live in your standard semi detached house.

sourcrates

David_20 said:

Hi  yes its possible to stay were i am, its just very challenging at times when 4 adults and 2 children live in your standard semi detached house.

Been there myself, so i know what you mean, but as long as you all get along ok, its bearable, and you should use this to your advantage and get the ball rolling to clear this mess up.

David_20

I will do just that  really appreciate the advice. Im not clued up on bankcrupcy but i am assuming they will deal each of us seperatly.
My partner does not work and just gets universal credit (joint claim).  So am i right and thinking that this ipa  would be  in my name as i am the  one who is working.

sourcrates

Well unless you are a debt advisor, or just well versed in the subject, most folk would fall into that catagory, its not something you would generally look into unless you needed it.

As far as i am aware you can only have an IPA if your income is not benefit related, if you both do one each, then she will not get one, but you might if you have more than £20 disposable income per month.

fatbelly

David_20 said:

I will do just that  really appreciate the advice. Im not clued up on bankcrupcy but i am assuming they will deal each of us seperatly.
My partner does not work and just gets universal credit (joint claim).  So am i right and thinking that this ipa  would be  in my name as i am the  one who is working.

That's correct, David

I also doubt the OD would take any action on a £1200 car if you can show it is needed for your work. It wouldn't be worth the effort to try to get £200 out of it (but it will depreciate while you are getting the application together anyway)

David_20

I was discussing this with my partner Last night and she agreed we should get it over and done with and go br.
Will i be be able to pay my parents rent money
i forgot to ask yesterday. Thank you.

Galloglass

Will i be be able to pay my parents rent money

Is the £400 your contribution to their rent? Or is it a contribution to their mortgage or simply a contribution to costs. 

It should not be an issue as it is for the necessity of having a roof over your head but if you are going bankrupt you might want to reassess your spending going forward. You'll be asked anyway, so may as well start now. 

But finding somewhere to rent now Will be really hard as we literally have nothin furntiure wise etc.

Or will you be finding a new place but contributing to a place you won't be living in?

David_20

Hi  no its what i give my parents  for rent
for us living there. Yes my spending is high  mainly food but   Its because we live in a  cramped house so kinda  live day to day food wise.

Galloglass

There is information on bankruptcy here and there is a MSE forum on the subject

https://forums.moneysavingexpert.com/categories/bankruptcy-living-with-it
https://www.nationaldebtline.org/EW/factsheets/Pages/bankruptcy/how-to-go-bankrupt.aspx

Before you press the button, you'll need to get yourselves a plan together such as move to a new place / stay with parents. This is probably your biggest decision as once BR, your rental options become very, very limited.

The second issue will be your future spending. You'll need to plan for that as there won't be any credit to tide you over when you go short.  If you have a surplus of more than £20/month you may need to pay something towards your debts. So a plan beforehand is a must. 

Have a read of some of the questions in the other forum to get your head around what you do before and what you need to do after. You might decide not to do it at all but at least you'll understand the effects of doing it,

David_20

Hi i had a thought last night, what would happen if  we cancelled all are universal credit  to avoid an ipa. Would this be seen has wrong. Thank you