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Bankruptcy Advise.

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Hi all
Me and my partner are thinking bankcruptcy is our best course of action after taking advise from  National debt helpline. I have a holiday booked in may, would this be a problem , can i still go? . I have read a lot of posts on this forum and come across an Ipa many times.
Is this likely to happen even on a low income? Any advise would be much appreciated.
Cheers

Comments

  • fatbelly
    fatbelly Posts: 23,014 Forumite
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    National Debt Helpline or National Debtline?

    The latter I would trust, the former not.
  • sourcrates
    sourcrates Posts: 31,627 Ambassador
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    edited 5 December 2020 at 4:44PM
    National Debt Helpline are a fee charging debt mangement company.
    National Debtline are a free advice charity with nothing to sell you, so there advice is given without agenda or hope of reward.
    An IPA (Income Payment Arrangement) is only normally granted should you have more than £20 a month disposable income left after all your essentiall payments are accounted for.
    What is your situation, why not run it by us ?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Hi sorry for the late reply it was the free charity advise . My wife doesn't work as she looks after our 3 small children. I currently do not work as 3 month ago i was made redundant of a job off 8 years. 
    Our debts are really high 62k which are mostly joint.
    We rent paying 750pm  and our total benefits are around 2200. I have been currently working for work but since ive come across this ipa, should i hold off from finding a job for now.
  • fatbelly
    fatbelly Posts: 23,014 Forumite
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    You won't get a IPA while on benefits and if you do get one when you work they only take what you can afford. Remember A is for agreement.
    Can you pay £680 x 2 fees?
  • Hi we get around 2000 benefits and 250 daughters dla. My parents will pay the fees. I did however use all my redundancy money for a holiday i take it i shudnt have done this.
  • fatbelly
    fatbelly Posts: 23,014 Forumite
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    Leedsfc90 said:
    Hi we get around 2000 benefits and 250 daughters dla. My parents will pay the fees. I did however use all my redundancy money for a holiday i take it i shudnt have done this.
    Depends whether you were insolvent at the time, i.e. was ait a 'reasonable' thing to do?
    Worst case scenario is a short bankruptcy restriction order.
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