Bankruptcy- Newbie

sourcrates

56puddles said:

flipflopflo
The IP call was arranged on basis of an IVA, but after re-budgeting my costs, I believe BR would be the best solution. If I take the call with IP, will I be due to pay fees to the IP? Hopefully not!

Who is the IP you contacted, or should I say, which debt management company ?
As it won`t be the actual IP, it will be one of there call centre staff.

You don`t pay fee`s to speak on the phone, unless this was arranged privately, which would be silly as free advice is readily available.

IVA`s are mainly for people with assets to protect.

fatbelly

Probably not but they will try to 'sell' the advantages of an IVA.

It's like inviting the Anglian double glazing salesman into your home, then asking 'what should I do with my windows?'

An Iva is bankruptcy for someone who is trying to protect something, and you pay over a longer period for that privilige.

Do you own a property with equity?
Do you own expensive assets like a car over £1000?
Do you own a business?
Do you have a job that prohibits bankruptcy?

If no to all these, why are you considering an IVA when they have such a high failure rate?

56puddles

Many thanks for pertinent comments and no fees were asked for or paid.
After a further phone call to discuss some specifics around bankruptcy, I need to do a little bit more research around one or two specifics and believe that this will be my way forward. As I summarised to the IP today, either way forward pretty much trashes my credit standing for the next 6 years; one in which you pay monthly and could still end up facing bankruptcy and the other in which it becomes 12-months and hopefully a clean start, albeit, with little credit wriggle room, but this shouldn't be the end of the world. 

56puddles

A couple more questions to ask the forum; branks statements - how many years should I download before pressing pressing the BR button? In preparing a SOA, should one include a monthly sum for holidays (really)? My last holiday may have been 4 or 5 years ago, but find it implausible that an allowance could be made when applying for bankruptcy, but maybe I'm wrong. Needless to add, my objective is to reduce my disposable money to as little as possible. Thanks for any help offered.

fatbelly

I don't have any fixed sum for holiday allowance but £30-£40 per month would seem reasonable to me. I would have the past two years statements available but they could ask for anything - or nothing. Sorry that's a bit vague. Others might have recent experience.

Cheerybubbles123

Hi, I’ve just became bankrupt after seeking help from Stepchange at the beginning of the year. Now I’m being harassed by Barclaycard. They were sent a letter by myself and by the AIB, the AIB sent another letter last week and I’m just about to send another. I’m getting phone calls every day, emails, messages to my phone and letters by post. This is making me sick with worry. I don’t know what to do. AIB says ignore but easy for them to say. What can I do?

JCS1

Cheerybubbles123 said:

Hi, I’ve just became bankrupt after seeking help from Stepchange at the beginning of the year. Now I’m being harassed by Barclaycard. They were sent a letter by myself and by the AIB, the AIB sent another letter last week and I’m just about to send another. I’m getting phone calls every day, emails, messages to my phone and letters by post. This is making me sick with worry. I don’t know what to do. AIB says ignore but easy for them to say. What can I do?

It can take a while for systems at companies to be updated, they cannot do anything.  

Morfx

When I went BR, I kept receiving calls and letters for around a month or so.. Don't worry, there is absolutely nothing they can do.

You can answer the phone calls, tell them your Bankruptcy number.
That's all you need to say.

👍👍

sourcrates

Cheerybubbles123 said:

Hi, I’ve just became bankrupt after seeking help from Stepchange at the beginning of the year. Now I’m being harassed by Barclaycard. They were sent a letter by myself and by the AIB, the AIB sent another letter last week and I’m just about to send another. I’m getting phone calls every day, emails, messages to my phone and letters by post. This is making me sick with worry. I don’t know what to do. AIB says ignore but easy for them to say. What can I do?

What are you worried about ?

Your bankrupt, non of your creditors have any remedy whatsoever against that.

You don’t have to keep sending letters, or take there calls, block the numbers, throw the post away, it’s of no consequence to you now, your home free, and there’s nothing they can do.

You need to switch attitudes here, enjoy your new found freedom.

56puddles

I have a dependent living with me who doesn't work and over the past 6 years I've provided monty spending money. A recent online chat with CAB or Stepchange suggested I put the monthly against a family loan.
Would this wash with insolvency officer?
Thanks as I'd like to make my submission for bankruptcy soon