We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Is Bankruptcy right for me?

Options
Billy_Dandy
Billy_Dandy Posts: 66 Forumite
Second Anniversary 10 Posts Photogenic Name Dropper
edited 25 April 2024 at 7:50PM in Bankruptcy & living with it

This matter is no longer in need of responses. Thank you to those who did reply.

Comments

  • flipflopflo
    flipflopflo Posts: 485 Forumite
    Third Anniversary 100 Posts Name Dropper
    Hi and welcome to the board. First things first let’s have a look at your SoA. Fill it out honestly and how things are with your household finances are at the moment. Press the format for MSE button and copy and paste in this thread. 


    Yours and your wife’s benefits will not be affected. 

    An IPA is only put on your disposable income after your essential bills have been paid. In your case it will only be from your private pension. But let us see the SOA and we can see what is what. 
  • flipflopflo
    flipflopflo Posts: 485 Forumite
    Third Anniversary 100 Posts Name Dropper
    Yep! Put the benefits under the benefits section. 
  • fatbelly
    fatbelly Posts: 22,966 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    The only downside i can see is that you are likely to get a 3-year IPA from your occupational pension.

    The alternative is a dmp, which would take a similar time.

    How much per month is the occupational pension part of your income?
  • fatbelly
    fatbelly Posts: 22,966 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    I can't see any point looking at an IVA. If you are going the insolvency route, bankruptcy is the one to go for.

    I can't see that anything would jeopardise your state pension

    The IPA is an Income Payment Agreement. If you don't agree then they would have to apply to court for an Income Payment Order, something they don't like to do. So there should be some discussion around how much surplus you have, On your present figures you have £1291, which would actually pay the debts off by a debt management plan in 28 months
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.