help with IVA or Bankruptcy please

Toon_Dave

cheers RAS.

So excess income would be after usual monthly costs such as mortgage etc and usual expenditure. i take it then most people would add that little bit extra onto monthly expenditure for some slack...would the OR pick up if you added crazy amounts for shopping ETC??

if i sold/repo the house so the mortgage wasnt coming out my salary would i then be expected to pay more to the OR? would it be best if possible to sell house before bankruptcy or after it? (am i allowed to sell after BR)??

and yep i guess its supper time now too...i'll go and check what pasta to have tonight!!

Cheers, Dave.

RAS

Hi

You need to talk to the others who have sorted their I&Es out, but

If the cost of your mortgage was roughly in line with what you could expect to pay for reasonable rented accomodation locally, it should be no problem. Since you have no equity, you would not be forced to sell the house by the OR.

I know that there are various other debts secured on the house and the others really need to know which creditor has first, second and third charge and the values of each charge plus that of the house. things are complicated by the situation with your ex, so you really do need proper advice.

There are a set of commonly allowed expenses that the OR will generally allow. What you will really notice if you have been on the DFW board is that over there people go "OUch spending £150 on feeding 4 adults, you can cut that", whereas here the allowance for a single person is higher than that. Have a look at the I&E threads on here.

However if you are driving a ferrari, expect to lose it and get about £2000 for a cheap replacement.

Toon_Dave

Thanks RAS. i am speaking to some IP's tomorrow and thursday to check on my exact situation and how best to resolve. The situation with the 1st/2nd and possibly 3rd charge will make it impossible for me to sell on my own accord but once have official legal advice will know what i can and cant do with regards to that and if i cant just stop paying out those debts if i'm going bankrupt anyway.

i will keep everyone updated as to my situation and hopefully get some good advice when needed.

Do you have any links to other peoples threads for SOA or I&E amounts??

Dave

Waspeze

Hi, here's a link to my I&E, i didn't have a mortgage but it might get you started?
http://forums.moneysavingexpert.com/showthread.html?t=780955&page=2

Toon_Dave

cheers Waspeze, that was a quick repsonse. im actually looking at your i&E now. i have already sort of done this through the CAB but its nice to check other expense i can declare to allow some further slack in my situation.

Thanks Again

Dave

Waspeze

.. just looked in on this thread at the right time

Just to warn you, my I&E hasn't been "accepted" by the OR yet as only went bankrupt yesterday but like I said it should help get you started.

Like RAS said on here it's probably better to up expenditure a bit and expect the OR to reduce it rather than put low amounts in and then end up realising you actually "need" more. Think that makes sense