help....need info on Bankruptcy

peachyprice

Hi Olivia, how much is your IPA per month, did they use your benefits to reach this figure?

oliviarosejackson

Hi Waspeze, thanks for replying. The people who said that BR might be a better option is The IVA Council. My IVA is with Blair Endersby.

My IVA is £311pm and I get £550 wages pm, tax credits of £412pm and £75 child benifit pm. I'm not sure how bankruptcy works, and how much you have to pay etc.... I rang a debt helpline today and they said i would be better staying in the IVA as i have already paid into it for 12 months. So its alot of conflicting advice. You dont know what the best option is...... As i am struggling with my payments at the moment, with the cost of living going up, etc. And the company i am with for my IVA are currently reviewing my case, but they cannot tell me how long it will be before they can have a meeting with my creditors to reduce the payments.

oliviarosejackson

Hi Peachyprice, yes they did use my benifit to reach this figure. I am paying £311 pm.

skylight

Which debt helpline did you ring??? Try Payplan, CCCS or National Debtline NOT one connected with the IVA council or any other fee paying debt company. And try more than one place.

PERSONALLY - Olivia, I would not be taking on an IVA like that. Are you single??? If so I would have thought than any IPA you *may* pay would be for only 3 years and considerably less than what you are paying now. Look at it long term. If you are struggling now, how about a a years time with another huge increase in fuel, petrol, heating, electric, food, clothes etc.....
Do you own your own home? Do you get help with the rent?

skylight

Oh, and if you go BR, the I&E is more lenient and they do not take benefits (like child benefit etc) into account at all.

Waspeze

I'd definitely contact one of these (cheers Dalip )
Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau

I used CCCS and they were great with me there is a lot of info on BR on the national debtline website too which might help a bit!

Do you own your own house or have any large assets? or would there be a problem with you being BR with work? (these are the times when IVA's are usually recomended)

oliviarosejackson

Thanks waspeze and skylight.

No i do not own my own home, i still live with my parents. But i do have to pay them rent. I am single too.

I rang Debt Advice Trust today and they told me to stick with the IVA as i had already paid 12months into it. I will be having a look into those numbers you have given me, thank you waspeze.

I just dont know which is the best route to go down. What is an IPA?? I have never heard of that.

skylight

Try one of the free groups - not Debt Advice Trust.... They are right that si is a lot of money to pay for 12 months for an IVA to fail, but if you are struggling that much then it may be better to bite the bullet now.

An IPA is an Income Payment Order that you pay for three years to the official receiver. Whereas an IVA will take ALL your surplus, and IPA only takes a percentage, but based on your income it will be low - if you get one at all.

Also look at National Debtline. There are a lot of pdf booklets there that you can look at and it should answer most questions you have about BR and what it entails.

oliviarosejackson

But what happens if you looked into an IPA now?? As my debts will go back to what they were 12 months ago. And I do not know how much i owe, as i shredded all of the documents when the IVA was approved.

Penny30

Hi All

I've spoken to the cccs a number of times over the last couple of days and decided to go bankrupt, rang the court today and they're sending out the papers and I don't have to book an appointment at court so hopefully this could be all done in the next couple of weeks, what a relief.

I was speaking to a friend today and they said they'd seen a prog when a lady had gone bankrupt someone went round her house putting stickers on belongings which could be sold....is this true? I have no assets, my car is really old worth prob nothing and need it to get to work, will they take this off me?
Thanks x