Ipa if i go bankrupt

4f02 · 24 June 2018 at 4:28PM

ive posted my SOA as requested, warts and all...can anyone see anything wrong or give me some advice on the way forward? ive £100 spare after all bills are paid and board( all my food etc incl in this)

maxmycardagain · 24 June 2018 at 4:34PM

Once bankrupt all these are gone

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
credit card 2847 123 30
credit card 110 5 37
credit card 450 12 37
loan 2000 80 30
loan 3000 123 25
loan 9400 321 25
credit card 900 38 35
credit card 1931 80 35
credit card 2950 50 35
credit card 1350 62 35
Unsecured Debt totals 24938 894 -

(Assuming the debts are solely in your name alone)

maxmycardagain · 24 June 2018 at 4:37PM

4f02 wrote: »

How do you not pay tax?

Because the IS issue your employers with a "NIL" taxcode

So theres no tax deducted from your wages

this increases your Nett (take home pay) which the IS will welcome and take

maxmycardagain · 24 June 2018 at 4:39PM

I think that you will need to account for amounts claimed as living expenses per item, i.e. haircuts £10, holidays £20

others will know

maxmycardagain · 24 June 2018 at 4:41PM

Or............

Total monthly income 1,900
Monthly expenses (incl. HP & secured loans) 1,030

Your income will rise by the amount of tax you now pay, your expenses will be scrutinised and you may get an IPA for £1500

4f02 · 24 June 2018 at 5:00PM

maxmycardagain wrote: »

Once bankrupt all these are gone

Unsecured Debt Description Debt(£) Monthly(£) APR(%)
credit card 2847 123 30.................ive fixed this payment for 5 years to clear the debt
credit card 110 5 37 debt never comes down
credit card 450 12 37 debt never comes down
loan 2000 80 30 2 years and this is paid
loan 3000 123 25 4 years left on this loan
loan 9400 321 25 41 months to go on this
credit card 900 38 35 debt never comes down
credit card 1931 80 35......again this is fixed for 5 years to clear the debt
credit card 2950 50 35 ....on a low rate debt hardly moves down
credit card 1350 62 35....ive offered £50 pm and asked to freeze interest to clear
Unsecured Debt totals 24938 894 -

(Assuming the debts are solely in your name alone)

yes these are all in my name, ive included how long i have left on some loans and cards

4f02 · 24 June 2018 at 5:06PM

maxmycardagain wrote: »

I think that you will need to account for amounts claimed as living expenses per item, i.e. haircuts £10, holidays £20

others will know

i wasnt sure if i could include them , thank you

so i know BR is the easy way out for me, ive no assets to lose at all, no savings, im just wondering what i'd be left to live on from the OR , ive currently got £104pm maybe im being selfish and that £104pm is doable but thats with no wiggle room for a holiday/break or unexpected issues, dental, new appliances if they break, plus having a small social life.

would you recommend going BR?

4f02 · 24 June 2018 at 5:13PM

maxmycardagain wrote: »

Or............

Your income will rise by the amount of tax you now pay, your expenses will be scrutinised and you may get an IPA for £1500

i paid £523 in IT last month
my pay would be £2423, if they took £1500 ipa plus my £900 board i'd have nothing to live on?

Clouds88 · 24 June 2018 at 5:27PM

You’d need to tell the Or your exact amount for rent, food, ect and then if you and your partner earn the same then they assume 50/50 contributions if that makes sense. Money for you to live on? After rent and food petrol, all of that, I was given £20 presents a month and I think 40 for social (2 adults 2 kids)

4f02 · 24 June 2018 at 6:22PM

im beginning to think i may as well tough this out, if you work this is not a get out of jail card, i was expecting the OR to leave me with a wee bit more, it seems they expect you to have no life whatsoever, taking say £800 pm for 3 years would mean the creditors would get all their money back and i'd be debt free quicker , i simply dont know what to do now, sorry for coming over a bit selfish and wanting an easy ride from the OR it seems they will leave me nothing.