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  • FIRST POST
    • Maverick1103
    • By Maverick1103 23rd Feb 18, 3:51 PM
    • 60Posts
    • 18Thanks
    Maverick1103
    My Bankruptcy journey
    • #1
    • 23rd Feb 18, 3:51 PM
    My Bankruptcy journey 23rd Feb 18 at 3:51 PM
    Hi all,

    I recently applied for Bankruptcy last Saturday and then was approved on Monday morning, I have my phone interview booked in for Tuesday morning, a big weight has been lifted off my shoulders and will be even more so after the phone interview.

    I had a lot of creditors, 14 to be in fact, with just over 20k owing to them all and it's something I've been trying to sort out for the last year, it was even more difficult when my relationship broke down (12 months ago) and I have 2 young kids too, 12 months on and I now have a new partner who's very supportive of me and I've been able to move forward and this I feel now is me starting afresh with a clean slate!

    Now I have a question regarding the process; my I&E doesn't leave me with much left over, in fact, my budget leaves me with -29 after paying my creditors 28 per month combined, so I don't think I'll have anything to pay into an IPA, which I will find out more on Tues. Once I've had the interview will I have many more dealings with the OR at all?

    I would also like to thank everyone on here, there are many informative members on here that make people like myself relieved from certain worries when going through this process or when you receive a letter from a creditor with terminology that you just don't understand. I've not been that active on here but I've read many posts from many members and I just want to say thank you!
Page 2
    • Gaz1
    • By Gaz1 1st Mar 18, 7:34 PM
    • 33 Posts
    • 5 Thanks
    Gaz1
    Hi all I have started my BR journey today and I have to say I have never felt so sick in all my life clicking the "submit" button I'm just hoping it gets better from here on. I'm dreading the phone call but reading what everyone has said it has taken the edge off but knowing my luck of late, I'm going to end up with the one who is having the worst day ever.
    Gaz
    • Maverick1103
    • By Maverick1103 1st Mar 18, 8:10 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    Hi all I have started my BR journey today and I have to say I have never felt so sick in all my life clicking the "submit" button I'm just hoping it gets better from here on. I'm dreading the phone call but reading what everyone has said it has taken the edge off but knowing my luck of late, I'm going to end up with the one who is having the worst day ever.
    Gaz
    Originally posted by Gaz1
    I'd say my feeling was relief and embarrassment at the same time. I was also dreading the phone call but I was pleasantly surprised in all honesty, although I'm still waiting to hear back regarding an IPA so it's still early days for me.

    Good Luck.
    • Gaz1
    • By Gaz1 1st Mar 18, 9:31 PM
    • 33 Posts
    • 5 Thanks
    Gaz1
    I'd say my feeling was relief and embarrassment at the same time. I was also dreading the phone call but I was pleasantly surprised in all honesty, although I'm still waiting to hear back regarding an IPA so it's still early days for me.

    Good Luck.
    Originally posted by Maverick1103
    Yes I've gotto admit the embarrassment of telling my 15 year old son about all this has also knocked me for 6 to be fair. I doubt I will be offered an IPA as my outgoings massivley outweigh my income by about 200 pm
    • Maverick1103
    • By Maverick1103 2nd Mar 18, 7:22 AM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    Yes I've gotto admit the embarrassment of telling my 15 year old son about all this has also knocked me for 6 to be fair. I doubt I will be offered an IPA as my outgoings massivley outweigh my income by about 200 pm
    Originally posted by Gaz1
    Hmm I bet it did, I have two young boys way to young to know what's going on, so I'm a bit lucky there. However telling family and close friends isn't fun. Well from my limited knowledge I'd say no you won't, however until I hear about if I'm going to pay one which I'm hoping is soon, as its all I can think about atm.
    • Gaz1
    • By Gaz1 2nd Mar 18, 10:17 AM
    • 33 Posts
    • 5 Thanks
    Gaz1
    Omg Ive had an e-mail back today saying its been approved...that was quick.
    • Maverick1103
    • By Maverick1103 2nd Mar 18, 10:48 AM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    Omg Ive had an e-mail back today saying its been approved...that was quick.
    Originally posted by Gaz1
    Yes it is, I got mine approved on Monday morning after sending it off Sat morning. The next step will be a phone call from the adjudicator on behalf of the OR to schedule a phone interview, my phone call came two days after, with the phone interview scheduled 8 days after I was approved.
    • Gaz1
    • By Gaz1 2nd Mar 18, 4:25 PM
    • 33 Posts
    • 5 Thanks
    Gaz1
    Yes it is, I got mine approved on Monday morning after sending it off Sat morning. The next step will be a phone call from the adjudicator on behalf of the OR to schedule a phone interview, my phone call came two days after, with the phone interview scheduled 8 days after I was approved.
    Originally posted by Maverick1103

    what number do they use or is it a private number as ive been blocking lots of new numbers that call me.
    • Maverick1103
    • By Maverick1103 2nd Mar 18, 4:32 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    what number do they use or is it a private number as ive been blocking lots of new numbers that call me.
    Originally posted by Gaz1
    From a mobile number for me, might be different on the area though.
    • Gaz1
    • By Gaz1 2nd Mar 18, 4:40 PM
    • 33 Posts
    • 5 Thanks
    Gaz1
    I had a call today from crewe but i was in the hospital so blanked it
    • Maverick1103
    • By Maverick1103 2nd Mar 18, 4:54 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    I had a call today from crewe but i was in the hospital so blanked it
    Originally posted by Gaz1
    Oh, well just checked and there is an insolvency company in Crewe, so might of been possible, although would've thought they'd leave a voicemail message.
    • Gaz1
    • By Gaz1 2nd Mar 18, 5:14 PM
    • 33 Posts
    • 5 Thanks
    Gaz1
    ive just rang the number back and its some mobile saver firm so another 1 im blocking
    • haggis0073
    • By haggis0073 3rd Mar 18, 9:42 AM
    • 160 Posts
    • 118 Thanks
    haggis0073
    I used to worry about unknown numbers ringing me, not answering them and blocking them, but once i went bankrupt i was happy to answer phone as if its a creditor you just give them the bankruptcy number and there is nothing they can do, in fact after all the harrasing calls i used to get it was quite refreshing to answer the calls lol
    • Maverick1103
    • By Maverick1103 6th Mar 18, 8:50 AM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    I received the dreaded letter yesterday, dated 28th Feb (only a day after my extremely short phone interview), stating it's been arranged that I pay 24 a month into an IPA for 36 months, granted it's not a huge amount 864 in total, however as I was -29 surplus I wasn't expecting to have to pay anything. I can only assume as I have been paying my creditors 1 per month plus 15 to HMRC for the last 6 months, roughly 28 a month, the OR obviously thinks I can continue paying 24. I've also got to pay the OR my PAYE tax for this month, which I believe may just be for the one month, I',m aware this won't affect me as it's my TAX going to the OR.

    Now after speaking to my partner we're thinking just pay it, it's obviously a very little amount to pay compared to the original 20k I owed, however not paying that 24 a month would've meant we'd be 0 surplus and we'll have to try and cut back a bit. I'm partially thinking I don't want to rock the boat, however, we've recently realised that the food budget we calculated is not correct and it's worrying my partner quite a bit.

    What's everyone's thoughts and has anyone successfully got this amount changed? I've got 14 days from the of the letter (a week has gone due to the weather) and I've got to send it back in written form. We're talking about 6 a week here really, however, I feel if I challenge the amount the OR potentially may start investigating things a little deeper, which is just my thoughts.

    Thanks.
    • luvchocolate
    • By luvchocolate 6th Mar 18, 10:20 AM
    • 1,555 Posts
    • 1,411 Thanks
    luvchocolate
    Hi if you have 20 or more surplus 100% of that amount can be taken in an I.P.A.
    Did you post your S.O.A on here? if not if you do we can have a look at it to see if you can increase anything.
    Debt Doctor hopefully we see this as he always says this is an agreement and he has challenged many of these successfully.

    You are right about your tax this will only be taken until the end of this tax year, seems a lot of paperwork for one month!!
    • Maverick1103
    • By Maverick1103 6th Mar 18, 10:35 AM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    Hi if you have 20 or more surplus 100% of that amount can be taken in an I.P.A.
    Did you post your S.O.A on here? if not if you do we can have a look at it to see if you can increase anything.
    Debt Doctor hopefully we see this as he always says this is an agreement and he has challenged many of these successfully.

    You are right about your tax this will only be taken until the end of this tax year, seems a lot of paperwork for one month!!
    Originally posted by luvchocolate
    Hi, I didn't post it on here, what is the best way to upload it? My income is 1441 and total expenses is 1451.69, this is what I filed in online the application.
    • haggis0073
    • By haggis0073 6th Mar 18, 11:53 AM
    • 160 Posts
    • 118 Thanks
    haggis0073
    http://www.stoozing.com/calculator/soa.php

    fill form out and then near bottom of page it well have a section called "Format results for discussion boards (optional)"

    Click on the MSE tab and then copy and paste onto here
    • Maverick1103
    • By Maverick1103 6th Mar 18, 12:08 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    http://www.stoozing.com/calculator/soa.php

    fill form out and then near bottom of page it well have a section called "Format results for discussion boards (optional)"

    Click on the MSE tab and then copy and paste onto here
    Originally posted by haggis0073
    Great, thanks! Will post it shortly!
    • Maverick1103
    • By Maverick1103 6th Mar 18, 12:13 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    My SOA
    Ok I've filled it in as per the figures I completed as per my application, the only difference is my total expenses was 1451.69 as it included 14.69 to HMRC (which is now inc in the BR) and 1 towards a CCJ.

    [font=courier new]Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 3
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 1441
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 1441


    Monthly Expense Details

    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 310
    Management charge (leasehold property).. 0
    Council tax............................. 55
    Electricity............................. 40
    Gas..................................... 40
    Oil..................................... 0
    Water rates............................. 20
    Telephone (landline)................... 0
    Mobile phone............................ 64
    TV Licence.............................. 12.5
    Satellite/Cable TV...................... 18
    Internet Services....................... 12.5
    Groceries etc. ......................... 358
    Clothing................................ 25
    Petrol/diesel........................... 60
    Road tax................................ 19
    Car Insurance........................... 69
    Car maintenance (including MOT)......... 15
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child-related expenses............ 230
    Medical (prescriptions, dentist etc).... 15
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 5
    Life assurance ......................... 11
    Other insurance......................... 12
    Presents (birthday, Christmas etc)...... 10
    Haircuts................................ 15
    Entertainment........................... 20
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1436



    Assets

    Cash.................................... 0
    House value (Gross)..................... 0
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 0


    No Secured nor Hire Purchase Debts


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 1,441
    Expenses (including HP & secured debts). 1,436
    Available for debt repayments........... 5
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 5


    Personal Balance Sheet Summary
    Total assets (things you own)........... 0
    Total HP & Secured debt................. -0
    Total Unsecured debt.................... -0
    Net Assets.............................. 0


    I'd appreciate if anyone can advise if it's worth challenging the OR on my set IPA as per my previous post, considering it's a low amount.

    Thank you.
    • luvchocolate
    • By luvchocolate 6th Mar 18, 1:45 PM
    • 1,555 Posts
    • 1,411 Thanks
    luvchocolate
    I am astounded you have been given an I.P.A on those figures.
    Your groceries are very low, the surplus should be added there in my opinion.
    • Maverick1103
    • By Maverick1103 6th Mar 18, 2:29 PM
    • 60 Posts
    • 18 Thanks
    Maverick1103
    I am astounded you have been given an I.P.A on those figures.
    Your groceries are very low, the surplus should be added there in my opinion.
    Originally posted by luvchocolate
    Yes exactly what I thought, I'm thinking could I challenge the figures and state I underestimated my groceries, considering I've only been living with my partner for 2 months I think it's justified.
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