| T O P I C R E V I E W |
| sueann |
Posted - 09 June 2008 : 11:36:07
I posted this on the IVA forum but just found this great forum.
I have over the past month or so been going through the IVA motions, this morning I received from my IP my proposal to sign for my meeting sometime in the next few weeks, looking at the figures I am wondering if BR would be the best option to take. I live alone in Housing Association I have no assestts but a car with a value of £690 and debts of £26,000. I am not sure where to go for advice I need to make a quick decision as I keep getting letters and my telephone practically rings off the hook. I have been for the past 4 years on a payment plan I have not paid the last 2 payments as advised only the costs to Thomas Charles. If I send off my signed proposal would it be too late to change my mind? Also I have a Co-op Cashminder basic bank account will I be able to keep this if I go BR. I thought an IVA would be the answer to my prayers but I am finding it worrying on my mind if I can maintain it for 5 years they are really leaving me to struggle with nothing for emergencies. Also do I have to pay fees for BR?
I am so unsure and miserable, should I get someone to look over the final proposal and advise me? I am swaying towards BR. |
| 15 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 09 June 2008 : 22:44:26
An IPA is generally suggested if your disposable income is more than £80. Anything less than this and it becomes not cost effective to collect.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 09 June 2008 : 19:18:16
I have not heard of that if I'm honest Sueann - I am sure Julian will tell you if he has.
I know an IPA is a percentage of your disposable income. Once you get under £100 disposable income the likelihood of an IPA is low.
Vicki x |
| sueann |
Posted - 09 June 2008 : 19:05:36
Good luck Dee please let us know how you get on. I have another question does everyone who has some disposable income get an IPA? I read somewhere that the IPA decision can be made on your history rather than disposable funds, just wondered how true that was.
I am now counting the days until end July when I can afford to go BR. |
| m and v |
Posted - 09 June 2008 : 18:39:32
Hope it goes well tomorrow Dee.
At least in BR you can get the OR to review your payments - it seems a much more realistic way to deal with any payments.
Let us know how you get on.
Vicki x |
| Dee |
Posted - 09 June 2008 : 18:19:36
Hi Sueann
My husband and I both petitioned our own BR. We filled the forms in online then printed off 3 copies to take to the court. It really isn't as scary as you might think. I have my telephone interview with the OR tomorrow. I have lots of questions about an IPA because up until August we would have enough disposible income but when my daughter goes to Uni I will lose about £250 from my income but will still need to support her financially.
You are definately not alone
Dee x |
| m and v |
Posted - 09 June 2008 : 15:17:23
Sueann,
I suppose it's similar to my situation. i went into an IVA for two years with the hope of sorting my debt problems out.
I put this down in the "reasons for debt" and explained that I had wanted to solve my debt problems but been unable to do so through an IVA and wanted BR as a fresh start.
The fact that you have already taken steps to try and sort your debt problems for the last four years can only be seen in a good light by the judge and the OR.
Vicki x |
| sueann |
Posted - 09 June 2008 : 14:48:43
For the past 4 years I have been paying creditors through a payment scheme with payplan with no sight in end, will this effect the outcome in anyway? should I put this on the forms? |
| m and v |
Posted - 09 June 2008 : 13:53:12
Hi Sueann - the tax you don't pay is handed over to the OR each month. So although you get extra in your pay - the OR takes it from you I'm afraid.
I have fairly recently gone BR after a failed IVA so please ask any questions you have and you'll get lots of support from the forum.
The form is a bit long winded but you'll find a lot of it relates to having a business and a mortgage and you can whip through some of the pages.
Have answered your other post about expenses.
Hope it helps
Vicki x |
| sueann |
Posted - 09 June 2008 : 13:48:57
quote:
Originally posted by Dee
Hi Sueann
I recently went BR after seriously considering IVA. The one thing I would suggest you do is call your local court. We got the money together then called only to discover that there was a waiting list of a few weeks.We were then in a race with NR who were after a charging order against our home. Not all courts operate an appointment system but best to check.
Good Luck
Dee
Thanks Dee I am in the process of trying to find out what court and I will make an appointment as you suggested, I can't afford to go BR until end July so I'll make the appointment soon. Did you do your BR yourself? I am alone in this yikes! |
| JulianDonnelly |
Posted - 09 June 2008 : 13:47:46
Hi Sueann,
The OR will consider the tax you are not paying as disposable income. I had a case recently where my client was asked for an IPA for only 12 months, and that was only for the tax he was not paying.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| Dee |
Posted - 09 June 2008 : 13:38:59
Hi Sueann
I recently went BR after seriously considering IVA. The one thing I would suggest you do is call your local court. We got the money together then called only to discover that there was a waiting list of a few weeks.We were then in a race with NR who were after a charging order against our home. Not all courts operate an appointment system but best to check.
Good Luck
Dee |
| sueann |
Posted - 09 June 2008 : 13:24:20
The employer is not a problem, NO TAX I didn't know that does this become disposable income? I am just printing the forms off now and starting to feel better already, scared but better. Gosh this form is long still printing. |
| eamonn |
Posted - 09 June 2008 : 13:21:53
i have informed my creditors that i am about to go bankrupet and so far they have all left me alone since, i know this has not been the same for everyone but what do you have to lose they will either leave you alone or they will continue to harass you,as they are now. |
| JulianDonnelly |
Posted - 09 June 2008 : 13:17:35
Hi Sueann,
Your creditors are likely to hound you on the phone/letters etc either way. I would suggest keeping ti to yourself for now!
During the financial year you are an undischarged bankrupt, you pay no tax. The OR will write to your employer to put you on a NT tax code, so they will find out.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| sueann |
Posted - 09 June 2008 : 13:00:38
I quite agree that BR is gonna be a better option so I think Ill start moving forward on this, I cant afford the fee until end July so I just need to keep the wolves at bay until then somehow as it has already been 2 months since my last payment on my payment plan with the IVA going through.
Thank you for your help, if anyone has any other advice on getting started it would be much appreciated and Ill browse through the forum. Just two questions do I need to inform my creditors what I am doing? will my employed be informed (not that they would care)?
Thanks for your input today is now gonna be set aside for BR research. |
