| T O P I C R E V I E W |
| kboy33 |
Posted - 11 June 2008 : 10:42:31
Hey there everyone...wondering if anyone can shed some light on few BR queries i have?
I'm thinking that BR is best route for me. I have no assets and live in rented accom with my other half but i do have a car on HP which i've kept up with th payments on and have no plan to fall behind with. (My debts are with a failed IVA, credit cards, loans and overdraft)
Now my car is worth about 5 to 6k (i think) but i need it for work as i work as cabin crew so its 24/7 shift patterns and i live too far away to rely on public transport. Does anyone have any idea what would happen with my car. If i had to return it i couldnt work so would be in an even bigger mess...
Secondly my wage differs each month e.g this month i cleared 970 but last month was 1170. Here's my questions!
- I get extra if i'm doing long haul flights but thats not guaranteed, so how could i work out my monthly disposable income? Would i just go off my basic salary?
- How would my monthly payments once entered into the BR be calculated?
- And finally if i did get extra for say, doing long haul flights would i have to make extra payments to my OR?? How would this extra income be calculated, if you get what i mean?
Sorry for the long post. And thanks for any advice. |
| 12 L A T E S T R E P L I E S (Newest First) |
| rollercoaster |
Posted - 12 August 2008 : 08:58:04
Hi Dazed, not all IVA have a BR provision in them, my OHs didn't, when the IVA failed, the debt just referred back to its position before the IVA and we were back to square 1. |
| kboy33 |
Posted - 12 August 2008 : 01:14:44
Yeah my IVA failed but i for whatever reason i didnt go BR, dont know why. I now owe money from debts that were in my IVA tho, got a nice letter the other day reminding me i still owe a fair bit to Royal Bank of Scotland...whoops. |
| dazed and confused |
Posted - 14 June 2008 : 15:50:01
Hi Kboy33
Having just read your message at the top, I was just wandering about the following which you said:
"...my debts are with a failed IVA..."
I thought that if an IVA failed, then you were automatically made BR, or had to go BR? Or, does that mean that you now also owe something to the IP for the failed IVA aswell as your other debts? |
| Reviva UK |
Posted - 12 June 2008 : 19:23:35
Hi kboy33
can i suggest you call one of the Br assist companies - Brett or Reviva UK with a list of your creditors and what you owe to each + what arrears you have.
a bankruptcy assistance company will be able to talk you through the creditors strategies to collect and what you can do to get the money together as quickly as possible.
got to be worth 15 minutes of your time to get some peace of mind.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| kboy33 |
Posted - 11 June 2008 : 15:28:00
Thanks for the response Vicki...much appreciated. |
| m and v |
Posted - 11 June 2008 : 15:19:18
Hi kboy33
If they start to get stroppy they can always petition for your BR instead! Have a feeling they may wait for you to save the money.
I am not aware of any letters but am sure one the BR assist experts will point you in their direction if they exist.
You asked about monthly payments in BR (IPA's)- once your disposable income has been calculated the OR expects a % of this each month. (Not the whole of it as in an IVA) If you have less than £100 disposable income then you don't make any payments at all.
Vicki x |
| kboy33 |
Posted - 11 June 2008 : 15:05:56
How long will most creditors give you to save for your fee before they start getting nasty? Is there an official letter i can print off and send to them saying i've saving for my BR fee?
At the min i can manage about 100.00 a month & thats by scrimping and saving all i got. |
| melanie_giles |
Posted - 11 June 2008 : 13:56:44
Yes - I concur with that. Saving for the bankruptcy fee is more important than making token payments to your creditors which will make absolutely no difference in the long run.
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 |
| kboy33 |
Posted - 11 June 2008 : 12:54:05
LOL, thanks for the reply Paddy. |
| paddyuk |
Posted - 11 June 2008 : 12:33:55
I wouldnt give them anything, just save for your bankruptcy fee now. thats what im doing, ive cancelled given them money.
good luck with it, keep us posted. Im at the same stage as you right now. my wage also changes a bit like yours very similar. |
| kboy33 |
Posted - 11 June 2008 : 11:30:42
Thanks a lot for that Melanie...whilst i'm saving for my fee to declare myself BR what shall i say to my creditors, is it best to offer token payments, even if only say, 10.00 a month to each of them? |
| melanie_giles |
Posted - 11 June 2008 : 11:22:02
You will need to discuss the implications of bankruptcy with your HP company. Most HP agreements provide termination clauses in the event of bankruptcy, but in reality the HP company may prefer to leave you with the vehicle and continue to collect their repayments.
The OR will take an average of your salary over the last three months, and also ought to look at last year's P60 to get a more general feel for your earnings.
You are duty bound to keep the OR informed of any changes of circumstances, which include improved earnings, but in reality it is unlikely that any additional monies would be taken from you unless the amounts involved were significant.
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 |
