| T O P I C R E V I E W |
| debtinfo |
Posted - 23 February 2010 : 19:02:02
Hi All
The insolvency service website has posted details of the new fees that will be in place from 6th April 2010 for bankruptcy patitions
Here is the link
http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/FeeChanges2010.pdf |
| 12 L A T E S T R E P L I E S (Newest First) |
| Housing |
Posted - 24 February 2010 : 08:47:15
I agree gettingoutofdebt - it is a mammouth rise (25%) and will, almost certainly give some people who are struggling to get the fee to get themselves debtfree.
I can, however. se the cost of the IS as being a burden, but the human cost...??
It will not be changed by this forum though.
Regards, Richard
quote:
Originally posted by gettingoutofdebt
quote:
Indeed... Is it in line with inflation...?
If I am reading it correctly it definitely isn't in line with inflation i.e. from £360 to £450 so a 25% increase. This would mean the BR fee has gone up from £510 to £600 and presumably it would now be £612 at the High Court.
I suppose for the majority of people it isn't a major issue as people stop paying their debts and use the money to pay the BR fee so it may take a bit longer to save the extra £90. Unfortunately there are some people who are on benefits who have problems saving the £350 so an extra £90 could delay their BR for several months.
Interesting never the less. Thanks for posting the link debtinfo.
"There are no problems - only solutions" |
| gettingoutofdebt |
Posted - 24 February 2010 : 06:51:54
quote:
Indeed... Is it in line with inflation...?
If I am reading it correctly it definitely isn't in line with inflation i.e. from £360 to £450 so a 25% increase. This would mean the BR fee has gone up from £510 to £600 and presumably it would now be £612 at the High Court.
I suppose for the majority of people it isn't a major issue as people stop paying their debts and use the money to pay the BR fee so it may take a bit longer to save the extra £90. Unfortunately there are some people who are on benefits who have problems saving the £350 so an extra £90 could delay their BR for several months.
Interesting never the less. Thanks for posting the link debtinfo. |
| debtinfo |
Posted - 23 February 2010 : 21:29:23
Hi richard, the amount of work also depends on when the debt was incurred, the reasons for the bankruptcy and if the person has been self employed or trading, so i cant see a sliding scale working |
| Housing |
Posted - 23 February 2010 : 21:19:37
Richard P,
You are too young to be so cynical...
At least I am in my 50`s!
Richard
quote:
Originally posted by Richard P
seeing as they have a sliding scale for the secretary of state recovery fee they should also consider having a sliding bankruptcy fee dependant on the amount of debt that had been incurred as the greater the debt the greater the work involved to the insolvency service .
But that is joined up thinking doubt we will see that (from any of them)!
"There are no problems - only solutions" |
| Housing |
Posted - 23 February 2010 : 21:18:25
I remember that one...!!
Richard
quote:
Originally posted by debtinfo
As some one once sang "things can only get better"
"There are no problems - only solutions" |
| Richard P |
Posted - 23 February 2010 : 20:37:58
seeing as they have a sliding scale for the secretary of state recovery fee they should also consider having a sliding bankruptcy fee dependant on the amount of debt that had been incurred as the greater the debt the greater the work involved to the insolvency service .
But that is joined up thinking doubt we will see that (from any of them)! |
| debtinfo |
Posted - 23 February 2010 : 20:37:31
As some one once sang "things can only get better" |
| Housing |
Posted - 23 February 2010 : 19:55:58
I agree.
Yes, at one level (that of being a public sector body) the IS does need to cover its costs and be seen to be accountable to the public.
At another level, it is fair to say that during the past 2/3 years, there have probably been more BRs and IVAs than ever before in recent history. It seems to me that successive governments need to take some of the strain as, quite frankly, the increase has been due to the recession in the vast number of cases.
In my case, it was - although, on my own admission, I had also borrowed far to much and when the trade was so badly affected, one of my businesses footed the bill - result...!
I am however more optimistic about the future - aftter the new Government is elected after a year or two in office, the recession should ease and we should see some growth... Time wil tell eh?
best regards, Richard
quote:
Originally posted by debtinfo
generally the IS loses money on most cases as it costs more to administer than the bankruptcy deposit, the rest comes from the takings from the assets realized in the few cases. looks like their trying to redress that balance and make each bankrupt pay for more of their own bankruptcy
"There are no problems - only solutions" |
| debtinfo |
Posted - 23 February 2010 : 19:25:26
generally the IS loses money on most cases as it costs more to administer than the bankruptcy deposit, the rest comes from the takings from the assets realized in the few cases. looks like their trying to redress that balance and make each bankrupt pay for more of their own bankruptcy |
| Housing |
Posted - 23 February 2010 : 19:22:00
Indeed... Is it in line with inflation...?
I am no good at sums - a bit like Dr Gordon Brown..
Regards, Richard 
quote:
Originally posted by debtinfo
quote:
Originally posted by Housing
Thanks Debtinfo
An interesting increase...
regards, Richard
quote:
Originally posted by debtinfo
Hi All
The insolvency service website has posted details of the new fees that will be in place from 6th April 2010 for bankruptcy patitions
Here is the link
http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/FeeChanges2010.pdf
"There are no problems - only solutions"
no comment
"There are no problems - only solutions" |
| debtinfo |
Posted - 23 February 2010 : 19:17:58
quote:
Originally posted by Housing
Thanks Debtinfo
An interesting increase...
regards, Richard
quote:
Originally posted by debtinfo
Hi All
The insolvency service website has posted details of the new fees that will be in place from 6th April 2010 for bankruptcy patitions
Here is the link
http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/FeeChanges2010.pdf
"There are no problems - only solutions"
no comment |
| Housing |
Posted - 23 February 2010 : 19:15:23
Thanks Debtinfo
An interesting increase...
regards, Richard
quote:
Originally posted by debtinfo
Hi All
The insolvency service website has posted details of the new fees that will be in place from 6th April 2010 for bankruptcy patitions
Here is the link
http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/FeeChanges2010.pdf
"There are no problems - only solutions" |
