| T O P I C R E V I E W |
| fixie |
Posted - 15 January 2011 : 13:07:21
Both myself & partner are applying for BR.
I work and she is a mum to our 1 y/o so has no income other than child benefit and tax credit.
How do we split our joint debts on the BR application forms ?
Do I put that I pay 100% of the debts out of my income?
Also while saving for the £1200 fees we need to pay do I continue to work overtime to pay for this ?
Or will the OR want this back as we need to make house repairs ( leaking gutter etc ) too an the only way is to work overtime while this carries on.
I will not be working overtime once BR has been granted but will my income be based on previous income where it included overtime ? - If this is the case will I have an IPA/IPO made against us therefore when eventually discharged I will not be able to work overtime again should it be available to me as it will be taken by the OR to pay for the IPA/IPO.
Also we are expecting our 2nd child so I am needed far more around the house and cannot keep working the overtime which is NOT guaranteed - how will this be viewed in relation to and IPA/IPO ?
This aspect worries me immensely as we are not paying anything to our creditors since Oct 2010 and they are threatening to take legal action now unless we make payments.
What should we do as we cannot run an IVA or DMP ?
** PS - how is it viewed by the OR if a close friend or relative offers to pay off a debt as a favour/gift and wants nothing in return ? ie if they pay the debt directly to the creditor and not via ourselves ? **
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| 10 L A T E S T R E P L I E S (Newest First) |
| fixie |
Posted - 15 January 2011 : 19:47:31
Thanks Viki- the calming voice of reason !
We'll try and get it all running by March ( mid at the latest) .
Wish us luck.
Thanks so much for the words. |
| Viki.W |
Posted - 15 January 2011 : 19:46:20
You'll be fine
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| fixie |
Posted - 15 January 2011 : 19:41:09
The creditors are banks / overdrafts c/cards loans from high street banks, that is it really. Last Payments were in Sep2010 |
| Viki.W |
Posted - 15 January 2011 : 16:14:49
It depends on your situation. I don't know how long you haven't paid or who your creditors are but if it's just high street banks, catalogues etc, then bailiffs probably won't be appointed but HMRC and local council work differently, I'm not sure if they are creditors.
I'm sure you have nothing to worry about.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| fixie |
Posted - 15 January 2011 : 15:28:00
Roger that Viki.W & again - thanks for the swift reply.
Each day is like a battle right now, hoping that the BR goes ok, will save up until we have the fees and then hopefully start the rest of new 'debt free forever' lives.
Just hope we don't get bailiffs turn up before then - how long before this kind of action actually happens ?
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| Viki.W |
Posted - 15 January 2011 : 15:24:56
Save up your fees, don't rush, and just try and ignore the creditor texts, letters and phone calls.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| fixie |
Posted - 15 January 2011 : 14:57:35
thanks very much for your reply that's a big question answered and a relief. We were hoping to apply at the end of this month for BR but we don't think we'll have enough for the fees. Do you think one more month would make a difference to the creditors in order to save for the court fees by working overtime and applying at the end of Feb beginning of March? |
| Viki.W |
Posted - 15 January 2011 : 14:47:24
Lots of people stop working overtime once their debts are gone, as they don't need to work all hours to try and keep up on repayments, so you won't be doing anything wrong, please don't worry.
Just tell the OR in your interview that you will now be on basic wage and if you have no surplus then you won't need to pay an IPA.
If a family member wants to repay your employer and the family member does not want you to repay them, then that's between them.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| fixie |
Posted - 15 January 2011 : 14:06:18
Vicky - I do not want to be subject to an IPA - my income is waaaay short of my outgoings, that is why IVA was not possible as they wanted to £400 per month to be made up by working the non guaranteed overtime to get to a figure to be able to run an IVA. I was under the impression that because of this an IPA/IPO would not be imposed as effectively we have no disposable income especially as another child is on the way ? - We'll still money to purchase things for the child.
The debt is not another family member, it is a work related loan that they wish to pay in order that my work is not affected.
I will not be paying it - they want to do this.
Feels like time is running out |
| Viki.W |
Posted - 15 January 2011 : 13:55:26
Hi Fixie,
If you have a joint loan for example of £30,000, then you should list £30k in the creditor section on yours and £30k on your partners as you are both liable for the full amount. Don't forget, you don't put down the repayment in your outgoings as you won't be paying it.
If you do not want to work overtime after the bankruptcy, then that is fine and the OR will only work out an IPA on your earnings at the time.
What sort of debt do your family want to repay? I presume it's another family member?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
