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T O P I C R E V I E W
Adam.22
Posted - 16 November 2011 : 11:18:36 Hi, I was made to go bankrupt in May 2011 due to seperating from my girlfriend and being forced to sell my house in 2009 which left me £45000 in debt.
I am current unemployed and have been since I went bankrupt in May, due to being unemployed I didnt have to set up a repayment plan (IVA) to pay back the mortgage company and I have been told if I dont work for a year from the date I went bankrupt then I will never have to repay anything, but if I get a job at a supermarket for say £15000 a year then I will be made to set up a repayment plan for 5 years.
This means if I need £8,000 a year to live (rent, food, bills) then the £7,000 that is left will go to the creditor for 5 years.
So my question is:
Is this true? so if I get a job next week will that go against me and will I be made to set up a repayment plan or is this rubbish? or if I wait until I have been bankrupt for over a year then I will not have to repay anything?
If you have any information on this then that would be great.
Thanks
1 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 16 November 2011 : 11:24:31 If you have any surplus at the end of the month after all your essential living costs, then you have to pay the surplus each month for 3 years. It is called an Income Payment Agreement.
They only have until you are discharged to set this up.
