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| T O P I C R E V I E W |
| Jessica.hg |
Posted - 17 July 2012 : 17:40:16
Hi,
I’m self-employed at the moment, and my income fluctuates. I’m just about to go on maternity leave for 6 months, and will be going back to an office job part time in mid-February. I live in a rented flat with my new husband, who earns about £20,000 per year.
I have nearly £40,000 worth of debt from 5 creditors (3 of which are Lloyds) from a failed business venture 6 years ago. I’m on a debt management plan at the moment, and I’m paying £200 per month towards my debts.
This isn’t even paying the interest, and I’m very keen for this situation to change, particularly having just got married and with a new baby on the way. I have offered a settlement figure to my creditors twice now, the last being £12,000. All my offers have been refused, and I have been told by my debt management company that at least £20,000 to £25,000 would be needed to settle. In my present situation this would be completely impossible, and I can’t see that changing in the future.
Our priority at the moment (apart from paying my debts off) is to buy our own house, which we hope to do in five years or so. I’d like to know whether it’s better for me to get this situation resolved ASAP and go bankrupt, or whether to stay as I am now? Is it better to get a mortgage as someone on a debt management plan who has built up better credit in the meantime, or as someone who has recently been bankrupt?
Thanks
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| 15 L A T E S T R E P L I E S (Newest First) |
| xmas baby |
Posted - 20 July 2012 : 10:15:41
Hi Year 2029,
I think this has escalated a little too much. I for one, understand exactly what tracey and Niobe are saying and I also respect your valuable contributions but you do sometimes seem to invite confrontations and disagreements. Just my thoughts.
xmas baby |
| Andy Davie |
Posted - 20 July 2012 : 08:12:06
Hi
A strange final post Year2029 ?
A very informative thread in my view, I can't see anything wrong with all the posts apart from your final one
Everyone has their own opinion and should respect others
Regards
Andy Davie
Spokesperson and Site Manger IVA.co.uk |
| year 2029 |
Posted - 19 July 2012 : 23:20:25
Tracey,
Your last comment has just dismissed everything that I have posted on this thread!
I don't even think debtinfo, would've said that, even though we're the ones who've been having the healthy informed exchange.
Yours, and Niobes comments have not contributed nor been helpful, nor informative,
Yours,
year 2029,
Currently bankrupt,
Trying to contribute to this forum,
With no hang Ups,
Still, sense of humour intact,
Still, JUNIOR MEMBER (which doesn't mean nothing to contribute)
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Skippy |
Posted - 19 July 2012 : 21:35:07
Sorry, Harry decided to walk across my keyboard!
As I was trying to say, I agree with Niobe that the company is irrelevant - unlike choosing an IP there isn't anything we can do about who is our trustee.
Aside from that, the explanation from Debtinfo is interesting - one of the good things about this forum and the sister IVA forum is the knowledge and advice from the professional experts.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Skippy |
Posted - 19 July 2012 : 21:32:01
I agree with NiobeaQ76YUZA\\\\\\\'Y6P;L
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| year 2029 |
Posted - 19 July 2012 : 21:25:33
Niobe,
I think that's already now been covered.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| Niobe |
Posted - 19 July 2012 : 20:39:38
There are also a lot of other companies that can, and are, used by the OR.
As the person who is going bankrupt has no control over this then the choice of company is irrelevant.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
| year 2029 |
Posted - 19 July 2012 : 20:28:18
I never ever said the OR chooses!
I pointed out that Grant Thornton was a company that COULD be used by the OR.
As there are various that could be used.
Hopefully, people reading will accept our exchanges for what they're meant to be, informative.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| debtinfo |
Posted - 19 July 2012 : 18:51:23
Yes a trustee has been appointed, yes the OR informs the creditor who has been appointed, yes the trustee says that they have been appointed, but was it the OR that appointed them, No.
The reason that matters and i am not just being pendantic, and the point of my original post is to avoid the impression that a reader might take away, that the OR in some way prefers one over the other or that they give their blessing in some way to a particular company (which might have been infered when you said that the OR can use GT even if that was not what you meant to infer) |
| year 2029 |
Posted - 19 July 2012 : 17:26:46
Debtinfo,
Is it fair to say that a Trustee has to be appointed?
Is it fair to say that if its not done by creditors, that the OR looks at his rota of IP's and selects the next one on the list, and asks them if they want the case?
If they then accept the case, are they then not 'appointed', which is the very word you have used in every reply to me in this thread.
Does the OR then let the bankrupt know, who has been appointed as trustee?
Does the trustee then not contact the bankrupt, and say, we have been appointed your trustee.
Whilst the OR retains investigatory powers etc, the trustee's role is to realise assets for the creditors. I interpret that, as the trustee is managing my bankruptcy estate.
I'm not trying to be confrontational, maybe its our respective interpretation, and maybe your 'insolvency' background interpretation of the word 'appointed'?
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| debtinfo |
Posted - 18 July 2012 : 18:18:05
quote:
Originally posted by year 2029
quote:
Originally posted by debtinfo
The OR does not use anyone as a trustee in the sense you mean,
You've contradicted yourself I think.
Still, the wording is, that the trustee is appointed by the OR, as per their handbook that we have both referred to in the past.
Where have i contridicted myself, and where does it say that the OR appoints the trustee |
| Niobe |
Posted - 18 July 2012 : 12:19:37
I believe that all moonbeever do is collect the money from the IPA/IPO.
I do stand to be corrected though.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
|
| year 2029 |
Posted - 18 July 2012 : 11:26:22
quote:
Originally posted by debtinfo
The OR does not use anyone as a trustee in the sense you mean,
You've contradicted yourself I think.
Anyway, all I was trying to say is there ate various companies that the OR uses as a trustee.
I never actually said that they 'choose' them either.
I realise they go through a rota, as in my personal case, the first one on the rota wasn't ultimatley used.
Even when the OR Appoints a trustee from next on the rota, it is still up to that company to accept the case.
Still, the wording is, that the trustee is appointed by the OR, as per their handbook that we have both referred to in the past.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
| debtinfo |
Posted - 18 July 2012 : 10:41:06
Yes that's right, the OR does not choose them, they are chosen by either the creditors or by a rota if there is not enough time to consult the creditors. Your OR did not choose your trustee they have simply processed the paperwork to inform you that a certain trustee has been appointed |
| year 2029 |
Posted - 18 July 2012 : 10:08:29
Sorry debtinfo, but you've confused me and maybe others reading.
Are you saying the OR doesn't appoint a trustee to oversee a bankrupts affairs?
Because that is in direct conflict of my understanding of the very trustees who have been appointed by my OR to oversee my own bankruptcy.
--------------
Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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