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| T O P I C R E V I E W |
| chancetrader |
Posted - 30 August 2008 : 22:33:24
Hi ,i used to trade stock market but had big losses approx 4 years ago (150,000 ).i sold my property to pay off 60,000 of my losses abd have spent the last couple of years paying all my disp income from my debts to get them down to approx 36,000. however i cannot continue to work myself like this and me end new partner are expectin first baby in jan . i have approx 480 per month disp which will take 7 years to pay debts off assuming creditors dont start squeezing ! would i be best going bankrupt ,i have no assests and live with my girlfriend who owns her own home |
| 3 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 31 August 2008 : 12:26:03
Hi
in a DMP you have calculated your debt will be repaid at £480 per month in 7 years.
In an IVA your £480 would cover the minimum repayment to creditors (approx 40%) and the IP's fee's (approx £7K).
£36000 x 40% = £14,400 (+ £7,000) = £21,400.
60 x £480 = £28,800 so an IVA is clearly an option and reduces the repayment period by 2 years.
In both DMP and IVA, 100% of your disposable income must be paid into the arrangement.
In bankruptcy, with £480 per month disposable income you would pay a max £336 per month (70%)
for 36 months. £480 X 36 = £12096
Less per month and further reducing the repayment period by 24 months.
However, in DMP and IVA your partner's property is safe.
Dependent on certain criteria, in bankruptcy you may have earned a proprietary interest in your partner's property.
Provide this is not the case, Bankruptcy would be the cheapest option and shortest route.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Mr Mulp |
Posted - 31 August 2008 : 11:59:43
Hi Chancetrader, I went BR last Dec, it was a hard decision but the right one for me. I found it hard to find the right advice on line, this site is the best I have found so far. With the new Baby due, you need to plan for the future, speak to your local citizens advice beuro. All i can say is it's not as bad as you think & as you ask this site more questions you will feel more at ease with your decision. Good luck. |
| BankruptC |
Posted - 30 August 2008 : 22:45:51
Hi chancetrader and welcome to the forum,
I'm just about to go BR myself and you've definitely come to the right place for advice. I've learned so much from reading previous posts and asking questions.
I certainly can't comment on whether it's a good idea for you to go BR, but I'm sure an expert will come along soon enough to advise you. Hang on in there, cosit can be quieter on here at weekends, but I'm sure you'll get the advice you need soon.
Take care and keep posting!
CG. x |
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