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| T O P I C R E V I E W |
| tiredandfedup |
Posted - 16 February 2009 : 22:11:49
I am petitioning tomorrow at the High Court. I have £20000 approx debt, largely due to a tax bill. I have been diagnosed as bipolar after many years of very bad swings from depression to manic periods - including crazy spending. Last year I had a breakdown and have not worked since Feb 2008. Hence the bankruptcy. I am receiving JSA as I am currently out of work, I have no assets and rent my flat from a housing association.
Some worries:
As my outgoings are equal to my income (ie benefits) I am guessing that there can be no IPA at the moment. But as I hope to restart my career freelancing soon with small and irregular sums of income, how will the OR respond to this? My income over the next year or so is going to be very variable. Will they assess it as it goes along?
I depend on my mobile to keep me in touch with the world of work and it will be vital to me getting going again. Will the OR automatically inform the phone company and then they will cut me off?
How much detail will the OR want to go into at the interview, and how far back?
Does the OR take a different view of things because my chief creditor is the Inland Revenue?
Any thoughts on any of this would be very welcome. I am pretty scared and getting very paranoid about it all. But this forum has really helped already, just reading everyone's stories. |
| 15 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 18 February 2009 : 15:05:19
If said lottery win or inheritance were enought to clear you debts, presumably that is all you would pay across?
The glimmer gets brighter all the time
Jan
xx |
| Skippy |
Posted - 18 February 2009 : 15:04:06
The lottery win would become part of your bankrupt estate as you won it when you were still an undischarged bankrupt. It's the same with an inheritance - if the person dies while you are BR the money becomes part of your estate even if the money isn't received until after discharge.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| coxy |
Posted - 18 February 2009 : 15:00:28
Yes skippy i agree its a 2 way street and the banks didnt force me to spend it either,but 20 years ago theres no way we could have borrowed as much and why i was in a job and everything in the garden was rosy the banks were telling me everything will be fine.
At the end of the day banks saw an opportunity to make millions in interest and didnt care who they lent to i just find it hard to have much sympathy with them when they didnt for us.
Also on the other note i was thinking about this the other day what would you do if you had no ipa in place were a month from discharge and won just enough on the lottery that you went br for, bearing in mind you have 6 months to claim lottery prize. |
| Niobe |
Posted - 18 February 2009 : 14:49:05
Skippy, I totally agree with everything you have said.
My troubles were nothing to do with interest rates going up - I borrowed too much money, spent it on stuff I didn't need instead of clearing debts I already have and then found I couldn't manage all of the repayments.
I have no one to blame but myself.
The glimmer gets brighter all the time
Jan
xx |
| Skippy |
Posted - 18 February 2009 : 14:38:08
I agree that the banks shouldn't have lent the money, there's no argument there. However, I do think that people also need to take responsibility for spending it - it's a 2 way street. The banks made it easy, but they didn't force me to spend it. I'm sorry if that's not a popular view, but hey ho, wouldn't life be boring if we all agreed!
One thing I will say is, regardless of the rights and wrongs, no-one should be encouraging anyone to avoid an IPA. If someone decides they are going to try and avoid paying anything then it's down to them and their conscience, but people on the forum shouldn't suggest or encourage it.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| Jane.l |
Posted - 18 February 2009 : 14:35:30
I don't blame the banks, I take full responsibility for borrowing the money, it was a huge mistake (and we have paid a large price for that mistake) and once we realised we were struggling we tried to do the best we could think of to pay it back to the best of our ability, but they did not want to know. We always paid our debts on time, it was because the interest rates were going up and up at that point we realised we just could not afford that house, if only we could turn the clock back.  |
| coxy |
Posted - 18 February 2009 : 14:26:37
I would have to agree Jane our circumstances are similar to yours in that we had a mortgage & secured loan the loan was with first plus for 85k if they had agreed to let us sell the house when we had an offer on it for 140k they would have got 60k back but my solicitor said only in a full and final settlement.
They said they would rather take there chances at auction and have ended up with around 30k. so part of me says serves the greedy bar - stewards right, if they had tried to help us when i informed them that we were starting to get into trouble instead of putting interest rate up 2% we probably would have entered into some sort of agreement to pay the shortfall.
Im sure we all start out with good intentions when we borrow but no one knows whats round the corner.
1 thing that does nark me though that a lot of people including us shouldnt have been lent as much as we borrowed and that was down to greed on the banks part,and now we are paying for it with our homes,whereas the banks are being rewarded with bonuses its probably me but it doesnt seem right somehow. |
| leahk |
Posted - 18 February 2009 : 14:26:12
I believe in paying my debts - I've never missed a payment on anything, but if the Credit card companies weren't so greedy with their interest rates, my debts would've been cleared years ago and I wouldn't be where I am now.
Still, I've learned my lesson and its not a road I plan on going down ever again! |
| Skippy |
Posted - 18 February 2009 : 14:19:14
I agree with Jan on this one. If a person has borrowed money in good faith they should make some attempt to pay at least some of it back. If that person genuinely cannot afford an IPA that's a different matter, but to suggest that someone doesn't work so that they can avoid an IPA is not good advice as far as I'm concerned.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| Jane.l |
Posted - 18 February 2009 : 13:49:40
We will have to agree to disagree on that, my view is that we tried our best to get the best outcome for the creditors out of our predicament (proposing an IVA, trying to sell the house, etc) but were thwarted at every turn, Picture would not agree to the house sale, they would not agree to any arrangement to pay the debt back at reduced payments, they were very rude and aggresive on the phone to such an extent, we had to stop speaking to them over the phone and only communicate in writing. NR bunged £10,000 in interest on top of one of my loans as soon as we started to default. after 5 months of Picture dithering about whether to let us sell the house or not, quite frankly I had had enough and felt I could not care less if they got nothing. |
| Niobe |
Posted - 18 February 2009 : 13:29:33
Sorry, I don't agree. If you have borrowed the money, then you expect to pay at least some of it back.
My finances are my number one priority at the moment, if I'm paying something back, then I feel a lot happier about myself.
The glimmer gets brighter all the time
Jan
xx |
| Jane.l |
Posted - 18 February 2009 : 13:06:25
If I had been in a permanent secure job that I enjoyed, then I would not have even thought of packing it in and would in all liklihood have got an IPA,(which would have been fair enough) but the job was ending soon anyway so we decided to put ourselves first. We had paid our way for nearly 20 years of struggling, we had nothing to show for all the debt apart from a delapidated house and the cars, which were needed for work purposes and we knew we could not keep anyway, so we wanted a fresh start, nothing to pay, we were losing everything anyway, why not put ourselves first for a change? |
| tiredandfedup |
Posted - 18 February 2009 : 13:04:09
Thanks Skippy and Kallis. I agree - I don't want to avoid anything. I guess my original query was to try to get head my round the logic of it all and what I should expect. Which I now have. I think! I'm sure that by tomorrow I'll have developed some new worry to torment myself with... |
| Niobe |
Posted - 18 February 2009 : 12:51:57
If I were ever to declare BR, then I certainly wouldn't be trying to avoid an IPA.
I would like to think that I could hold my head up and say that I have paid my way.
The glimmer gets brighter all the time
Jan
xx |
| Skippy |
Posted - 18 February 2009 : 12:38:50
I don't think advising someone to 'hibernate' is good advice. There is no point putting your life on hold for 12 months just so that you don't get an IPA.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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