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| doug44 |
Posted - 18 October 2009 : 12:45:48
Hello i'm thinking of going bankrupt but just need to know what, if any, state benefits are taken into account, if a IPA has to paid i'm on incapacity and disability living allowence which totals £990 a month, but my outgoings are £890 a month, would i have to pay into a ipa?? any advice greatly recieved thanks |
| 4 L A T E S T R E P L I E S (Newest First) |
| chester2005 |
Posted - 18 October 2009 : 22:05:32
both the mortgage and the secured loan are both secured against the property
if they were both listed on your SOA as potential shortfalls then if you decided not to keep the property, stop paying the mortgage and secured loan save the money towards deposit and advance rent and hand the keys back to the mortgage provider who will no doubt have the first charge against the property.
If listed on SOA neither can chase you for any shortfall
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
| doug44 |
Posted - 18 October 2009 : 21:27:26
Hello chester2005 and debtinfo thank you for your replies, all my money is made up of benefit so by the looks of things i wouldn't be getting a ipa. Another question if you don't mind regarding my house i am in neg equity by roughly £40.000 (with a secured loan on the property) my mortgage is £104.000 and the house is worth £115.000 what would happen if i wanted to 'surrender' the property rather than getting it re-possed with the secured loan, would they chase me for the money or would it come under a shortfall with the property, thanks again in advance doug |
| debtinfo |
Posted - 18 October 2009 : 12:59:17
Hi doug, If your income is benefits only then you will not have to pay an IPA regardless of how big your surplus is.
If your income is part benefits, part non-benefits then all benefits are included in the calculation but the IPA cannot be more than the non-benefit part |
| chester2005 |
Posted - 18 October 2009 : 12:58:00
Hi and welcome to the forum
In a word NO if your only income is benefits then there will be no IPA regardless of your disposable income from said benefits.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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