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| T O P I C R E V I E W |
| kev.cy |
Posted - 28 December 2009 : 12:15:06
How much should I tell the OR?
i.e. is it possible to be too honest? ... for example, I don't particularly want to lose my wedding ring, or my laptop (which I need for work).
How much detail should I give the OR? i.e. whilst I don't want to be dishonest, neither do I want to do myself a disservice!
In terms of household goods, do they look at purchase price or resale value, and is there any particular threshold (e.g. £500 or £1000)?
Anybody got any practical experience that they can share?
Thanks in advance,
Kev |
| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 31 December 2009 : 11:07:10
Thanks John. I didn't realise I was the longest serving member - I really must find other things to do with my time!!! I haven't posted continuously though as like you I went away for a while after things got a little heated!
Happy New Year x
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/
30 IPA payments made, 6 to go - the end is in sight! |
| Housing |
Posted - 31 December 2009 : 10:11:31
Hi John,
No, I am not from North Wales - but I am a Welshman, that lives in Plymouth in Devon.
I have never posted before July this year - too many Richard Parrys I guess!!
I wish you and yours a Happy and Prosperous New year, Regards, Richard
"There are no problems - only solutions..." |
| John |
Posted - 30 December 2009 : 23:26:17
Hi Richard
many thanks for the welcome.
Having noted the member name and your true name I had at first thought, on reading your posts, that I remembered you from my previous time on here.
Although if I'm correct your member name was different then.
Am I right in thinking you reside, or previously resided, in North Wales?
In any case a very Happy New Year to you too.
And the same wishes go to you Skippy.
The longest serving member of the site I think?
An acheivement in itself.
I understand your trepidation in asking the question of me, as you say, you and I have been here before and seen such things deteriorate quite quickly.
Not wishing to turn the thread into a backslapping exercise but I have long been a fan and valued your knowledge, your opinion and supported your right to voice it. The site needs a balanced view particularly from experts and the more prolific posters.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| Skippy |
Posted - 30 December 2009 : 19:38:05
I have to say John is right, a while back this thread wouldn't have been half as civilised! John, I was worried about asking you the questions as I didn't want to cause a problem!
My personal opinion is that the forum has improved for the better - it's friendlier, and I feel the advice is better.
Regarding IVA -v- BR -v- DMP, I think the best advice to give anyone is to research all solutions, and not to rush into a decision. I was told by the company I went with that I didn't want to go BR and the other options were never explained to me.
I would have preferred my IVA to work, but it was unsustainable - it wasn't just tight, I had actually had a negative each month. Maybe if I'd been given all the information I would have chosen BR to start with, but who knows...
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/
30 IPA payments made, 6 to go - the end is in sight! |
| Housing |
Posted - 30 December 2009 : 19:17:41
Hi John,
We have not exchanged posts as yet - welcome back.
I started posting here in July after filing for BR in May (only a while to go now!)
It is a good site and the exchanges are useful a mix of advice, sharing of views and experiences - all very positive and I have not seen another site like it.
Keep posting and a Happy New Year to you and yours, Richard
"There are no problems - only solutions..." |
| John |
Posted - 30 December 2009 : 18:06:53
Hi Daniel (and Jane)
many thanks for your words of praise they are very gratefully received. I have been away from the forum for some time and only returned a few days ago and intend to be here for the foreseeable future.
I am sure that all of us just want to help. Yes it's my profession, and yes if I were to gain a client here or there then I'm happy with that. But if I don't I'll still be here.
I truly feel that every single person willing to become an expert on here deserves that same pat on the back as does any member willing to offer advice and share their own experiences.
As it has said in my BIO since I joined in July 2008.
This site is, in my view, unique. It was then, it still is.
AND I would also like to add... that my previous experience on here was such that a thread of this nature would inevitably turn into a bun fight!!! Well it hasn't this time... a sharing of opinions as well as knowledge is the site's strength and long may it continue.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| Daniel Griffiths |
Posted - 30 December 2009 : 17:51:31
Very interesting thread this, John you are a credit to this forum, I enjoyed reading your posts, and Jane I think you deserve a pat on the back, you have been through the mill obviously and chose an option wisely with your three kids at the forefront of your decision which is how it should be. You hit the nail on the head when you said you had bad advice from your IVA company unfortunately many families dont realise that until its too late. Creditors may indeed receive more in an IVA PROVIDING it goes the full term the problem is we live in very uncertain times I cannot think of many professions where any individual can gurantee an income, never mind keep in good health for the next five years, however the Bankruptcy IVA debate will continue to live on |
| John |
Posted - 30 December 2009 : 17:50:40
Absolutely, anyone who feels a moral obligation to repay what they can and take on perhaps what is the more difficult route should be supported and applauded.
As in my previous post, we all view these things in our own way and should rigorously explore every option before any decision is made. Whatever that decision is we have to be able to live with it and likewise move on with our lives once the choice has been made.
I know for me I changed as a person when I was under financial pressure and certainly not for the better. It didn't matter to me as I felt I deserved everything I got. But my wife and children didn't.So for me repayment, or the possibility, or practicality, of it didn't come into it. I could not remain the person that 3+ years of constant financial pressure had turned me into.
I would still be that same moody guy if in an IVA with another 18 months to go. Instead, and for the last 3+ years, I'm back to being the person I was before the problems started, a little older, a little wiser. But most important of all I have a wife, 4 kids and 4 grandchildren who, I have no doubt, have benefited from the choice I made.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| Skippy |
Posted - 30 December 2009 : 16:22:00
I agree John, I'm just pointing out that's how some people might feel.
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/
30 IPA payments made, 6 to go - the end is in sight! |
| gettingoutofdebt |
Posted - 30 December 2009 : 16:05:29
quote:
Originally posted by John
Of course each of us should go with our own moral beliefs and ideals. This is our right as individuals just as surely as it is our civil right to choose bankruptcy, IVA, DMP.
But we should all of us also remember that those beliefs and ideals are ours individually and not to be invoked on others by force, opinion or condemnation.
Well said John. I must admit after 8 weeks of being threatened, verbally abused, hassled and tormented numerous times each day by my creditors my moral obligations seemed to disappear. |
| John |
Posted - 30 December 2009 : 15:57:40
Of course each of us should go with our own moral beliefs and ideals. This is our right as individuals just as surely as it is our civil right to choose bankruptcy, IVA, DMP.
But we should all of us also remember that those beliefs and ideals are ours individually and not to be invoked on others by force, opinion or condemnation.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| Skippy |
Posted - 30 December 2009 : 14:58:34
Another thing that needs to be taken into account is that some people feel morally obliged to repay as much of the money they have borrowed as possible, hence choosing a DMP or IVA.
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/
30 IPA payments made, 6 to go - the end is in sight! |
| Jane.l |
Posted - 30 December 2009 : 14:26:05
I am with John on this one, I am afraid.
We looked into an IVA at first,(had a proposal drawn up) we only had one unsecured loan, a secured loan, Together mortgage, 2 cars on HP and just one credit card. We did not spend the debt extravagently at all I don't think but some may think otherwise.
The majority of our debt was in the house, huge neg equity, but the more I read about IVAs, the more it did not seem right for us, we have 3 kids, we have scrimped for nearly 20 years and the thought of another 6 years in an IVA was just soul-destroying. (there were other factors too, the house could not sell, the IVA company were not giving us good advice, etc, my job was only temporary and they did not think this was a problem!  how were we supposed to pay the final 4 years of the IVA then?!!! and we had another £2000 debt from the estate agents and we wanted to include this in the IVA but we were told by the IVA company "can you not borrow it off someone and pay it off so it doesn't now have to go in the IVA?" err, NO, thus I searched out these forums and did my own research) Why should the kids be penalised just because of our debt? It was 2 bad property decisions that had got us to the bankruptcy point, not reckless spending.
Anyway, the point I am making is that bankruptcy was NOT the easy option, we lost our house, our cars, my health has suffered. We both got early discharge (sorry, that may not go down too well and we got no IPA, so yes, we swapped nearly £100,000 of debt for 2 lots of bankruptcy fees, job done and I am so glad we chose bankruptcy over the IVA, we are getting on now with our new debt-free life, we have a council house, I have a new job, savings!  I know I won't ever get into debt again and there is no way I will comtemplate getting a mortgage ever again.
I am grateful for the chance to start afresh and think the BR rules should stay as they are.
If people have a career or property they want to protect, then fine, they will chose the IVA route but its a tough route and one I would not like to go down. My morals on paying back the creditors were not strong enough to wishstand that journey |
| John |
Posted - 30 December 2009 : 14:04:49
Hi
I must say i very much liked the concept poseted earlier in this thread that people should be restricted to one single credit card.
Can you imagine the impact?
Interest rates would plummet as banks fight for their market share of business. At the moment each one of them can throw a card at you as and when they choose, as has been the case in the past and why so many are in difficulty.
To Daniel G:
You're so right, I approach every case where there is family with the view that it is the non bankrupt spouse and the kids that I'm there to help primarily.
Re the 30% repayment for all:
Another good suggestion in principle but would need some tweaking so as not to remove insentive from those with little or no DI at the outset.
John White
Independent Debt Consultant
Specialising in Bankruptcy |
| gettingoutofdebt |
Posted - 30 December 2009 : 13:53:15
quote:
Originally posted by debtinfo
What would everyone suggest
TBH, I don't think it is necessary to change anything. People are saying that IVAs and BRs should somehow either favour the IVA or at least make the BR more equal, but why?
IVAs, DMPs and BRs are all options open to people who are insolvent (provided you have enough DI for an IVA or DMP) so people should chose the best option for their circumstances.
If the government wants to make people pay off more of their debts then 'evening up' the IVA and BR is ok but I don't know if that is the case. |
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