| T O P I C R E V I E W |
| totally lost |
Posted - 08 June 2009 : 11:24:17
Sorry for asking so many questions about these forms....I promise I am nearly there!!
I am just a bit...ok-VERY confused about one thing...? :
So I have filled in my I&E starting with rent and followed with all the rest as normal and it leaves me with less than £50.So far so good!
However,later in the forms it naturally asks you if you have done anything to pay creditors/make things better and yes (!) I have been paying my DMP since 2005.
So where in the I&E do I mention this...?
Or dont I...?
And how do I explaind this to the OR/interview...?
HELP! 
|
| 8 L A T E S T R E P L I E S (Newest First) |
| Hallway123 |
Posted - 08 June 2009 : 15:47:16
The day of bankruptcy was so easy not at all what I was expecting,I'v got OR phone interview tommorrow and know I'm worried sick about that,but I'm sure that this time tommorrow I'l wonder what I was so worried(hope so anyway). |
| totally lost |
Posted - 08 June 2009 : 15:39:46
quote:
Originally posted by Hallway123
I went from iva to bankrupt, the judge was very nice said I'd tried for 2 years to solve problems and he was happy I had done my best.He did however say what a waste of time he thought iva's were and that all I had effectively done was paid iva co £10,000 that could have gone to creditors(which on hindsight I agree with)but I'd say it went in my favour that I'd tried other ways first.
HI Hallway123
Thank you so much for telling me your experience!!
I am literally as HUGE bag of nerves and I know in my heart I will be until the day I get a discharge letter!
But after trying so hard for years...my gosj will I be just about THE happiesnt person on this entire globe!!
|
| Hallway123 |
Posted - 08 June 2009 : 15:26:07
I went from iva to bankrupt, the judge was very nice said I'd tried for 2 years to solve problems and he was happy I had done my best.He did however say what a waste of time he thought iva's were and that all I had effectively done was paid iva co £10,000 that could have gone to creditors(which on hindsight I agree with)but I'd say it went in my favour that I'd tried other ways first. |
| gettingoutofdebt |
Posted - 08 June 2009 : 14:07:38
You might want to have a look at Skippy's blog as she had an IVA that failed and declared BR - http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| totally lost |
Posted - 08 June 2009 : 14:01:57
quote:
Originally posted by gettingoutofdebt
Hi,
Yes, 3.6 is only asking if you have favoured creditors so leave this blank. In 11.2 mention that you have tried to resolve your situation by paying a DMP for the last 5 years. During the interview the OR will ask why/how this failed but there is no need to go into great detail on the form.
The OR won't worry about how you found the money to pay the DMP as your DMP company would have gone through an I&E with you and then 100% of your DI would have gone into the DMP. The money that you used for your DMP would have come from any income you have.
This is the same as the OR will do with you during the interview. They will go through your I&E and if you have more than £99 DI you will pay part of that into an IPA.
The I&E for a DMP is different than BR. In a DMP you are expected to pay 100% of your DI so you are allowed additional expenses such as 'Social/Entertainment' or 'Xmas/Birthday Presents'. These aren't allowed in a BR I&E as they will be expected to come out of any surplus if an IPA is applied.
Paying into a DMP for 5+ years is something that will be looked on extremely favourably by the OR so try not to worry about it.
Big HUGE thank you 'gettingoutofdebt'!!!
PS;Anyone out there who has had DMP and then gone BR...and was it in their favour?
Did OR say anything about the effort/DMP ?
|
| gettingoutofdebt |
Posted - 08 June 2009 : 13:47:00
Hi,
Yes, 3.6 is only asking if you have favoured creditors so leave this blank. In 11.2 mention that you have tried to resolve your situation by paying a DMP for the last 5 years. During the interview the OR will ask why/how this failed but there is no need to go into great detail on the form.
The OR won't worry about how you found the money to pay the DMP as your DMP company would have gone through an I&E with you and then 100% of your DI would have gone into the DMP. The money that you used for your DMP would have come from any income you have.
This is the same as the OR will do with you during the interview. They will go through your I&E and if you have more than £99 DI you will pay part of that into an IPA.
The I&E for a DMP is different than BR. In a DMP you are expected to pay 100% of your DI so you are allowed additional expenses such as 'Social/Entertainment' or 'Xmas/Birthday Presents'. These aren't allowed in a BR I&E as they will be expected to come out of any surplus if an IPA is applied.
Paying into a DMP for 5+ years is something that will be looked on extremely favourably by the OR so try not to worry about it. |
| totally lost |
Posted - 08 June 2009 : 13:00:24
quote:
Originally posted by gettingoutofdebt
Hi,
Which section is that?
Section 1.15 asks about an IVA.
Section 3.6 asks if you have paid additional payments to one particular creditor i.e. favouring one creditor over others.
You can put that you were in a DMP in section 11.2 when explaining how you got into debt and what you did to try to assist with the issue.
Hi 'gettingoutof debt'. (thank you again for all help!!)
I am so glad I asked as I obviously misunderstood the 3.6 question.
I will now leave this blank as I havent favoured any creditors and I will instead mention in 11.2 that I have been with DMP since 2005.
Agree/disagree..?
Still, will the OR ask how I have founded the money to pay DMP...?
And how do I explain that on the forms or in the interview...?
(Every last day of the mnth (payday)the first thing I've done is taken out the same amount which has covered rent and DMP.So the same amount is on bank statements for the last 5 years+.)
|
| gettingoutofdebt |
Posted - 08 June 2009 : 12:14:50
Hi,
Which section is that?
Section 1.15 asks about an IVA.
Section 3.6 asks if you have paid additional payments to one particular creditor i.e. favouring one creditor over others.
You can put that you were in a DMP in section 11.2 when explaining how you got into debt and what you did to try to assist with the issue. |
