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andycase007
Starting Member
United Kingdom
13 Posts |
 Posted - 06 September 2010 : 14:11:15
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Hi All
I have been going through an IVA process but it has become apparent that it will not be suitable based on future income & expenditure.
My wife and I will be applying for bankruptcy and have our meeting at the court on 29th Sept.
As it is both of us, i am confused regards the expenditure as everything really should be split in half - is this the case? Do we list everything exactly the same? If we do this then because i earn more than my wife (she works 3 days) it may appear that i have lots of money left over and she is really in the red?! Does this make sense? Perhaps i would be better off saying that i do pay all the bills and she does the shopping?
Also, we have a £1800 Renault Scenic, 8 years old. We have 1 child and another one on the way, due Feb, would we be able to keep the car?
My wife is going on maternity leave in Jan and then finishing work completely next Aug - should i put down these details on our Statement of Affairs? As we will no doubt have a Payment Arrangement, but if it starts in Novemeber, 2 months later i will be asking for a review as my wife will be on Maternity leave? Then 6 months after that, i will be asking for a review again?
Sorry for the confusing ramble - we cannto afford to pay a company to take us through the process as the £600 each is hard enough to raise.
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debtinfo
forum expert
2826 Posts |
Posted - 06 September 2010 : 14:57:54
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OK, first thing to note, the SOA is just for the Courts and OR's information dont look at it and try and move things round to give what you think should be the correct bottom line, just answer the question as the are asked.
Expenditure - on both sets of forms you should put down the full household expenditure items (rent, gas concil tax etc) plus on your individual papers and individual expenses you have (ie one might have a car where the other does not)
Whether you get to keep the car depend on whether the OR thinks it is necessary, the most common reason is for people to get to work
Just put the situation down as it is at the date of the bankruptcy order
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 06 September 2010 : 15:22:19
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Hi Debtinfo
Thanks for your reply.
I wouldn't make the figures fit - i was told that when i tried for an IVA.
I just thought that if both of us put down the same expenses, it's like claiming twice. The mortgage is joint, as is gas, insurance etc, so halved, surely?
Also, we currently bank with Natwest,, as we changed from HSBC as we owed them money. We do not have an overdraft obviously - if we get declared bankrupt, and in our account is just the money for our direct debits - will that be forzen? If it is, then i could have charges levied on me by people like my mortgage provider for having a payment returned?
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debtinfo
forum expert
2826 Posts |
Posted - 06 September 2010 : 16:03:34
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no the full amounts, as i say you are not claiming anything just informing the OR of what all of the bills are in the house
It may be, it will be down to the bank, Natwest are a bithit and miss, Co-op and barclays are the ost bankrupt friendly accounts |
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Worried Woman
New Member
United Kingdom
60 Posts |
Posted - 06 September 2010 : 16:22:03
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Personally I would open a new basic bank account and tranfer all your direct debits and income to the new account, just in case the OR or the bank freeze the account. At least that way you will have your bills paid.
Co-op Cashminder account is good, even if no branch near you you can pay into a post office, the other BR friendly account is with Barclays.
We had a Halifax account and even tho' it was a basic account and we didn't owe them any money they closed the account and would not accept me as a BR.
Hope this helps.
Went Br 20th July 2010..countdown for 1 year. |
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andycase007
Starting Member
United Kingdom
13 Posts |
Posted - 06 September 2010 : 16:36:26
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Hi Both
Have just got off the phone with Coop and they have accepted us for their basic account - should receive paperwork and cards etc shortly.
My court date is 29th Sept and 99% of my DD's come out on the 1st of the month, so should have plenty of time to transfer everything so that no one misses a payment.
Stressful!!!
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Newbie - please help
