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Bolly
Starting Member
United Kingdom
4 Posts |
 Posted - 11 April 2011 : 14:04:39
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| Hi there, My husband and I are seriously thinking of declaring BR. Been in debt many years most of it in my name. Had IVA and DMP but am now ready to throw in the towel after wasting so much many to the above. Can anyone please tell me how much we are likely to able to have each month. Hubby earns 22k and me about 13k. We have no equity in the house and a cheap car. Hubby works in London and needs £60-70 per week for petrol and I need about £30. On top of this I have 3 kids to feed and clothe. Are we allowed to put money away for car service/mot/tax (2 cars)?? My husband is so worried that we will be worse off than we are now and now is very bad!!! Can anyone please help. Thanks. x |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 April 2011 : 16:51:31
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Hi and welcome.
Can I ask why you are thinking of coming out of your IVA? If you are having problems then you speak to your IP in the first instance.
If you declare BR then your credit rating will be shot for a further six years and you may well end up with an IPA for three years which can be as much as, or more, than your IVA payments.
There is no guarantee now that you will be able to keep your house as the OR keeps an interest in for two years and three months after BR is declared and it will cost you £625 each to declare bankruptcy.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Bolly
Starting Member
United Kingdom
4 Posts |
Posted - 11 April 2011 : 17:08:06
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Thanks for your reply Jan. I came out of the IVA last year as we simply couldn't afford it. Our DMP is 150per month. My husband has a debt with MBNA and they have been particularly bad and have taken us to court and are now wanting to secure the debt on the house. My parents have said they will pay for the BR (great parents). We are around £7k in negative equity, could be more though we are having the house valued on Weds. Why do you think the house may be at risk if there is nothing to gain from it? Sorry i'm completely dumb about all of this.
Karen Hughes |
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RHB
Senior Member
1159 Posts |
Posted - 11 April 2011 : 17:28:52
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| In two years + there may well be equity, in the house therefore it is a bit of a risk. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 April 2011 : 17:40:54
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I agree that it could be at risk Karen.
You could try another IVA - there are companies out there who do them on less than £200 a month.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Bolly
Starting Member
United Kingdom
4 Posts |
Posted - 11 April 2011 : 17:53:03
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Really Jan??? Can you tell me who? I was with DFD I paid £400 per month and the whole lot went to them when it failed. Well over £5k. That left a very bitter taste in my mouth. My creditors got nothing... I am so scared of BR and on the other hand I am thinking it's the best thing. I keep writing out my expenditure to no end. I am constantly borrowing money from my parents and I hate it as i am 40! Cost of living is so high. I don't want holidays and flash clothes I just need enough to keep my family. BUT that might be too much in the eyes of an OR. Really not sure what is a reasonable cost of living is.
Really appreciate your advice on here. Head is all over the place.
Karen x
Karen Hughes |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 April 2011 : 18:23:22
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Cleardebt do them for less than £200 a month. On the sister forum, Size5 posts on there and he works for them. You could always email him via his details on the expert section.
Before making a final decision, do give someone else a ring.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Bolly
Starting Member
United Kingdom
4 Posts |
Posted - 11 April 2011 : 18:56:11
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Thank you very much Jan. Will make some more phone calls. x
Karen Hughes |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 April 2011 : 19:07:14
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Let us know how you get on - hope you can get something sorted.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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seriously thinking of declaring bankruptcy
