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Jen-jen81
Starting Member
United Kingdom
5 Posts |
 Posted - 14 April 2011 : 13:45:36
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Hi
Sorry to bother you all (When all this is over I'm sure I'll be replying to everyone elses questions with my experiances!)
I'm almost difinately going BR in the next few weeks, but the whole reason behind me going BR has disappeared, but I'm sure it's still the right thing to do.
I have 40k+ of debt, which I have always paid every month, I even pay above the minimum on my credit cards, leaving me approx 50-100 a month to live off. In Dec I found out I was pregnant and panic set in about how I would cope on only SMP only and childcare costs etc. When I got divorced a few years ago I was awarded a payout from a loan due in March this year. Panic over! This would pay my bills whilst off, and my SMP could be paid over to my partner for my share of the bills. I wouldn't have a penny left over but I would manage.
Then the payout went wrong (after getting divorced my ex got an IVA and his IVA administrators became trustee's of the loan account so when the payout was awarded it was paid straight to them).
I started to look into BR and spoke to cccs and national debtline and they agreed it was the right road to go down.
Yesterday, I found out that the IVA administrators have had a change of heart and are giving me the money after all (after seeing evidence that the money is mine).
Now I really don't know what to do. After looking into BR I think it is the right thing to do. I don't think I'll be able to afford to pay my debts for much longer and I certainly wouldn't be able to afford any childcare.
Should I keep the money seperate and not spend it so that the OR can take it?
Should I but essential baby equipment (not top of the range or anything) and keep receipts and give the OR the rest?
We really REALLY need a kitchen (we don't actually have one - my partner is currently saving for one - it's his house). Could I put some money towards this and hand the rest over? Showing receipts (and even photo's showing that we dont have one).
It isn't a lot of money in the grand scheme of things but is a fortune to me (6.5k)
So sorry for waffling :-( |
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fattypatty
New Member
United Kingdom
69 Posts |
Posted - 15 April 2011 : 10:01:04
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| im no expert but if you decide to go br the money you are due to get would be taken as part payment to people you owe money to as its classed as an assett. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 April 2011 : 10:07:03
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Hi,
You could always use this money to offer a full and final settlement to your creditors, much better than going BR.
Visit www.iva.com for a list of companies and reviews and give one or two a ring. The advice is free and impartial and you may be able to get things sorted rather than going bankrupt.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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Jen-jen81
Starting Member
United Kingdom
5 Posts |
Posted - 15 April 2011 : 10:44:39
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Hi
I thought sbout offering F & F settlements but they really aren't likely to accept 15p in the pound are they? Where as if I go BR they will get much more |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 April 2011 : 10:46:59
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You can but try - an IP company will give you free and impartial advice.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
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'Windfall' just before BR
