| Author |
 Topic  |
|
|
davidmarkuk
Starting Member
United Kingdom
6 Posts |
 Posted - 08 November 2011 : 21:13:19
|
If I become bankrupt, how much will I still have to pay monthly for 3 years, my salary is £1700 pcm, and my out goings are approx £1200,
Many thanks |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 November 2011 : 21:43:16
|
Hi and welcome.
Are those outgoings just your normal bills or do they include loan payments as well?
If you are bankrupt and you have over £20 disposable income per month after your normal househould bills have been paid then the whole lot has to be paid across to the BR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
 |
|
|
davidmarkuk
Starting Member
United Kingdom
6 Posts |
Posted - 08 November 2011 : 21:59:14
|
| No, thats before, food, petrol, gas & elec, I probably i probably payout approx £1500 in total, does that mean I would have to pay approx £200 each month for 3 years? |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 08 November 2011 : 22:17:52
|
Your priority payments come first, rent/mortgage utilities, food etc. The OR would go through your I&E with you. Whatever is left, if there is more than £20 per month, would be paid across to your BR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
|
|
|
davidmarkuk
Starting Member
United Kingdom
6 Posts |
Posted - 08 November 2011 : 22:28:48
|
| Not much point going bankrupt then if I'll have to pay out every spare I end up with, thanks for your help. |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 November 2011 : 06:39:10
|
You are given allowances for things so you may find that it's not as bad as it sounds. Take a look at Skippy's blog - it has useful information on what you can claim for.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 09 November 2011 : 09:20:46
|
I disagree that there isn't any point in going BR - you will have allowances to cover your outgoings and you will no longer have the worry of paying your bills.
I would suggest that you speak to an expert to discuss your options.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
|
|
|
davidmarkuk
Starting Member
United Kingdom
6 Posts |
Posted - 09 November 2011 : 09:44:59
|
| But if i'm paying out more in an IPA than I currently pay Payplan, does seem a bit pointless?, If i only have £7500 worth of debt will they still place an IPA on me? |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 09 November 2011 : 10:46:59
|
| How long would you be paying payplan, at the end of the day it is your decision, all we can do is tell you how it works |
|
|
|
kathryn13
Starting Member
4 Posts |
Posted - 09 November 2011 : 11:22:46
|
Do you pay as much into bankrupcty as you would in an IVA?
and can it be done jointly?
Myself and partner are in the proposal stage of our joint IVA but I'm thinking if the payments would be less, or equal to IVA if we went bankrupt, we'd probably be better doing that |
|
|
|
davidmarkuk
Starting Member
United Kingdom
6 Posts |
Posted - 09 November 2011 : 12:23:45
|
| I would probably pay twice as much into the ipa than i do payplan, Im single, so having no one to help with an extra income. |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 09 November 2011 : 12:35:18
|
As Debtinfo has asked, how long will it take for your debt to be repaid with your debt plan? Have all your creditors frozen the interest and charges? Speak to Payplan for some advice on bankruptcy or an IVA and see which one would suit you better. It may be that it's best for you to stay with the debt plan.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 09 November 2011 : 12:37:37
|
Hi Kathryn13,
When you took advice from your IVA company, they should have gone through all three options with you in detail: an IVA, a DMP and bankruptcy. If they haven't then you really need to either speak to them again, or take further advice from someone else.
You could pay the same in bankruptcy, or more or less, everyones case is different.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
|
|
| |
Topic |
|
Monthly payments
