Hi, I was made to go bankrupt in May 2011 due to seperating from my girlfriend and being forced to sell my house in 2009 which left me £45000 in debt.
I am current unemployed and have been since I went bankrupt in May, due to being unemployed I didnt have to set up a repayment plan (IVA) to pay back the mortgage company and I have been told if I dont work for a year from the date I went bankrupt then I will never have to repay anything, but if I get a job at a supermarket for say £15000 a year then I will be made to set up a repayment plan for 5 years.
This means if I need £8,000 a year to live (rent, food, bills) then the £7,000 that is left will go to the creditor for 5 years.
So my question is:
Is this true? so if I get a job next week will that go against me and will I be made to set up a repayment plan or is this rubbish? or if I wait until I have been bankrupt for over a year then I will not have to repay anything?
If you have any information on this then that would be great.
If you have any surplus at the end of the month after all your essential living costs, then you have to pay the surplus each month for 3 years. It is called an Income Payment Agreement.
They only have until you are discharged to set this up.
Hi, I was made to go bankrupt in May 2011
Posted - 16 November 2011 : 11:18:36
