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stevem
Junior Member
United Kingdom
171 Posts |
 Posted - 01 July 2008 : 21:08:06
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Hi Everyone.
I've been posting on the IVA forum for the last week or so and have recieved some great help and advice.
After speaking with my IP this evening i have been informed that bankruptcy is a better option for me.
Afraid i'm gonna have to drive everyone mad with my questions on here now. Sorry!!!
Was just looking for some general advice really.One thing i'm determined to do is not lose my house.I've been advised this won't happen as i have no equity so it wouldn't be worth them taking it.(think that was the idea).
So is bankruptcy really as scary as it sounds?? And i'd love any advice anyone can give me.... Thanks....Steve |
Edited by - stevem on 01 July 2008 21:38:56 |
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melanie_giles
Senior Member
1191 Posts |
Posted - 01 July 2008 : 21:20:04
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From a professional point of view Steve, I would have to say no, but the best experts on this point are those who have actually been through a bankrutpcy personally, so I will leave it to them to answer.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 July 2008 : 22:22:32
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Hi Steve
Bankruptcy - like any unknown can be terryfying. HOWEVER knowledge is power and provided that you equip yourself with some solid information and prepare properly - either yourself or with assistance - then it is not that bas at all,
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 01 July 2008 : 22:33:50
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Hi Steve,
I'm very similar to you. I too have 'crossed over' from the IVA. I was terrified at first, but now it doesnt seem so bad. I've asked loads of questions too and always get a response. I also have negative equity in my property and really want to hold onto it. My Dad is going to buy my beneficial interest for £1 (plus fees of approx £250), we are also going to buy our life assurance back from the OR too (waiting on cost of this, anything from £50-£250). Busy raising the dosh now to go BR, looks like maybe next month.
Hey we can be BR buddies! |
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stevem
Junior Member
United Kingdom
171 Posts |
Posted - 01 July 2008 : 23:34:36
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OK BR buddy...sounds good 2 me...would be grateful of anything you could tell me either on here or by e-mail...we are terrified even by the word and really need some advice and facts on just what we stand to lose etc....i guess you'll know the kind of questions i mean....
thanks too Paul, for the reply.have e-mailed your company as we speak...Steve |
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Blindshrimp
Junior Member
190 Posts |
Posted - 02 July 2008 : 00:01:28
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Hi Steve....I also looked into the IVA option, but BR is also the best option for me. However I do have equity in my house which I obviously stand to loose (took me a long while to come to terms with that!).
But the way I see it, I am miserable right now and it is spilling over into every facet of my life (and has done for the past few years), so to be able to draw a line, admit I made a few wrong turns and start again sounds like a great thing to me!!
Hopefully by the end of the week I will have gone to court and the end will be in sight.
So good luck to you...funny thing, I never expected to be saying something like this to people, but I think it helps to know there are others out there who won't judge and can understand. |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 02 July 2008 : 09:22:43
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Hi again Steve,
Feel free to ask any questions (I've asked enough), if I can help in any way then thats great. I'm happy for admin to let you have my email addy too.
Some things I have discovered in the past couple of weeks....
It is at the banks discretion whether or not they close your account/s and whether or not you can have a debit card.
At the date of going BR, any utility bills owed or phone etc, will be made part of the BR.
Most energy companies will allow you to continue as normal, some will insist on a pre-pay meter (but this is rare).
Some mobile phone companies will terminate their contracts but allow PAYG. We want to keep our mobile on contract so will be writing to T Mobile to explain this once BR order is in place.
Your tax code at work will be set to BR or NT. This will continue until 5th April 2009. In that time, it will be up to you to pay your contributions to the OR.
You can keep your car up to the value of approx £2500. Some OR will let you go slightly over this, some will let you pay them the difference.
IPAs last 3 years and Skippy has kindly put together a table of how much you can expect to pay.
This is a table of IPA percentages that you can expect to pay on any surplus income:
1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME
50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70
I would also recommend reading her blog http://skippy13.blogs.iva.co.uk/
If I can think of anymore then I will post. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 July 2008 : 12:22:23
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I think the thought of going BR was far worse than actually doing it. When I left court it was such a weight off my mind, although the next day I did walk down the street feeling as if I had a big cartoon finger pointing at me, and a bubble saying 'BANKRUPT' over my head! That soon passed, and once the OR interview (which was actually nowhere near as bad as I was expecting) was over I felt as if I could move on.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 July 2008 : 12:23:26
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Hi Skippy,
Most people actually find the process of BR a bit of an anticlimax. Nice to be debt free though!!!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 July 2008 : 12:26:19
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I thought there was going to be much more to going to court than there actually was! I must admit I was shaking when I went into see the judge and I can still remember how heavy the chairs were. The funny part was when a mobile phone rang while I was talking to the judge and he looked at me as if it was mine (which was obviously switched off!) and then realised it was his!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 July 2008 : 12:48:56
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Remember, the judges are only human too :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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kramsenrab
Junior Member
United Kingdom
199 Posts |
Posted - 05 July 2008 : 07:54:23
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Hi all,
Please can I be a BR buddy too? Thanks for the great advice DM, it certainly looks like we ae facing BR having spoken to Melanie's team last night, it appears an IVA just wont suit our needs.
Now I'm so scared but eager to get on with it as soon as poss. We have negative equity in the house so I understand that is safe (priority No1), but we're probably gonna lose our cars (really hard to come to terms with, & gonna be VERY hard to do without, practically , not just in a convenience way).
What are the fees we need to get together to begin the process? Thats what might take time..... |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 05 July 2008 : 08:25:05
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If you are going br as a couple then the fees will be £495 each. This paid on the day at the court. After that you will have the option to purchase your beneficial interest (or a family/friend). The OR will mention this. This will cost £1 with solicitors fees of approx £200-£250. You will then need to buy back your life assurance policy, some OR will sell it to you for approx £50, other will sell it for a years worth of payments (e.g our policy costs £20pm so 20x12=£240). Thats about it!
Try not to stress too much about the cars. I may lose mine too and I just keep telling myself its only a piece of metal with 4 wheels, there is always public transport.
But I was just wondereing, if you are allowed a car up to the value of £2500 and own one of say £5000, when this is sold does the OR then give you £2500 to purchase another car?. Dont laugh at that question! You never know!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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melanie_giles
Senior Member
1191 Posts |
Posted - 05 July 2008 : 11:44:00
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You are generally made a car allowance, by prior negotation with the OR.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Dee
Junior Member
United Kingdom
215 Posts |
Posted - 05 July 2008 : 20:33:22
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Hi Stevem
I am a recent bankrupt and can honestly say its the best thing I could have done without a doubt. When its all over you'll be so relieved. I dont feel any shame anymore and I talk quite openly with people about it at least that way if anyone is in the same position they'll have someone to talk to about it. I'll then direct them to this site.
Keep posting thoughout the process and gain support and strength from everyone on here.
It really isn't that bad.
Take care 
Dee |
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Bankruptcy Advice
