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Ian Richards
Junior Member
United Kingdom
296 Posts |
 Posted - 11 July 2008 : 10:03:03
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Ian xxx
Maizie you are misunderstanding me here hun, I’m not on your case and i know its very tough for you, i have been there myself and know what its like.
Please don’t get upset its not worth it really it isn’t!
What i am trying to say that your debt isn’t your partners problem so he can still have his own life, so if he does that his contribution to the household would be less if you know what i mean.
For instance he may go to a football game every other week that costs him £30 and with a few drinks on top its £45/£50 so this will drop his contribution down by £100pm if you understand me!
I'm just trying to help you here hun
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 11 July 2008 : 10:08:46
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I apologise, I did misunderstand you.
I have only just moved in with my partner and this bankruptcy lark has got me scared. He has his own debts to deal with etc and yes he does have a life.
I thought that because I earn £1388 and he earns £1500 he would automatically be expected to contribute more than me.
Maizie |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 11 July 2008 : 10:18:17
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Hi Mazie,
Please try not to worry. More often than not, the fear of the BR process far outweighs the reality. Most people fine it a bit of an anticlimax when it's all over. Just take it one day at a time and you'll be fine!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 11 July 2008 : 10:28:34
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Thats no problem Mazie and i'm sure that you now understand where i'm coming from.
Like Julian says, it is very much an anticlimax when it actually happens and really nothing to worry abou, but i know thst doesnt make it any easier when you are trying to deal with it yourself.
You will be fine.
Ian
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 22:20:47
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"Remember you are going Bankrupt and you are not really expected to have a life while in Bankruptcy!"
Can you clarify what you mean by the above remark? I personally find the allowances made by the OR's offices pretty generous, compared to those of some of my clients in IVAs due to unrealistic and out of date industry matrices. In contrast, many people who have declared themselves bankrupt have far more money left over than those who choose or are able to offer some form of repayment to their creditors.
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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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 12 July 2008 : 09:15:02
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"In contrast, many people who have declared themselves bankrupt have far more money left over than those who choose or are able to offer some form of repayment to their creditors."
That’s true Melanie they do and in fact i personally feel that some IVA's are a sentence that should be more appropriately deemed as Bankruptcy!
Lets be honest here Bankruptcy is not financially the worst thing in the world to happen to someone anymore, maybe it will be again one day but not at the moment! My remark that you have quoted me as saying was not supposed to be taken in its literal context but more as an example for the terminology. Bankruptcy in its very earlier days was handing over all of your possessions to the person/s who lent you the money, simply because you were unable to pay the debt!
As we now know it’s much different than years gone by and far more easier to deal with.
You are 100% correct in that the OR's allowances for money left in ones pocket are far better than the allowances that debtors are allowed within an IVA.
However you can for example be allowed Golf membership, or Gym Membership or whatever it may be within an IVA, in Bankruptcy you are not allowed this luxury!!
This is what i actually meant by having no life!
When i sit with potential new clients I will always tell them that they can't have the £50pm Sky package, that they must relinquish the £60pm Spa membership and in fact they must endeavour a very basic lifestyle while in Bankruptcy.
So yes i do believe that in a sense Bankrupts have no life, be it for the term of the Bankruptcy or while in an IPA. If a Bankrupt does not get an IPA then life starts again at Discharge, which indeed is their fresh start.
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melanie_giles
Senior Member
1191 Posts |
Posted - 13 July 2008 : 23:53:07
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Golf and Gym memberships in IVAs these days!!! I really don't think so. When people are in debt they cannot afford to repay, there have to be some life changes - but it is widely accepted that bankruptcy allowances are far more generous than those in IVAs these days.
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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Ian Richards
Junior Member
United Kingdom
296 Posts |
Posted - 14 July 2008 : 10:21:30
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| Well, we will have to agree to dissagree with this one Melanie and the last thing i want to do is to have a debate with you about some remark that has not only been taken out of concept but also doesnt have anything to do with any of the questions that are being raised on here by people who are suffering with debt. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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mst
Junior Member
254 Posts |
Posted - 14 July 2008 : 11:32:53
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In this day and age when obesity is such a problem in the NHS etc why should a gym membership not be considered a reasonable expense? As I have stated before I think that the society we live in today rewards those that sit on benefit, drinking and smoking at the expense of those that go to work for 37 1/2 hours a week.
I gave up smoking on January 8th 2008 because I could no longer afford it. Now I am going BR and having my gym membership taken away I may just go back to it to get through the BR.
If I am hit with some huge IPO I will weigh up the benefits of actually going to work for the next 3 years vs doing nothing and starting life again after discharge.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 11:34:52
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Hi MST,
The fact is that gym membership is deemed a luxury item. The OR will (rightly) argue that if you need excercise, get out of the house and go for a walk/run.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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melanie_giles
Senior Member
1191 Posts |
Posted - 14 July 2008 : 11:40:12
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That's correct Julian. There are many healthy activities which can easily be done without the use of a gym membership, and local council run facilities are far cheaper and have just as good facilities.
In bankruptcy, people can continue to pay for their golf and gym memberships out of their 30-50% allowance they are left with. There is no cushion allowed for people who choose to enter into IVAs and that is the point I was making in my earlier post.
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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mst
Junior Member
254 Posts |
Posted - 14 July 2008 : 11:45:01
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| Can I ask that if the OR deems that I have £600 a month to pay creditors, how much money will they request from me and how much will that leave me? I have not factored in all my allowances yet but I guess the OR could argue that I could pay £600 so how much woudl I actually pay? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 11:48:57
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Hi MST,
In the case of IPO/IPA, the OR would take between 50-70% of your declared disposable income. Therefore, if you declare £600 disposable income, the OR will take £420 a month.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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My Allowances - do they seem ok?
