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poopedmass
Junior Member
United Kingdom
229 Posts |
 Posted - 02 September 2008 : 11:58:26
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| hi everyone we are new to this, still filling in the petition form. Have loads of quetions regarding bank accounts and whether you have to still have to make monthly payments to your creditors when br, have read somewhere that you might have to??!! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 12:02:42
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Hi Poopedmass and welcome to the forum - I love the name by the way :)
When you are BR, it is illegal to make payments directly to your creditors. The OR will examine your income and expenditure. If you declare a disposable income in excess of £100 a month, they can take 50-70% (on a sliding scale) each month for 3 years to distribute pro-rata to your creditors using an IPA/IPO.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 02 September 2008 : 13:41:40
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| Thankyou, just doing the income and expenditure, I assume you include absolutely everything including childrens after school clubs, leisure activities, dog food etc? I AM SO CONFUSED!! The kids go back to school tomorow too so have got a million things on my mind!! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 14:16:34
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Hi Poopedmass,
Include everything and the OR will determine what is allowable or not.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 02 September 2008 : 15:18:41
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| what is not allowable? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 15:33:19
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Hi Poopedmass,
A lot is at the OR's discretion, but Sky TV for example is deemed as a luxury and not an allowable expenditure. Best to list everything and then negotiate with the OR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 02 September 2008 : 16:10:15
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| what about the kids activities like swimming and football etc? |
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zoe
Junior Member
329 Posts |
Posted - 02 September 2008 : 16:15:06
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| List what you actually spend. It is down to the OR only to decide what is allowable expense and what isn't im afraid |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 16:16:32
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Hi Poopedmass,
There are allowances for some activities. As Zoe said, list everything and negotiate with the OR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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poopedmass
Junior Member
United Kingdom
229 Posts |
Posted - 02 September 2008 : 16:36:56
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| my parents are puting up the equity so i won't have to lose my house, but will the mortgage company be ok with the fact that we are BR? We have never ever missed a mortgage payment. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 02 September 2008 : 16:40:31
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Hi Poopedmass,
Secured debt is exempt from BR. If anything, your mortgage company will realise that as you won't be carrying any unsecured debt, the mortgage will effectively be more affordable.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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questions regarding bank accounts
