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dazed and confused
Junior Member
United Kingdom
475 Posts |
 Posted - 09 October 2008 : 21:10:17
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Dear Forum
Sorry one more question...
I have approx. £40,000 unsecured debt.
I am currently in a DMP which I pay £407.55 per month into.
Before the DMP, I was paying approx. £600 - £700 per month minimum payments on my debt.
I have no assets as such - my greatest assest is my car which is worth about £1,000.
I am due to be abroad on a Career Break from work for a year in January, and I do not have a job sorted as yet.
I get paid approx. £1,450 a month after tax.
I have a second job which is seasonal and the pay is irregular and different each month.
I was originally going to go BR in January before going abroad.
Would I be able to go BR now?
Am I considered 'Insolvent'?
I am worried that the OR / Judge may say that I am earning too much to go BR and that I can't go BR now...
Any thoughts / ideas please?
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 October 2008 : 21:43:34
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Dear Forum
Sorry...thought I needed to add to this - I don't think I fully explained my sitaution very well...
I said before the DMP, I was paying approx. £600 - £700 per month minimum payments on my debt - I must point out that to make these payments I was using Credit to pay Credit, so in reality I had been living beyond my means for a while, and just hadn't realised it, it was only when the computer said "NO!" and every account hit rockbottom that I fully realised something had to be done - foolish I know to leave it so late.
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BankruptC
Senior Member
1030 Posts |
Posted - 09 October 2008 : 21:48:32
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I'm not too sure here hon. When you were paying the £700 per month, did you have a shortfall after all essential payments and the debt repayments?
Your liabilities definitely outweigh your assets, so in that sense of the word, you are insolvent...
I don't know enough about the situations in which people are refused BR to answer this properly, but if I were to guess I'd say if your answer to my first question is yes, then you are insolvent whichever way they look at it.
I'm sure someone else more 'in the know' will help you out soon.
Hang on in there. :-)
C. x |
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BankruptC
Senior Member
1030 Posts |
Posted - 09 October 2008 : 21:52:07
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Ooops, our posts crossed there! :-) I'd say yes then. You do seem to be insolvent and I personally don't think you'd be refused BR as long as you've taken professional advice, looked at all the other options and fully understand the implications of BR, which you do, of course! :-)
C. x
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 09 October 2008 : 22:05:22
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Aaahhh - C!
I cannot keep up with your replies!
To be completely honest, I am not totally sure - my circumstances have changed quite a bit since then - both persoanlly and financially.
I was not wise enough back then to really live to a strict budget or anything but I do know that I was juggling a lot of credit and shifting figures between Peter and Paul to try and stay on top of things if you know what I mean?
Maybe I should go back to my finances sheets and budgets and stuff and work it all out - again!
Based on my current DMP, like I said they have worked out that I can afford £407.55 per month but some of these figures are not quite accurate - they have bumped some things up like gas / electricity (I must point out they did this too and not me) up to the maximum allowances for a single person.
You see C, this is my main problem and what I talked about the other night - my situation is a bit complicated but I know that one way or another it's either BR for me now or in a few months' time when I depart for a year.
For my own sanity, and for peace of mind and a desire to be true to myself and everybody else, I would prefer to do it now but maybe I will jus have to wait and continue with the DMP until my work finishes???!!!
Have you heard of people being refused BR at all???
Cheers again!
Rich.
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BankruptC
Senior Member
1030 Posts |
Posted - 09 October 2008 : 22:14:09
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Sorry!!!!! (haha)
Yes people can be refused BR, if they can sell their house to pay their debts for instance, which would of course mean they are not insolvent, or if it's obvious they don't understand the implications of what they're doing maybe.
To be honest though, we weren't behind with our payments till we decided to go BR when we stopped paying. We knew that when I went back to work in Sept, we wouldn't be able to pay, but at the time, we were still meeting our repayments, albeit by robbing peter to pay paul.
C. x |
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Can I go BR now???
