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paul851
Starting Member
United Kingdom
3 Posts |
 Posted - 23 October 2008 : 08:51:26
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Hi,
I'm am thinking of going bankrupt because i owe 43 thousand pound and i am unable to make the minimum payments on my loans and credit card payments. I take home 1300pm and i still live at home with my parents, they charge me 250 pounds pw which doesn't include food. Because i live at home and i take home 1300pm would it be possible for me to go bankrupt, also i have practically no assets so would i have an IPA taken out on me? If so is there an approximate amount that i would have to pay each month. Three more questions, It is possible that in the not to distant future i might be lodging at my girlfriends property she owns. Would i be able to have my IPA payments reduced in order for me to afford to live with her? Also would her property be in danger because of my bankruptcy? Finally, my monthly wage does not include overtime which is not always available. If i do overtime do i have to declare this and will all this extra wage be taken away from me?
Many thanks. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 October 2008 : 09:44:10
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Hi Paul
Welcome to the forum.
1. Overtime - you need to keep the official receiver updated of any material change in your circumstance during the Br period.
2. an Income Payment Agreement is an agreement by you to make a contribution towards the debts & costs of Br by paying a percentage of your disposable income for a period of 3 years. The percentage is between 50 - 70% of Disposable income.
3. It is important to fully understand your income and expenditure position. Your expenditure should not include luxuries BUT you are aloud to live a normal life so you should review this carfully. Additionally you seem to be paying quite a lot for contribution for accomodation and food etc and would do well having a chat with an expert to review a sensible position moving forward.
5. if you move in with your girlfriend her house is perfectly safe but you will need to review your contribution to the household costs again.
hope this helps a little
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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paul851
Starting Member
United Kingdom
3 Posts |
Posted - 23 October 2008 : 15:35:50
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Thanks Paul,
That helps me a great deal although if you could answer a couple more questions for me i would love you for ever. the first question regards the overtime issue, if i inform the official receiver about overtime wages is the whole amount taken from me? a percentage? or none at all? The second question regards moving in with my girlfriend. As i am currently living at home my monthly payments towards my BR could be quite high, this would make it difficult for me to afford to live with my girlfriend. Would it be possible to be able to have these payments reduced? or would it be advisable to somehow manage to rent a room now so my outgoings are higher but my disposable income would be lower. That way i could be in a better situation to be able to live with my girlfriend as my payments towards my BR would be lower.
Help please
thanks
paul
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 October 2008 : 15:44:16
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Hi
Only a percentage of the disposable income is taken - so however you earn your income you will be left with some disposable.
Really recomend that you have a conversation with someone to go through all the income & expenditure figures to make sure it honestly reflects the position now and doesn't disadvantage anyone later on
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 October 2008 : 16:05:25
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Hi Paul851
I would do as Paul has said and give someone a call, its better to have a verbal conversation and then you can put everything across and then they can advise what your options are tailored to your individual circumstances.
I hope that you do call someone and let us know how it all goes.
Best of luck
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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paul851
Starting Member
United Kingdom
3 Posts |
Posted - 23 October 2008 : 17:34:24
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Hi,
I just called National Debtline and the government insolvency helpline, they informed me that the overtime (if regular) would be counted as disposable income but it should have the same sort of retrictions as my DI so hopefully they wont take any more than 50-70% of it from me. They also said that if my situation changes and i move in with my girlfriend then my situation would get reviewed and possibly have my IPA payments reduced.
Thanks again
Paul |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 October 2008 : 18:43:53
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Hi Paul
Thats good that you called them but why not give our helpline a call on 0800 078 9367 or give Paul a ring at Reviva, that way you can get more info and again unbiased information based on your case only.
They are correct in what they have said and yes if given an IPA you must inform the OR within 21 days of any changes like moving or a new baby etc so that the changes can be noted and the IPA changed as required.
LOL
Take Care
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 23 October 2008 18:44:56 |
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questions on going bankrupt
