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rochelle123
Starting Member
12 Posts |
 Posted - 29 November 2008 : 10:44:36
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hello, i have a few q's regarding bankruptcy. i ahve started proceedings for iva but not had proposal or anything yet. i just want to double check my options before anythings finalsied or incase it failed. i live in a rented home and have no real assets.i have quite a few questions though.
1.what would happen with iva if i chagnged my mind
2.how long does it take to go bankrupt
3.if you dont use you car all the time for work do you los eit-value £1500 aprox
4. i got new sofas and tv in last year on card, partner paid his half.tv £700 sofas £600 would i lose these?
5.do you ahve to pay monthly all you can affor like iva or is it set amount?
6.do you ahve to declare you were bankrupot for 1-3 years or all your life
7.are you allowed a savings account
8.are there any other consequences toher than credit
9.i work in insurance which is authorised by finanical services authority- would my job be effected?
thnaks in advance for any advice, i want to amke sur eim doing the right thing R |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 29 November 2008 : 11:08:42
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Hi Rochelle
You need to ask as many questions until you feel ready to do what is right for you. I will try and help where i can, but have only got my own experience to work off. You are sure to get alot of advice from all here 
1.what would happen with iva if i chagnged my mind
you could explain to the IP co. that you have decided on br (as far as im aware they should/will not charge for any work already done)
2.how long does it take to go bankrupt
You would need to contact your local county court and find out if you are able to turn up on the day, or if you need to make an appointment. You can start to fill forms in online (as most do as you can save them as your working your way throught them, which is great. Once happy with them you will submit them and print them off) or you could download them from the insolvency website and fill out manually.
You would need £495 per person in cash on the day of br, and thats when your br will be adjudged. (if you are on low income or cannot afford the fees you are best to find out if you can get a reduction or help beforehand, as unless you already have this in place you will not be able to go ahead - have a look at needafriend blog its got lots of help and advice.
3.if you dont use you car all the time for work do you los eit-value £1500 aprox
I dont know about this
4. i got new sofas and tv in last year on card, partner paid his half.tv £700 sofas £600 would i lose these?
I would probably say no you would not loose them, as they would be worth alot less now and to be sold at auction value would be worth less to the or
5.do you ahve to pay monthly all you can affor like iva or is it set amount?
If you have disposable income of £100+ after all household expenditure has been paid then you may well be subject to a IPA/IPO. They usually take 50-70% disposable income for 3 years, however if your circumstances change you would need to let the or know so it would be dealt with accordingly.
6.do you ahve to declare you were bankrupot for 1-3 years or all your life
You will usually be discharged automatically 1 year from the date of BR, however if you have to fill forms in etc then you would need to declare it if asked have you ever been made br.
7.are you allowed a savings account
For the little you have left im not sure if you would be allowed one, but i think skippy is the best person for this one.
8.are there any other consequences toher than credit
You are still on the insolvency register for 3 months after discharge, and then like an iva, it will remain on your credit file for 6 years.
If you have any assets, like car (already mentioned by you) houses, caravans etc then you will have to declare them. Do you have anything that could be at risk with br?
9.i work in insurance which is authorised by finanical services authority- would my job be effected?
An expert will be able to advise on this
Hope i have helped a little and good luck
xx
Onwards and Upwards is the way im going :-0)
xx |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 November 2008 : 12:15:28
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Hi Rochelle
The replies by Melanie on the IVA forum are always 100%.
However if you actually start an IVA - so it is agreed by creditors and actually sealed at court - then the procedure for declaring Br is slightly different.
Most courts won'r accept your petition until you get an IVA failure certificate, or at the very least correspondance from the IVA company confirming that they are aware that you want to go Br and have no objections.
In reallity if you started an IVA tomorrow this could take 3 - 5 months. There is nothing to worry about because you are protected from your creditors in the IVA so only likely to get chased a lot if you are going with Blair Endersby who from experience seem to chase ( phone & letter ) as much as the creditors.
The rest is fairly straightforward ,
The most important thing to consider is why you are chosing a debt solution and what you are trying to achieve.
Bankruptct and IVA's are quite different and have different effects on you. Some people feel extremely guilty and would like to try an IVA because of the moral position of trying to repay the debts.
That part is up to you to consider very carefully.
If you are considering an IVA you might also remember that is your monthly contributions are very low - sub £200 per month - it stands a fair chance of failing because even a small rise in the cost of living will have a huge impact upon the viability of your repayments.
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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rochelle123
Starting Member
12 Posts |
Posted - 29 November 2008 : 15:41:35
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hello, thanks for your responses.
no i have no assets other than car- dont own a house etc
re iva i havent even got proposal yet so not far at all. unsure what you mean about courts unlikely to accept until iva failureetc- is that once youve started iva or like me just looke dinto it and started process but not even half way there dont think??
i have got aprox £230 after essentials each month it was worked out with iva so theyre likely to take upto 70% is that right.
many thanks
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rochelle123
Starting Member
12 Posts |
Posted - 29 November 2008 : 15:46:10
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oh aslso does that mean if your court does the turn up thing you turn up with the money and forms and it can be done that day or do they take it then you go back another day??
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rochelle123
Starting Member
12 Posts |
Posted - 29 November 2008 : 16:30:55
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do you have a link to the site where you can fill out br forms online and save so i can have a look?
do they need bank/card statments wage slips etc- i have sent all this to iva co so would need to get it returned if thats what i decided?
apologies re bpombardment of q's, appreciate everyones help
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 November 2008 : 19:51:27
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Hi
you have a lot going on.
Re the petitioning AFTER you have an IVA in place. This has all the same paperwork etc but you just need the extra document from the IP so that may take a few months to organise.
If you have not already started then this is not a problem.
Let me know which area of the country you live in and I will let you know the procedure for that court.
You can fill in the bankruptcy forms online but I would really recommend you downloan and print them first. There are 32 pages so having a hard copy to "fill out" and make notes on can be useful.
If you eventually decide not to have an IVA then they will return your documents and you can give these to the Official Receivers office in due course.
If you have a disposable income of £230 then you would likely pay around £130 per month. Possibly less if you actually have other costs you haven't remembered.
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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rochelle123
Starting Member
12 Posts |
Posted - 30 November 2008 : 11:28:58
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thanks paul, yep my heads all over the place at the mo, was sure i wanted to do iva then someone said to me- why? i have no assets and im only 22 so br is quicker and cheaper etc.
i live near cambridge so thats my nearest court that does br.
yes good idea re printing forms first. i think i will give oyu guys at reviva a call just to settle my mind on all my q's :)
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 November 2008 : 11:38:30
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Hi Rochelle
Here is the link for filling the forms in online, there are many on here like myself that have done them.
https://www.insolvencydirect.gov.uk/isolv/
It is up to you, they are not too difficult and we will all on here help you with any questions your not sure of, but i would do the easier bits first then start on the other sections.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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rochelle123
Starting Member
12 Posts |
Posted - 30 November 2008 : 11:41:09
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thanks needafriend- im sure i will have loads of questions when going through the form lol its nice that theres support on here too (been on the iva forumk loads and its great opn there to for support and advice)
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 November 2008 : 13:34:10
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Regarding a savings account - you are allowed one as you need to save your allowances, but it can be hard to get one. I have 2 with Nationwide and 1 with Northern Rock, but all these were opened post discharge.
The Co-op won't give you a savings account if you're bankrupt as they credit check you, but you might be lucky elsewhere.
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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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 November 2008 : 14:41:37
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Hi i have opened abbey basic savings accounts one for saving money for our modest break and the other for car mot, ins, tax etc.
Thats since going BR. :-)
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 November 2008 : 14:55:05
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Rochelle
the Courts are on East Road - quite a large multistorey car par 2 minutes walk - and you will need to make an appointment.
The Clerk will take you into a small privare room to go through the forms, make the oath and take the fee.
The judge then reviews the petition and hopefully grants the order.
Once the Clerk has typed up the order you have to walk down East Road to Abbeygate House, ( enterance round the courner) and see the Official Receiver in person. This will take about 10 minutes and will no doubt be conducted by a junior.
Hope this helps
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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rochelle123
Starting Member
12 Posts |
Posted - 30 November 2008 : 15:58:34
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that helps loads paul thanks, its always good to know what to expect. do they normally get quite booked up. do you know if i could book now and if changed mind cancel? it all seems so scary giong to court but i spose thats just part of the process.
i am insolvent and prob have been for a year- is there any reason they wouldnt grant br? do you ahve to speak to the judge aswell?
i ahev a savings and current account just opended with co op- had to do that in advance for iva so that part thankfuilly is sorted :)
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rochelle123
Starting Member
12 Posts |
Posted - 30 November 2008 : 16:14:50
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oh also Paul when you see the or on the day is this when they decide what you can keep and what you pay and if cars safe etc? or is that done afterwards?
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i just want to double check my options
