I phoned the Bankruptcy Helpline this morning and left a message but have yet to receive a call back. Does anyone know how long this takes? I'm desperate to speak to someone regarding bankruptcy as the creditors meeting for an IVA is scheduled for 9 Jan and I am not convinced an IVA is right for me. I have £68k debts the majority of which are with Northern Rock (a personal loan and the dreaded together mortgage). My house is in negative equity and I am able to sustain the mortgage payments I will also be able to get someone to buy the BI as I do wish to keep the house. I have no other assets, my car is an old polo worth £350 and that is about it, just the usual household goods but nothing like a flash telly.
I have been advised that my IVA will be over 6 yrs but the equity release clause in yr 5 could potentially make it 7!! Whereas I am aware that the IPA payments will only be 3. Are a similar set of criteria used to calculate your disposable income for IPA as with IVA as I am concerned that I would be a lot worse off going for bankruptcy. My IVA payments have been calculated at £400 per month if this helps. Am I correct in thinking I will not be able to include Sky payments or payments to Talk Talk for combined landline and broadband? Is there anything else I can include in IVA that I can't in IPA calculation?
One more question - what is the likelihood of discharge after 12 months. My debts have been accrued over a period of about 9 yrs. A bad, mentally abusive relationship left me with debts of approx £30k about 7 yrs ago and since then I have basically been robbing Peter to pay Paul by taking out further credit cards, loans etc all in the vain hope that I would be able to sort it all out somehow.
firstly the discharge will be in 12 months and it will be automatic provided that you cooperate with the official receiver.
I am sure the helpline will get back to you but I expect they are probably on skeleton staff and judging by what is happening on the high street they are probably quite busy.
If you have urgent questions while you are waiting for a response then you could try another Assisted Bankruptcy specialist company who has an out of hours helpline.
Then you could check the info with the bankruptcy helpline when they are free.
just a thought.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
You have obviously got alot going on at the moment and alot of questions need answering - why not give paul johns at reviva a call.....he will always make himself available for a free no obligation chat.
Good luck and keep posting
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
Bankruptcy Helpline
Posted - 29 December 2008 : 19:23:27
