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andys
Starting Member
1 Posts |
 Posted - 22 January 2009 : 22:13:44
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i am having a very awkwark time paying everything, i''m currently in an iva which is nearly a year old, but despite the fact that the iva has lowered what i was paying, i''m wondering if it was the right thing to have done. my iva currently works out at £482 per month, coupled with the following expenses:
rent £300
council tax £100 (just gone down)
internet and phone £30
water £47
fuel £270 (50 miles a day for work)
car tax £13 (£180 per year)
insurance £60
gas/electric £100
mobile phone £40
food £200
there are other bills that my fiancee covers as part of the iva agrement (ie rent is £600 but i pay half,we have 2 children, not mine, and a dog so food comes to more than £200 a month! etc etc )
i currently earn 26.5k per year, which translates into £1650 ish after tax, which if you work out the above basically means my whole wage is gone before i get any extra bills, buy clothing or go on holiday etc.
my other problem is that when things do happen there is no reserve, and i have to ask my fiancee to help me out, when i cant really pay her back, and this ends up taking away from her earnings, which is unfair.
in terms of assets i do not own a house(we rent) or any very valuble possesions except for my motorbike which is worth about £2500, and my car, which is worth £1500 at most, i used to own a better car but i have had to sell it, as i will have to my bike if this keeps up much longer.
i am now wondering whether it would have been a more sensible option to have gone br instead of the iva in the first place, and want to know if, in my circumstance, it would be an option i should consider. i know i can also talk to my iva company to try and lower the cost of the iva, but if i remember rightly it can only be lowered by so much, and i doubt it will be enough. another option is that i could get a new iva, but that will take another 5 years, which i don''t want to do. what should i do?
for the iva i owed 53k.
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John
New Member
United Kingdom
73 Posts |
Posted - 22 January 2009 : 22:49:10
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Hi
I would give the helpline a call to discuss your situation. What I can say is the expenditure allowances in bankruptcy are generally considered slightly more generous than in IVA.
If your IP has deemed your disposable income to be £482 per month, which under IVA rules you pay in full to the IP, even if the allowances were the same, which they won't be, in bankruptcy you would be paying £337. This is because the maximum that can be claimed is 70% of your DI.
A monthly saving of £145.
Plus a bankrupt should be allowed to set aside funds each month for a domestic break. The max allowance for a family of 4 is £80 per month. Your DI is now down to max £402 of which 70% = £281.
You're now £201 better off per month without trying.
Give the helpline a call, if you should like - call after 11am, leave your name and contact details and ask for me. I'll call you back within an hour or two.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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RHB
Senior Member
1159 Posts |
Posted - 23 January 2009 : 07:16:18
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| Ypu wouldn't be allowed to keep your motorbike & car though. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 12:50:02
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Hi RHB,
Not necessarily. A call to one of my colleagues on the helpline should be able to confirm whther it is possible in this case.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 January 2009 : 14:15:58
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Andy
I do think that you should speak to someone with more knowledge, their is the helpline number or you could try one of the other experts to the side of the page like Paul at Reviva you need one of these to go through your options with you.
Better to get it right first time.
Best of luck
Jo
x
25 Weeks down
 Yippeee!
27 to go
 Im getting there!
I am always here for you, via posting, email or if you want a one to one chat that can be arranged. I cant give legal advice as i am not trained but i can give you general info and also the personal touch from my experience only.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 14:46:37
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Hi Andy,
My colleagues are avilable on the helpline today to give you some free advice!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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i am having a very awkwark time paying everything,
