| Author |
 Topic  |
|
|
Sindy
Starting Member
23 Posts |
 Posted - 26 March 2009 : 23:12:53
|
Hi guys have just been reading this forum and found it extremely useful as I am seriously considering going bankrupt, I owe approxiamtely £35,000, however, this is an amount that has come down from around £45,000 due to friends and family helping me out. I got into this situation as I was in a relationship with someone who was very controlling, and manipulative and due to me being naive at the time I took the loans out to 'help' him, and also as I was under the impression he was investing this money, obviously he took off with the money!
I did however, inflate my income massively to obtain one of the loans which I have, I just wanted to find out the likelihood of this coming up during the bankruptcy/OR proceedings? I am aware that 15 years is the maximum BRU that I'm looking at is 15 years, however just wanted to know if someone has been through a similar situation and what was the length if any of the BRU they had? Also would they take into consideration that I never spent the money and was basically 'duped' out of it at quite a young age.
Any advice will be appreciated. |
|
|
Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 March 2009 : 07:51:41
|
Hi SIndy - when did you take out the loan which requirewd the inflated income? How old the loan is would depend on whether it was looked at, and taken into account, but in any event if you were subject to a BRU whicis probably unlikely unless the loan was in the last 12 months, it would not be 15 years...recent gambling which is something the OR frowns upon, only results in 3 or 4 years BRU. So youare probably worrying unncessarily
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
|
 |
|
|
Sindy
Starting Member
23 Posts |
Posted - 27 March 2009 : 11:35:58
|
Hi Melanie, thanks for your reply, the loan is approximately 3 years old, so it was'nt taken out in the last 12 months, if I never personally sp[ent the money from loans/credit cards would they take this into consideration, as I would never have gotten into debt was it not for my ex partner, I have never had reason to take out a loan, and previous to this relationship have never been in any debt.
I initially posted this question from the home page, and I assumed it hadn't gone through as it took me to an error page, tho it seems it has been answered by two experts now so all the advice is taken aboard and much apprecaited.
|
|
|
|
Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 27 March 2009 : 11:44:09
|
On the basis of the information you have provided i do not see you recieving a BRO
Hope this helps
Melanie
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
|
|
|
|
Sindy
Starting Member
23 Posts |
Posted - 27 March 2009 : 11:50:20
|
Thanks for your advice Melanie, just one last question if you don't mind, is everyone who files for bankruptcy subject to an IPA for three years? Or are there cases where there are certain exceptions?
Once again, many thanks |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 March 2009 : 11:54:31
|
You only pay an IPA if you have disposable income of over £100 per month after all your normal bills have been paid. Then you will pay across between 50 and 70% of that.
The glimmer gets brighter all the time
Jan
xx |
|
|
|
Sindy
Starting Member
23 Posts |
Posted - 27 March 2009 : 11:59:41
|
| Thanks for reply Kallis, I have just been looking at another thread with similar question,from what I understand, an IPA can only be applied during bankruptcy and not once you are discharged, meaning that if you have no disposable income during bakruptcy an IPA cannot be applied, and once discharged if you do get a job and have an income, then no IPA can be applied regardless of when you were discharged.....is this correct? |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 27 March 2009 : 12:11:41
|
That's right Sindy, the OR can only set an IPA before you're discharged.
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/
21 IPA payments made, 15 to go - on the home straight! |
|
|
|
Sindy
Starting Member
23 Posts |
Posted - 27 March 2009 : 12:15:35
|
| Thnks Skippy, your advice is much appreciated, this is an excellent forum as you guys have pretty much answered all my questions and put my mind at rest in such a short space of time, I have decided I will be filing for bankruptcy, so will keep you guys posted on progress...... Wish all of you on here the very best for the future x |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 27 March 2009 : 12:45:10
|
Good luck, I hope everything goes well for you x
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/
21 IPA payments made, 15 to go - on the home straight! |
|
|
| |
Topic |
|
Bankruptcy
