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Srrs
Starting Member
33 Posts |
 Posted - 26 July 2009 : 22:09:31
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Hi, another question!
I contacted a company regarding an IVA and they then spoke to my creditors who said they are 90% certain they wouldnt agree to it. I have since looked into a debt management plan but I dont feel it will will manageable. Now I feel my only option is bankruptcy with such large debts. In your experience, how long does the bankruptcy procedure take? and also with a disposable income of £400 will all of this be allocated to an IPO/IPA?
Once again, your help is greatly appreciated. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 08:35:04
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Hi,
The bankruptcy process depends upon how long it will take you to save the BR fee (£510) and how busy your local court is. Some courts (RCOJ for example) allow you to turn up when you like and you are declared BR on the day. Other courts need you to make an appointment and this can be a few weeks in advance if they are busy.
Contact your local court (http://www.hmcourts-service.gov.uk/HMCSCourtFinder/) to find out their procedure and then complete the BR forms and start saving for the fee.
If you have a DI of £400 then you would pay 66% (£264) into an IPA. |
Edited by - gettingoutofdebt on 27 July 2009 08:52:10 |
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Srrs
Starting Member
33 Posts |
Posted - 28 July 2009 : 20:07:25
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Thank you for your reply.
This site is so good and everyone is so helpful.
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mick1972a
Junior Member
235 Posts |
Posted - 28 July 2009 : 20:11:03
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Srrs make sure that you look into everything that you can put down as essential living costs.
For example I never thought I would be able to put down money for a domestic break (holiday), dry cleaning, money for lunches at work and other stuff.
I just thought that you could put down basic stuff like rent, council tax and food and such.
Mick |
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Srrs
Starting Member
33 Posts |
Posted - 28 July 2009 : 20:14:07
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thats great, need dry cleaning for work clothes so really helpful and will definitely try and get some for holiday!!
Do you think listing 20 marlboro lights a day will be allowed??
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 July 2009 : 20:34:08
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I'm not sure about the cigarettes - I have heard about people in an IVA getting an allowance for them, but personally I wouldn't allow it! Use this as a complete fresh start and improve your health at the same time!
Regarding your surplus, not all of that would be paid into an IPA. I think at that level it would be about 70%, but if you have a look at my blog there's a table giving you an idea of what you can expect to pay.
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/
24 IPA payments made, 12 to go - on the home straight! |
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Srrs
Starting Member
33 Posts |
Posted - 28 July 2009 : 22:00:12
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It was a joke, I only smoke 10 a day! lol
I will definitely take a look at your blog.
Once again, thank you for your replies. |
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Hi, another question!I
