| Author |
 Topic  |
|
Niobe
Administrator
United Kingdom
4590 Posts |
 Posted - 04 August 2009 : 17:44:33
|
BR lasts for a maximum of 12 months until you are discharged, you may have to pay an IPA for three years, but that is unlikely in your case.
With an IVA you would make ongoing payments for at least 5 years.
In both cases your credit rating is shot for 6 years.
Once you have had your OR interview you will feel much better and be able to get on with your life.
The glimmer gets brighter all the time
Jan
xx |
 |
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 August 2009 : 18:36:32
|
It is possible to overturn a BR order but this usually only happens when someone has been made BR by a creditor, not because someone has changed their mind.
The only other way for a BR to be annulled is for the debts and OR's costs to be paid in full.
Believe me it does get better. I thought it was the end of the world when I went BR but it really isn't. It gave me a fresh start and let me move on with my life - I have a much better life than I did pre BR.
Did you take professional advice before petitioning for BR?
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/
25 IPA payments made, 11 to go - on the home straight! |
|
|
|
sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 04 August 2009 : 18:43:28
|
Hi
an IVA, DRO and Bankruptcy are all forms of insolvency, and as Skippy said it will get better, you have done the hard part and can hold your head up high now.
Dont quit your degree it will open a world of opportunities for you maybe or maybe not in teaching but in so many different places.
An IVA can stop you getting work in certain areas.
You have done well, and I can understand the anxiety. Sit back and relax, wait for the OR / OR Examiner call isnt that bad, and then you would know if you are subject to an IPA or not.
In thee end of the day its upto you, but as Jan says a Bankruptcy is for 12 months an IPA if you get one is a max of 3 an IVA can last upto 10 years some can go longer depending on the income and the case.
Keep posting and please goto your GP to discuss the feelings you have at the moment.
Best of Luck
Stu J Byron |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2009 : 18:57:13
|
It is highly unusual to have an IVA which lasts longer than 7 years and the majority are completed within 5/6 years.
As Skippy says though, if you have petitioned for your own bankruptcy it is unlikely that you can get it overturned unless you can pay in full.
You will be fine, you are now debt free and the OR interview will be ok.
The glimmer gets brighter all the time
Jan
xx |
|
|
|
helen_w5
New Member
79 Posts |
Posted - 04 August 2009 : 19:43:29
|
Thanks guys.
The stupid thing is that im not too upset about how this actually affects me, its the terrible fear that someone else will find out - mainly worried about my parents or boss.
I just need to know that this is not going to happen....
How can I avoid the nil tax code...please help |
|
|
|
Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 August 2009 : 20:08:49
|
As far as I know there is no way to avoid the Nil Tax Code. If anyone asks you about it you can a) tell them to mind their own business or b) as Jan said in a previous post tell them you've had problems with the tax office and you've been put on this code to correct your payments.
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/
25 IPA payments made, 11 to go - on the home straight! |
|
|
|
helen_w5
New Member
79 Posts |
Posted - 04 August 2009 : 20:16:51
|
| I really want to back out of this BK and opt for the IVA. Im going insane with worry. I cant deal with it all - this was a huge mistake. Can anyone recommend a company to use for a fast track IVA before I lose it totally? |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2009 : 20:23:20
|
If you have petitioned for your own bankruptcy, then you can't overturn it as Skippy has said.
You are now debt free - once the OR meeting is over then you can relax.
To be elibible for an IVA anyway, you would have to have a job which gives you sufficient disposable income to propose an IVA. I doubt you would be able to do one quickly.
You got the worst part out of the way by going to court.
The glimmer gets brighter all the time
Jan
xx |
|
|
|
frosie90
Junior Member
285 Posts |
Posted - 04 August 2009 : 20:40:07
|
Hi Helen W5,
Please try not to worry. BR does not have the stigma attached to it that it used to. I had exactly the same worries as you have. As many posters have said, the hard part is over. And you are doing something very positive about it. The two things that, at first, made me stumble was the thought of my family and friends knowing. I have only had to tell a select few. They have all been relentlessly supportive. Apart from a few lectures from my father even though I am 46. He was initially upset and thought I had been reckless but after a few words of him saying "I brought up 7 children and never had to resort to this ...." he has been nothing other than the most supportive person. My second fear was my job. I am a manager of a care home and I was so fearful of losing my job. I am not suggesting you tell your employers but I chose to. Only those that mattered (i.e. line manager etc.) they amazed me by their level of support. This support continues. BR is not the end of the road Helen. It is simply a recognition that the situation cannot continue. Having read your posts I firmly believe that you are choosing the right path. It is and will be a gut-wrenching experience but much less than trying something like an IVA which may only prolong the anxiety and may still lead to BR and you go through this whole agony again. Please try and take the advice of this forum and use their expertise. You are not alone. I wish you lots of luck.
Rosie
|
|
|
|
helen_w5
New Member
79 Posts |
Posted - 04 August 2009 : 20:43:35
|
Rosie thank you so much for your post!
Please can you tell me, did you choose to tell those select people or did they find out accidently? |
|
|
|
helen_w5
New Member
79 Posts |
Posted - 04 August 2009 : 20:45:50
|
| Also does anyone know if i can quit my job or if i can only change jobs - what im saying is can i make myself unemployed, i dont want to avoid the IPA cos i know i dont earn enough to get one anyway, but im just trying to avoid the company i work for finding out through nil tax code |
|
|
|
helen_w5
New Member
79 Posts |
Posted - 04 August 2009 : 20:49:37
|
| sjbyron yes i did get advce re BK - i really thought i was prepared for it, but now its all happening im finding out how bad it really can affect you :( |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2009 : 20:55:40
|
There is nothing to stop you from leaving your job, but what will you do and how will you fund your course?
The glimmer gets brighter all the time
Jan
xx |
|
|
|
frosie90
Junior Member
285 Posts |
Posted - 04 August 2009 : 20:55:51
|
Hi Helen, I chose to tell every single one of them. No-one, other than my creditors, have mentioned anything. Even my Human Resources department (as I work for a large organisation). Like several posters have said, your nil tax code can be explained. Mine has only just come through so will show on my August payslip even though I was BR beginning of April. If the time lapse is similar then yours probably won't show til Oct/Nov. It is taking the ORs a long time because of the amount of people in our situation. I have read your posts Helen and I really, firmly, believe that things will get better for you once you take that final step. I am not anti-IVA, far from it. I just do not want you to put off the inevitable and prolong this very obvious stress you are under. It really is not as bad as you are currently imagining. Please stay strong.
Rosie |
|
|
|
frosie90
Junior Member
285 Posts |
Posted - 04 August 2009 : 21:02:28
|
Sorry, posts crossed then. I keep forgetting that I have to shut down the forum and re-open it it see new posts. Helen, please don't give up job through fear of the nil code thing. Keep watching cos I am sure that lots of other people will advise same.
|
|
|
|
Topic |
|
I actually feel like suicide is an option
