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ian.johnson42
Junior Member
195 Posts |
 Posted - 12 May 2008 : 07:47:52
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I NEED SOME VERY URGENT INFO I WAS DISCHARGED FROM BANKRUPTCY IN 2003
DUE TO LOAN AND CREDIT CARDS AFTER NEARLY 5 YEARS AM IN THE SAME BOAT AGAIN I HAVE THOUGHT ABOUT DEBT MANAGEMENT BUT AT THE MONEY I HAVE LEFT OF EVERY MONTH IT WILL TAKE ME AROUND 23 YEARS TO PAY THE £30.000 I OWE NEED SOME ADVICE WHAT IS BEST WAY TO GO I GET A QUARTLY BOUNUS PAYED THR U MY WAGES BUT ITS NOT A GAURANTEED INCOME GOES ON PROFITS OF THE COMPANY SOME QUARTERS CAN BE £700 AFTER TAKES OTHER TIMES COULD BE LITTLE AS £300 CAN SOMEONE ADVISE ME AM WORRIED GOING BANKRUPT AGAIN CASE TAKE ATTACHMENT OF EARNINGS AM MARRIED WITH TWO SMALL CHILDREN ANY INFO BE VERY GREATFULL INDEED MY EMAIL ADDRESS IF WANT EMAIL ME DIRECT IS ian.johnson42@yahoo.co.uk
IAN |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 May 2008 : 09:32:34
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Hi Ian and welcome to the forum
Do you have any disposable income left at the end of the month - on a worst case scenario if you do not receive any bonus? If so, it might be possible to propose an IVA instead of having to go through bankruptcy again, but you will have to be in a position to sustain regular payments.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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ian.johnson42
Junior Member
195 Posts |
Posted - 12 May 2008 : 09:39:59
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| if we dont include my bounus at all we have around £175.00 left in total a month its my bank loan whats killing us and have written to the bank and they dont even want to listern its my bounus what isn,t a gaureented income other than that nothing else coming in |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 May 2008 : 17:51:48
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That is pretty low to be offering an IVA to creditors - so you might be better off looking at a DMP which then gives you the flexibility of making higher payments when you do receive the bonuses.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 May 2008 : 18:26:10
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Hi Ian,
Why would you be worried about an attachment of earnings in Bankruptcy?
Bankruptcy could still be an option for you, however you may not get automatic discharge after twelve months.
Due to the timescales of your previous Bankruptcy you could well be looking at a Bankruptcy Restriction Undertaking or Order BRO/BRU which would hold you under the restrictions of Bankruptcy for a longer period.
If you were to get an Income Payment Order or Agreement this would still only last for three years if your disposable income was such that you could afford to pay into this.
I suggest you speak to an expert to discuss your options.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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ian.johnson42
Junior Member
195 Posts |
Posted - 13 May 2008 : 07:57:42
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I WAS THINKING BANKRUPTCY THEY CAN DO ATTACHMENT OF EARNINGS?FINDING EXPERT ADVICE IS DIFFICULT I JUST WANT TO KNOW WHICH WAY IS BEST TO GO AND GET THIS SORTED OF MY MIND A BIT.
I GET QUARTER BOUNUS BUT AMOUNTS ARE ALWAYS DIFFERENT ALWAYS GOES ON PROFITS OF THE COMPANY SO IF TAKINGS ARE DOWN THEN BOUNUS ARE LOW USALLY AFTER TAXES USALLY ANYTHING FROM £400.00 TO £700.00 EVERY 3 MONTHS OTHER THAN THAT ONLY INCOME THERE WOULD BE IF I DIDN,T PAY THE DEBTS WOULD BE ABOUT £170 A MONTH AND ADVICE BE SO GREATFULL
IAN |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 13 May 2008 : 10:23:45
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Hi Ian,
As Julian states If you have a disposable income in Bankruptcy you would be issued with either an income payment order or income payment agreement.
This is calculated on you income and expenditure and what is deemed affordable for you to pay.
An the payments would last for 36 months which is considerably better than the 23 year DMP you looked at.
As Melanie mentions your disposable income is on the low side for an IVA and with there being no certainty to your bonus you can not reliably count on this for proposals to your creditors.
If you go to the experts page and click on the website links you will be redirected to the experts own web sites where you will be able to discuss your options.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Very Urgent Help Needed
