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keef1972
Starting Member
2 Posts |
 Posted - 28 October 2009 : 11:42:37
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Hi there i am going to file for bankruptcy in the next month or so,and i was wandering if after the expenses say i have £500 per month left over..what kind of money would they take from me? and would i end up with a nil tax code...
thankyou for any help |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 October 2009 : 12:02:40
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Hi,
Yes, you would probably end up with a nil tax code and you can expect to pay across between 50 and 70% of your disposable income for 3 years.
The glimmer gets brighter all the time
Jan
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 October 2009 : 12:05:46
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If you have a look in my blog there's a table that shows the amount you could expect to pay. This is only a guide but should give you an idea.
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/
28 IPA payments made, 8 to go - in single figures! |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 28 October 2009 : 15:33:35
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The percentage the OR can take for an IPA depends upon the Disposable Income (DI):
Between £100 and £249 = 50%
Between £250 and £349 = 60%
Between £350 and £499 = 66%
£500 or more = 70%
70% is the max the OR can take so even if you have £2000 DI the OR can only take 70%. |
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keef1972
Starting Member
2 Posts |
Posted - 28 October 2009 : 22:58:04
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| so my debt is 18,000 and i have a disposable income of £550...that means ill be paying £350 a month over 3 years that works out at 12,600 ill be paying back...so im going bankrupt for £5,400??? |
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RHB
Senior Member
1159 Posts |
Posted - 29 October 2009 : 06:44:34
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If you have a disposable income of 500 pounds could you not pay it back over a longer period & avoid going bankrupt?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 October 2009 : 06:51:17
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Have you thought of doing an IVA or a debt management plan?
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 29 October 2009 : 07:08:35
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quote:
Originally posted by keef1972
so my debt is 18,000 and i have a disposable income of £550...that means ill be paying £350 a month over 3 years that works out at 12,600 ill be paying back...so im going bankrupt for £5,400???
If that would be your situation then you should look in to a DMP. If your DI is £550 then you could pay this amount into a DMP for 33 months and have paid your debt off if the creditors freeze the interest. Even if they don't it still shouldn't be much more than 3 yrs for you to pay the debt off.
It really isn't worth you declaring BR for this amount if you have so much DI. Speak to Jones Giles (http://www.jonesgiles.co.uk/) as they will be able to assist you with either DMP, IVA or BR and be able to advise on the best option for you. |
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Help Please
