| T O P I C R E V I E W |
| nick.f |
Posted - 24 June 2008 : 19:46:00
I am currently around £60k in debt and am struggling to meet repayments as well as pay my rent (which is currently £600 per month). I do not own a car. I currently work as a truck driver earning around £1900 per month (take home).
Would it be beneficial for me to declare bankruptcy? Also what would be the monthly payments to the court?
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| 10 L A T E S T R E P L I E S (Newest First) |
| nick40moose |
Posted - 29 June 2008 : 14:47:30
Suzanne,
I tried for an IVA but struggled to raise the funds for it.
As for how I ran up the debt, it was to do with things like holidays, moving from my parents place down here to near London (they live in Nottingham), and I got scammed as well which cost me a lot.
Couple of other things I've just thought of. One of the loan companies I'm about 3 months behind with payments and obviously they are chasing me.
The other thing is that if during the IPA I win some money on the lottery which would cover the debt, would I then be able to pay it all off and then it would all be over? |
| Suzanne |
Posted - 25 June 2008 : 09:33:40
nick40moose
I think you need to speak to an Insolvency Practitioner, as if you have £700-800pm disposable you are well able to afford a good IVA and you would be paying money back to your creditors.
I know that as you have no assets some would say bankruptcy would be your best option, and I guess that would depend on whether you felt you wanted to pay back some money to your creditors or not.
The OR would take around £500-£550 a month for 36 months under an Income Payments Agreement.
You will need to declare how you ran up the debt. Is that something you are worrying about?
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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| nick40moose |
Posted - 25 June 2008 : 05:02:10
My rough guess would be between 700 and 800 per month. This would allow me to cover living costs plus have some back up in case of unforeseen emergencies. Would this be allowed? |
| melanie_giles |
Posted - 24 June 2008 : 21:36:29
How much disposable income do you feel you would have available to creditors each month?
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 |
| nick40moose |
Posted - 24 June 2008 : 20:43:41
One other question that has just popped into my mind. Do I need to declare how I managed to run up so much debt or will that not be a factor? |
| nick40moose |
Posted - 24 June 2008 : 20:19:12
OK tess, thanks for the information. Travel costs are only really something like £12 per month for train journeys into town (I live in a village and my workplace is only a 10 minute walk away).
You mentioned holidays. I don't quite understand what you mean by that.
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| tess121068 |
Posted - 24 June 2008 : 20:10:48
I am sure that your rent arrears will be part of the BR as a debt and the OR will contact him for this purpose. You also need to put in things like food each week, travel costs, dentist, opticians, perscriptions, holidays, insurances etc.
Tess |
| nick40moose |
Posted - 24 June 2008 : 20:02:59
Like I said above my average earnings per month are around £1900 (take home). I pay £600 rent per month (and admittedly I owe about £800 in back rent), about £90 per month council tax, £36 for Sky and internet, £13 per month for phone line and about £80 for cellphone. Hope this info helps |
| nick40moose |
Posted - 24 June 2008 : 19:58:40
The only 'assets' that I have are basic living things like cell (or mobile) phone, computer, tv, dvd, two chairs, desk, bed, etc. All the white goods came with the house.
I was thinking of an IVA but trying to raise the money has been tough.
My other main concern is whether or not my landlord would be happy with me going bankrupt. If anyone has any experience in this area I would be grateful to hear from you.
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| tess121068 |
Posted - 24 June 2008 : 19:50:19
Its not really up to us to decide what route you take. If you have no assets and are in rented acc then BR is an option. With regards to payments you pay a percentage of any disposable income and I think you need to have at least £100 per month free income before they take anything. The current % is 50 to 70 of your income. You need to calculate your outgoings and see whats left.
I'm sure an expert will be along later.
Tess |
