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| T O P I C R E V I E W |
| Debtgirl |
Posted - 13 March 2013 : 21:17:11
Hi,
Im in an IVA and have been for 3 years - my hours at work got cut 1.5years ago - struggled to live and started to accumilate debt outside IVA -(had credit at £0 that for some reason never got included in IVA) i used this credit to help me live which i know breaches IVA.
I lost my job 4 months ago and IVA is on hold while i seek new work but the other debts have got out of hand as i have no money.
Im going to be honest and speak to IVA company. I know its going to fail but its time to get my head out the sand.
I spoke to National Debtline and they sent a LOT of info. Bankruptcy seems like the only option and way out. A family member has said they will lend the fee money . I have no assets.
I am just trying to get a few answers before i send my email to IVA company.
- In bankruptcy, theres the thing where you must make payments for 3 years - is this after the 1 year bankruptcy ends or straight away.
- Does the amount paid end up being your disposable income?
- If i am unemployed when i file for bankruptcy and then get a job a few months after, am i right in thinking the amount will change according to what im earning?
And then the other thing worrying me was Bank Accounts - i have been reading that no highstreet banks accept people in their 12 month bankrupt period.
i looked online and came across 'THINKMONEY' ? Is this a legitimate kind of account? i read about it somehwere on this forum but wasnt sure. Has anyone used them? Is money safe there?
Id be grateful for any advice - i just want to make sure i have all the answers so i know what im facing,
Thanks.
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| 4 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 14 March 2013 : 07:41:36
Clearcash and Secure Trust are very good accounts and unlikely to go bump. The only drawback is that they incur a monthly fee but you can have wages paid in and Direct Debits paid out and it is impossible to go overdrawn.
As Viki says - open a Co-op account before going bankrupt and there should be no problem. You will need the basic Cashminder which can only be opened over the phone or in branch. |
| Viki.W |
Posted - 13 March 2013 : 23:54:54
Hi Debtgirl,
Sorry about your IVA. If you're on a break then it may be that you can resume affordable payments when you start work, with a break to repay the other debt so speak to your IP about the other debt as all may not be lost depending on how much it is.
If you declare bankruptcy then the OR has the year you are bankrupt to set up an IPA. This will start immediately not after discharge. You will only get one if you have any surplus left at the end of the month. If you have less than £20 left then you won't get one. If more than £20 then you pay all your surplus. It can stop, decrease or increase during the three years depending on your circumstances.
Niobe has answered re bank accounts. Thinkmoney is supposed to be ok as far as i know.
Also, if you open the Co-Op Cashminder before you declare bankruptcy then the account won't be frozen.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Debtgirl |
Posted - 13 March 2013 : 22:46:47
Thanks for the reply :)
I have a feeling thatthe IVA will fail, because it doesnt seem like a bargain for anyone to try include the additional debt incurred into IVA - especially as i am jobless at the mo. I am going to ask and see though but it seems like bankruptcy will be the only way to get myself back on track as its all out of hand at the moment..
So am i right in thinking that if i had £100 left over, that would have to be paid monthly for 3 years?
Co-Op have apparently stopped issuing accounts to people in the 12 month bankrupt period, and Barclays.. well a big chunk of my debt was with them so i cant imagine them wanting anything to do with them :(
So Clearcash and Secure Trust are ok for wages to be paid into and the money is secure if for example the company go bust? i do get worried because they are all online.....
Iv got to a point where my credit file is in pieces as it goes that i just dont care anymore.. I feel the IVA was jus a bad idea as the payments never really worked out hence the additional debt incurred !
Im going to be completely honest. going to put it into writng very clear and precise and send it.
The relative does know what its for and they have said there is no rush to pay them back also as they are quite well off.
I jujst have no other way of getting the funds so i just stuck...
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| Niobe |
Posted - 13 March 2013 : 22:07:32
Hi and welcome/
If you are struggling then please speak to your IVA company in the first place to see if you can find a way forward.
As regards BR, you may very well have to pay across for three years and it may be as much as you are paying across at the moment. If you have DI over £20 per month then you will pay the lot across for three years.
If you get a job before you are discharged then you will get an IPA.
As regards bank accounts - try either Co-op or Barclays before declaring BR.
Try Clearcash or Secure Trust otherwise and they are excellent accounts if you can't find a free High Street account
The IPA starts after your initial twelve months.
Don't forget that your credit rating will be shot for 6 years after the date your BR is declared.
Please speak to your IP initially to see if there is a way forward. It would be a shame for it to fail now.
Is your relative aware that the fees are £700 for BR?
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