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leen.ow
Starting Member
31 Posts |
 Posted - 03 March 2010 : 23:45:47
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I have been considering BR for a while, and asked a few questions on here, and as soon as my partner and I move house, I will be saving for the fees and hoping to file. One question I have never thought to ask is despite me wanting to go BR, will the judge allow me to?
The reason I ask, is that I have a DI each month of around £500 (thats not including any debt repayments), so it could be argued I could have an IVA or DMP.....but as I have no assets and my credit rating is already shot, I'd rather just get my debts out of the way and have a fresh start, without the 100% of DI of an IVA, and because an IPA is only for 3 years rather than the 5 of an IVA.
I have not paid anything to my creditors for about 2 years now, mainly because I have moved house about 6 times and they haven't succeeded in finding me!
My debts are as follows-
Mortgage reposession shortfall (joint with ex girlfriend) £20k
Norther Rock 'together' unsecured loan (again, joint with ex) £25k
First Direct unsecured loan £18k
Car lease early termination shortfall £7k
Various utility bills etc. £1k
So, a hefty amount of debt, of which repaying seems unrealistic.
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 March 2010 : 06:49:11
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Don't worry about your DI. My DI is also quite high and I was recommended to either have a DMP or IVA. After weighing up the pros and cons I decided that BR was the right option for me.
The Judge/OR isn't going to sit there and work out how long it would take for you to repay your debts in a DMP or how much you would be able to repay in an IVA. Provided you have taken professional advice and are aware of the BR consequences then you can be declared BR.
Once you are BR the joint debts will default to your ex so she will be chased by the creditors for the full repayments. |
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leen.ow
Starting Member
31 Posts |
Posted - 04 March 2010 : 08:26:25
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Thanks g.o.o.d, that's put my mind at rest again. When you say about seeking professional advice, do you need some sort of evidence that you have? It's just that I feel I get all the info and advice I need by reading and asking questions on this forum.
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 04 March 2010 : 08:58:05
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| No, you don't need to have any evidence. You can just say that you spoke to the CAB, CCCS or National Debtline even if you haven't. The OR/Judge won't check up on this, it is just an extra step to make sure that you have had all of the possible options explained to you and are aware of the consequences. |
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| bankruptcyhelp.org.uk Forum |
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Am I insolvent 'enough' to go BR?
