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lendmeafiver
Starting Member
3 Posts |
 Posted - 26 January 2009 : 00:25:03
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Hi everyone, great forum, I have been reading through the posts as I am considering BR, but need to ask a couple questions regarding my own situation.
First, My personal debts were created about 4 years ago (50k). I tried to get on top of them back then by using a debt managment company. They told me that I couldnt have an IVA for some reason and they recommended a debt managment scheme. I have therfore been paying £150 a month since this time and have never missed a payment. They called me last week, and now said they could do an IVA but will want a minimum of £250 a month. This I know I will soon defalt on, as it is above my means. So I guess im asking is could I go BR straight from a debt managment plan? I think the call last week 'woke me up', as it sunk in (finally) that I will be paying my £150 for the next 25 years of something.
The second question is I currently live with my partner in our rented house, and if I do I will apply for BR here, but I dont think we may be together much longer. I have an option to move back to my parents house for a bit, but the only problem I see with this, is that would I be putting myself into a position of having more disposible income by the OR? Meaning, what is the finacual status of 'living with parents'? They will still charge me the same rent, but would the OR accept this?
Thank you in advance,
Matt |
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John
New Member
United Kingdom
73 Posts |
Posted - 26 January 2009 : 01:16:52
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Hi
Yes you can declare bankruptcy straight from, or even whilst you are in, a debt management plan.
It is less simple to do so from an IVA position.
Providing your rental payment to your parents is not above the norm for the space you occupy it will be ok.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 26 January 2009 : 11:56:46
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Hi lendmeafiver and welcome to the forum
As John says you can go strsight into one from a dmp, however its not so easy with an iva, as im sure you have to miss 3 payments for it to fail and then get a letter of failur from your ip. If you know you are going to struggle then i would say that an iva is deemed to fail from the outset.
Good luck
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 26 January 2009 : 12:27:14
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Great advice Jenny!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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lendmeafiver
Starting Member
3 Posts |
Posted - 26 January 2009 : 13:48:30
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Thank you for the answers.
I have another question though, I have a daughter who I see every other week. She lives some miles away, so I make a round trip of 400 miles twice a month. Would I be allowed to keep my car? Its worth £1000 and 10 years old. Public transport is too unpraticle to use (and too expensive). Also, would they still allow me the cost of all the fuel (I set aside £140 a month for this)? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 26 January 2009 : 13:51:04
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Hi Lendmeafiver,
You are wllowed to keep a car in BR up to the value of £2500 if you can demonmstrate a clear need for it. Travelling to and from work is the main one, but I'm sure you'll be able to negotiate with the OR to keep it in this instance.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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