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2stressed
New Member
57 Posts |
 Posted - 19 March 2009 : 14:11:16
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Hi, I am new to this forum but have been posting on your sister site IVA.co.uk since October.
To say its been a rotten 6 months would be putting it mildly.
I began the IVA process back in October when I was contracting for an investment bank and it really looked like there would be some light at the end of the tunnel.
I wasnt particularly happy with my IP but my meeting was scheduled for beginning Feb- then 2 weeks before my meeting was scheduled I was made redundant.As I was contracting I got no redundancy.
Also in the meantime I had paid £2000 in payments to my IP which I will not be getting back as they utilise it for there fee!
I have been applying for work for the last 6 weeks with no joy as yet- and I have accepted my salary for local work will be significantly less than I was getting in the city.
I am now considering B/R as much as it terrifies me- as I have £60 jobseekers and simply dont think I will be able to get by with giving my creditors small token payments anymore.
I do have some massive concerns re BR and am looking for some advice on the below
1-Mainly that it will hinder any chance of me getting work in the financial sector again.
2- I am concerned about my full address being noted in the local paper
3- The stress of the last 6 months had made me quite unwell and I really feel I need to wipe the slate clean- however I have seen on here that you can still be reviewed and asked to pay over additional income. Its not that I am trying in anyway to avoid repayment hence I wanted the IVA to go through- but im just not sure I could do with being told what I can and cant spend for the next 3 years.
Sorry for the long post!! Any help would be appreciated |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 March 2009 : 14:46:51
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Hi there 2 stressed and welcome to the forum - have you discussed the likelyhood of your IVA failing? as you will need a certificate from the IP to state that the IVA has failed before you would be able to file for bankruptcy.
I'll address your points in the numbered format you stated them
1 - furture work in the financial secotr dependson whether or not you need to be 'licenced' such as by the FSA and bankruptcy will hinder this - it is all down to the individual employer at the end of the day - but if you do not need to be licenced it should not cause too much difficulty, I would always recommend disclosing it though
2 -Unfortunately your full name ,address and occupation are advertised in the local paper, many people get really concerned about this, but have you ever noticed the tiny advert squirrelled away in the legal notices section? have you ever paid them any attention? most people don't. But it has to be advertised
3- With regard to an IPO (payment of around 50% of any disposible income for 36 months)it depends on every individuals circumstances as it is a calculation of your income & expenditure - if there is a 'disposible income'(DI) you will be requested to pay 50% (if DI high this figure can be up to 70%) However you would have paid 100% into your IVA
Hope this helps, and if i can be of any further help please ask
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2009 : 14:49:42
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Hi
and welcome to the forum
you have been through a difficult time and I am sorry to hear about the job situation.
Most IP's will refund the money paid towards an IVA that doesn't take place and this is why the choice of IP is probably the most important one you can make.
Melanie Giles from Jones Giles is definately the safest bet and is highly recommended on most sites you will find.
asnwers to questions:-
1. Br will definately hinder your chances of finding a job in the finance industry whilst you are Br. However depending upon what you actually do the impact will be different after you are discharged.
2. Your address will be published in the regional paper ( not necessarily local paper) but it is the size of a small matchbox. it is also advertised in STubbs Gazzette, The London Gazette and on the Insolvency.gov website.
3. Contributions towards debts & bankruptcy costs are made through an IPA ( income payment agreement ) and if one is requested this will last for 3 years. Unlike an IVA you are required to pay a percentage of your disposable income ( between 50% - 70% ) and if your circumstances change so will your contribution.
I hope this helps a little
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 March 2009 : 15:10:36
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Melanie, 2stressed didn't actually enter an IVA as she lost her job before the creditors meeting took place.
And unfortunately, she found the sister site too late to find an IP who would refund the money she had paid.
2stressed, I think you do need to look at BR as it will solve your financial problems by allowing you to start again with a clean sheet.
At the moment I doubt you would pay an IPA as you are just on JSA, and the allowances in Bankruptcy are more generous than those in an IVA.
The glimmer gets brighter all the time
Jan
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2stressed
New Member
57 Posts |
Posted - 19 March 2009 : 18:25:51
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Nice to speak to you again Kallis...you cant get away from me. Tho I am now 2stressed not Stressed1......
I think this may have to be an option for me now- with the job situation being so dire at the moment. I am also concerned about the £495 I will need to find to go BR- is there any way around this?
Also would anyone be written to regarding B/R- I am moving to a property owned by a friend of the family and would rather they wasn't notified. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2009 : 18:28:39
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Hi
there may be a way of having the court fees reduced to £345 ( reduction of £150) and this can be checked out by the court. It would not be automatic but considered based on your annual income.
Which court area are you in?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 March 2009 : 18:58:27
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Hi 2stressed, I had realised who you were and it is nice to see you as well.
No one should have need to contact the friend, so you should be ok there.
There will just be the little bit in the paper and the entry in the Insolvency Register.
The glimmer gets brighter all the time
Jan
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2stressed
New Member
57 Posts |
Posted - 19 March 2009 : 19:52:25
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Cheers Kallis- thats a relief. I would hate to upset them as soon as I move in! I just need to hope they wont see there address in the papers!
I am based in Chelmsford Essex Paul
Also is there a step by step instruction guide on how to go about starting the process? And should I visit anyone for advice?
I got completely stitched up by my IP{ when going the IVA route and dont want to make any of the same mistakes |
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Niobe
Administrator
United Kingdom
4590 Posts |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 19 March 2009 : 23:33:06
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Hi
start with the insolvency site, ask lots & lots of Q's here on the forum and then either speak to the helpline ( number above) or give one of the experts a call fro a chat.
but ask lots of questions
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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