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alanhe
Starting Member
United Kingdom
8 Posts |
 Posted - 27 May 2009 : 21:26:19
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Hello
My first post here - please be gentle!!
I have around 72k unsecured debt and no assets. I have been on a DMP for the last 18 months, paying £450 a month. As I am 57 there is a good chance I will die before the debt is repaid.
I have been toying with bankruptcy, 3 years of payments and its all over. Can't make my credit rating much worse as I have default notices now on all my debts.
As part of my work package I lease a management car at around £200 a month, which includes the cost of the car, insurance, repairs etc. As my job involves working around the UK I need the car to get around ( use of private vehicles is not allowed )
So my first question is whether this expense would be allowed in bankruptcy???
And secondly would my pension contributions be allowed to continue. I am in a works final pension scheme, pay 7.5% of salary ??? This is an important question for me at my time of life.
Would llike to hear from anyone on the above. I'm sure I will have a myriad of questions in the future.
Thx
Alan |
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ripski
New Member
United Kingdom
90 Posts |
Posted - 28 May 2009 : 06:05:38
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I am a novice and you will get more expert responses.
BR is the best thing I have done . Went BR 31st March
My situation almost mirrored yours. 59 and in a DMP,
Pension :I am in a govt. Superan ,final salary scheme. Pensions are protected by 1999 Act but I think OR ( Official Receiver )office may query if there is likley to be a large assett in the next 12 mths. There may only be a query if you are buying additional years.
My OR did not mention it at all.
Is your pension contribution taken at source and you then receive your net pay? I did not pay attention to the business section as I am employed but Pension was not detailed as a separate section re expenditure /expenses. My OR interview showed no interest,questions re pension and she would have known all the conditions re Superann.
S o A (Statement of affairs ) You can fill it in online, print off, take it to Court. You can do it bit by bit , and save until completed -- £ 540 fees.Once I took the decision to go BR, I stopped paying DMP - put money towards the BR fees
Income -straight forward net figure. I did not have any other income
Expenditure .If as mine your pension contibution is taken at source then you don't list as a separate outgoing
Car Don't know re yours but I think you would be alright Again, is the £200 taken at source as if so then you would not list it separately. You are allowed outgoings of tax ,ins ,repairs etc. so if you can't find a section to exlain your situation ( there prob will be) ,then you need to put down appropriate car outgoings and explian it in more detail to the OR.
If you have a car worth more than £2500 then OR may ask you to sell as it is an assett. However if it is essential for work/ illness /family /child care then you are allowed to keep it. I think they would query if a car is on HP as this is credit which you are not allowed
NB You do not own your car,therefore it is not an assett and not on HP.
Your outgoings are more generous than in a DMP and there are posts on here re allowances eg £50 for clothes and £ 20 (for a single) holiday.
Most areas are slightly different and some areas have backlogs now
When complete - S o A ,take it to Court , see bankruptcy clerk , who checks and swears it. Then appt. to see Judge which only takes a few minutes. S/he asks if you have sought advice and know what you are doing. So you could ask your DMP company and quote this, or telephone one of the experts on here. You may well have to wait for a Face to face CAB as they are overloaded-
If your outgoings are more than Income and no assetts then you are Insolvent. Staff and Judge are so sympathetic, understanding and non judgemental.
Order made -The clerk then T/Cs the OR office.I was then taken into a small room to await a phone call which took about 10-15 minutes This is to check your details ,explain what next and give you a contact person and phone number. They explain that you will be sent a pack,telling you what info they want, which you sign and return and a date /time for interview .I have not heard of anyone on here having a face to face interview. It all seems to be done by phone
I was not asked at all about pension.
I have been wordy -- again -- but you will get loads of good advice and support on here
ripski1 |
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alanhe
Starting Member
United Kingdom
8 Posts |
Posted - 28 May 2009 : 15:17:16
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Thanks - that is VERY interesting information
Can anyone else confirm that the OR is not interested in deductions from my salary at source ( in my case lease car, pension and private medical )
Thanks
Alan |
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DMP to Bankruptcy Maybe
