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About Louise40

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  1. I agree with you, I think once you have signed it I think you will be commited for the 3 years, although my understanding is that if you have months where you have no disposable income the clock on the 36 months still ticks away so you may end up only making a handful of payments, however I feel it is like being bankrupt for 3 years as you have this hanging over you. I would speak to your OR before you sign anything.
  2. still seems a bit strange since I am only on a 12 week contract. - I would speak to your OR again about your contract, they may have misunderstood you when you explained it was only a 12week contract. And it lasts for 3 years? an IPA does last for 36 months even after being discharged That means my situation will stay the same even after the BR is discharged? until the IPA is completed. I thought once the discharge happened, you could earn any amount, and the debt was cleared? Not if you are subject to an IPA, basically if you have disposable income of over £99 a month then the OR wants a share of it, anything from 50% to 70% depending how much you earn.
  3. That would be terrible........last time I spoke the Post Office about a letter going missing they said I had to wait at least 21 days before they would do anything about it.........Annoying at the time for me, but under these circumstances perhaps not so.....................
  4. Hi Not much to add but I think you have made the right decision, see how DMP goes and if it's not for you then you can look at Bankruptcy. With regard to your house, until you go Bankrupt and then speak to your OR I don't think you will know whether you can keep it or not. We had already moved out of ours but I read in your original post that you would like to keep yours, with that in mind if you do decide it has to be Bankruptcy then you should seek professional advice.
  5. I opened an account in Dec last year at the Yorkshire, they have been brill, they didn't even freeze my account and the OR said he was happy for me to keep it as I didn't owe them any money. I did empty it the day before we went bankrupt tho, just in case
  6. I found these I hope they help.... Consumer Credit Counselling Service: Full debt help service. Link: CCCS Tel: 0800 138 1111 Opening times: M-F 8am-8pm National Debtline: Full debt help service. Link: National Debtline Tel: 0808 808 4000 Opening times: M-F 9am-9pm, Sa 9.30am-1pm Citizens Advice Bureau: Full debt and consumer advice service. Link: Citizens Advice or visit your local CAB centre (find nearest) Opening times: different for each bureau Christians Against Poverty: Debt counselling agency, which specialises in helping those who are emotionally struggling too. The religious focus is why they do it, not how they do it. Link: Christians Against Poverty Tel: 01274 760720 Opening times: different for each bureau
  7. ;)Hi JoJoB Sorry I can't help you with the DMP, however there are debt charties talked about a lot on this forum that will be able to help you. And I doubt any of your creditors would make your OH bankrupt, a) as they would then get nothing and b) it would cost them to do it. Looking at bankruptcy.. My thoughts are : Is it just your OH that is considering B, if so, is your flat in joint names? If it is then they will pursue you for the the debts, as with any other joint debts? If you are both going B, then you will need £500 each. With regard to the recent debt, the OR may question it and if it were I wouold be saying that I beleived I could pay it back however with hindsight it appears I couldn't but I took it out believing I could. Aside from that doing a SOA is a really good idea! It does put things into perspective doesn't it? You are right it is a fresh start and wonderful to feel that you owe nothing, but take professional advise first. Hope this helps
  8. Hi Lou You are not stupid and you are not waffling. I am the same when it comes to the Inland Revenue, but take it step by step and you will get there. I would look into all your options, have a good read through the posts on this site they are so helpful. If I can be of any help PM me. L xx
  9. I think it will depend what your seperation agreement states, however I would seek some professional advice as to where you stand. Also if he has already been declared bankrupt you could try contacting his Official Receiver and ask them where you stand. Try not to worry, L xx
  10. I am not sure about the arrears/not arrears part as we were in arrears. We did take some advice and the money we had allocated to pay our next monthly mortgage payment and the contribution towards the arrears was the money we used for our deposit and 1st months rent. For us it was about taking control back. We had time to choose were we lived and then moved in our time and then started our Bankruptcy. We did seek advice, and was told that for our circumstances around £700 per month rent would be acceptable to the OR. I would strongly suggest you seek independent advice too. The OR isn't horrible altho he is quite formal. We didn't actually go inot court, which was a blessing, the whole process took around an hour, however I must say my husband did 90% of our paperwork, he spent a lot of time liaising with the courts to ensure they were correctly completed and altho they can't advise they are very helpful. Once the Bankruptcy was done we had a call from the OR the nexr working day and then he arranged telephone interviews. I did feel a bit like he was trying to trip me up, especially when he asked questions about my husband's finances and jobs, and I did tell him this and he then went into more detail and explained the reasons behind why he was asking the questons he was asking, it was all quite civil really. He told us to expect an IPA and our finances would be reviewed this month July 2009, however since that conversation my husband has been made redundant (again!) and I am self employed (which means my work is hit and miss and probably will be at least until we are discharged as there is little incentive for me to earn more than £99 a month profit) so we don't expect to have an IPA which is a relief. To my mind that is extending the bankruptcy to 3 years instead of 1! I hope some of this helps. Louise
  11. I don't know about the business debts but all your personal debts, even ones you may forget to include on the papers will be included. Re the house, No you won't be liable for a shortfall altho your lender may try to get you to sign forms to say despite the bankruptcy you will still be liable. Our OR advised us to either cross out that paragraph or refuse to sign if they wouldn't accept amended forms! We rented a property and moved into it before we declared ourselves bankrupt, like you say a completely fresh start. I know how stressful it is, we still get the odd phone call now and again, at the moment HSBC don't seem to be getting the message and we still get letters via our old address but it is bearable knowing that we don't owe them anything.
  12. Also bear in mind that if your wife continues to work, that will more than likely give you more than £99 disposable income per month, resulting in an IPA, which could be upto 70% of your disposable income depending on how much you earn. Re the house: we had the same issues, we couldn't get a clear answer, but I would work on the basis that the house will go, with that in mind we moved into a rented property before our bankruptcy.
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