because the welfare and reform act (which is partly about pensioners not freezing and starving to death) says so

if your tax amount goes up due to pay rise or bonus, you need to tell moon beever and you will pay a higher amount to moonbeever, you will not need to pay anything back to HMRC later

Give national debtline a call, We cannot tell you to do bankruptcy or not, that is a decision you have to make yourself, you would likely be elligable. It is likely that the house would be lost. We can answer questions about the process and mechanics of bankruptcy if you have any of those questions

Yep you have to inform your IP now. You are only going to make matters worse if you dont, If you come out of this with only a failed IVA then you will be doing well as you have technically comitted perjury by lying on a court application

What would you like help with

the difference is bankruptcy is final, if you become unable to pay at any point then you dont have to, the debts are still written off, you also have only one person to deal with, a payment plan is unregulated, they can change their mind at any time, they dont have to stop interest, they will still hassle you and they can take action such as baliffs later, an IPA is for a max of 3 years, you are alowed a small emergancy fund and the allowances are bigger than most creditors would allow. If you are insolvent you can declare bankruptcy

Hope that helps

lots of jobs handle cash and are not affected by bankruptcy, have a close look at the employment contract or perhaps ask the unions or an anonomous call to the HR department You would continue to be on all secured debts including the mortgage, The OR would take and hold your interest in the property and may in the future sell it back to you or your partner

Hi, Bankruptcy is individual so if you went bankrupt the joint debts would remain the responsibility of your OH to pay. The Charging order would remain against the property and would remain both of your responsibilities to pay. What sort of job does your OH do

Hi, there are several ways that the property is dealt with, depending on the terms of our IVA. You must remember that an IVA is a voluntary agreement between you and your reditors and so can be worded however you agree, there is no 1 right way. The most common way is as follows, usually at the end of the penultimate year the property is valued and the equity is worked out. 85% of the equity is then paid into the IVA either through 3rd party funds or via a remortgage. If this is not possible, you would usually make extra monthly cotributions to satisfy this shortfall if possible. It is unusual for a property to be sold in an IVA, normally the IVA would just fail or you would be made bankrupt if the terms were not satisfied

Basically money can be recovered if the person was insolvent at the time (there are also some time restrictions) but they dont necessarily have to have been looking at bankruptcy at the time or looking to deceive creditors

As usual wintry resorts to mudslinging when losing an argument. You will notice that i put a Usually in that post in order to show that it was not a rule set in stone as should you

On your first point, advisors should always have been telling people that the RULE is only that you are left enough t pay reasonable expenses, this has been the case for many years, the OR has certain guidlines but many cases go to seperate trustees who have never been under any compulsion to follow the OR's guidelines just the RULE set down in law. Although more notice would have been helpfull, i think advisors sometimes get a bit lazy in just telling people what happens most of the time rather than what the actual RULES are.

much advanced discussion here http://forums.moneysavingexpert.com/showthread.php?t=2878200

Hi Nuishka, what country are you in

i think you have this the wrong way round. Do you mean that NI has been deducted but PAYE has not been duducted from your wage slip. IE your take home pay should be inceased by whatever your PAYE would have been. If so this is correct

It is The Insolvency (Amendment) Rules 2009 you can look these up here http://opsi.gov.uk/

You are right minmoo, nowdays it only gets put in the local press if their is a specific reason such as you are suspected of commiting a fraud in the local area etc most are not put in the local press As to your original question, the answer is that the OR does not routinely inform your workplace but they can do if a specific need arises, ie if you had an attachment of earnings for instance. Also your tax code may be affected because of the bankruptcy so your work may guess that you are bankrupt or not

Hi, they will take your boyfriends income into account, ie you need to put it down on the forms, but only to the extent that they will expect him to pay a far share of the household bills, if he is already doing this then there should not be a problem, they wont expect him to pay towards yor debts

who knows? depends on what they want to do. Incidently i have seen bankruptcy orders for debts as low as £841

They could (not saying that they would) as you can bankrupt someone for an overdue debt that is £750 or more

Your son will be liable for the full amount

Okay first things first, There are moral reasons for choosing an IVA over a bankruptcy but i will leave that to your decision and concentrate on the process itsself. What are you going to gain with an IVA, do you have any assets to protect, Is your job going to be affected. Pay plan do charge for their IVA's (a lot less than other companies but they do charge) The thing about an IVa is that you need to commit to make the payments each months for 5 years, can you really in your job commit to that. Now bankruptcy has upsides it is completed alot quicker, you only pay what you can afford and when you can afford it to a max of 3 years, You might or might not have to pay anything at all. There are downsides, it is seen by people as alot more serious, it will have to be declared for life if specifically asked about, The OR investigates how you have handled your finances. At the end of the day it is a decision that you must make yourself, but i hope that helps a lttle. If you have any specific questions the do post them up

Well with that amount of equity the trustee will want to realise the full amount, They will usualy offer it to family members first, IE if they pay your share then you can keep the property. If no one can come up with the money then they will push for possession and an order of sale. Usually you can persuade the judge to give you up to a year to find alternative accomodation. Sorry its not good news

ok for a start forget what the others have said as it is wrong and highlights the little bit of knowledge problem You are bankrupt ordinarily for 1 year, you can get an earlier discharge, What they are talking about is a BRO which can put extra restrictions on you for up to 15 years but these are only applied in a small proportion of cases and it does not stop you beng discharged after 1 year. To answer your questions 1)The OR takes charge of your estate o the day of the bankruptcy that includes everything you own before the bankruptcy and can also claim things that you receive during the bankruptcy, but not assets you receive after you are discharged, the OR keeps hold of the things from before and during the bankruptcy and subject to a couple of restrictions can take as long as they want to continue to hold and realise these after you are discharged. 2) The main exception to this is an IPA where you pay a proportion of your surplus to the OR for up to 3 years, THis is your surplus and you are free to make all the payments on your livings costs first (so somepeople dont have a surplus at all even though they work). Whether you work or not is up to you, but obviously if you choose not to work then you should not claim any benefits such as JSA. Also it is generally accepted that the bankrupt should try to pay back as much as possible whilst having the protection that they will not be harrased by creditors. 3) the IPA lasts for only 3 years by which time you would be most unlikely to have paid all your debts so the OR will not ask for the bankruptcy to be annulled 4) see above hope that helps