I have been declared bankrupt and have had my interview with the OR - they said I should be discharged in 12 months. They didn't want to go through my income and expenditure yet, as I've only been self employed for a few months before declaring bankruptcy, and they wanted to review my I&E in three months. I am aware that an IPA will be put in force for three years if I have surplus income during the 12 months, and I want to avoid this. As I am self employed, I can 'throttle' my income for 12 months and just take it a little easy, take on a few less jobs until discharge, thus avoiding an IPA. I just want this over and done with ASAP, not to drag on for three years when I can be 'out' in one. I wanted to clarify one thing: When I declare gross income to the OR, do they take into account the tax and NI that will be payable when I eventually do my tax return? Do they have a formula for that calculation? I don't want any surprises. I'll will eventually make a post about my bankruptcy experience as it may prove useful to people here. Thanks.

I have debts totalling in the region of 4,000 approx. I am not currently working, and I do not claim benefits as my husband works full time. The debts are non priority debts, mainly catalogues. I fell behind with the repayments following redundancy, the minimum payments kept increasing and it spiralled. The debts are solely in my name and were accrued before I met my husband. Is bankruptcy the most suitable course of action? I am getting increasingly threatening letters from Westcot et al and I am starting to panic. I can't afford the repayments they are insisting on. ETA: I am in Scotland.

Hello, Can someone please help me - I am being chased for monies by MBS Recoveries. Money was taken out on my name by fraud and 5 years later I'im hunted down to pay the shortfall after the house was sold at auction due to repayments not made. I'm in dialogue with the bank and the Ombudsman - but im still sent letters demanding payment. I told them my situation and was left alone for a while. A week ago a Private Investigator turn up - he was apparently looking for me - i was still exactly where i was the previous time - same work same house. Can they legally persue me if im waiting on a ruling from the bank and the ombudsman? Any help would be greatly appreciated. As my threatening insolvency and bankrupt and i just got married and planning to buy a house in the next couple of months and would hate to compromise my future.

Recently managed to get an an Adjournment of a Bankruptcy Petition but need to prepare for my next hearing. The judge mentioned Abuse of Procedure Law Lords Part 7 and referenced a particular case to consider for the next hearing, she mentioned 'Durant' or the likes, but I can not find details of this case anywhere. It is possible I have not written the name down correctly. But basically between being harassed by Arrow while suffering depression, husband having major heart surgery and off ill for months and Arrow refusing part payments. I believe she said that by taking such a small sum through the Bankruptcy Courts rather than doing a CCJ was the key reason. A sledgehammer to crack a nut as such! Any help appreciated, Many thanks

can anyone help with this ,i was made bankrupt and i have to pay money every week for 3 years ,if i get made redundant from my job and dont tell them and just keep making my weekly payments and spend my redundancy payment then they find out ,whats the worse that can happen

Hi, everyone. New to forum and first post! I had this problem with Travis Perkins recently, they petitioned for bankruptcy and it was dismissed at the hearing. Hope this gives hope to anyone else!

Hi guys I was just wondering if anybody knows if there is a limit for the value of your car where by the official receiver would let you keep it. Would a car worth £2500 been deemed too valuable?

Hi, im new here today as it seems very intereting place for asistance, i would like some help please on bankcruptcy if possible. I have received a Statutory demand for a debt that i was not liable for albeit the same debt was levied on some property that i co-owned and has signatory power over, the persons/Company that were liable for the repayment of the debt never paid and subsequently went bankrcrupt that then left the creditor with security charge over the property that i allowed as part of the agreement. I agreed with the creditor to repay the funds myself if they agreed to up-lift the charge and a Tomlin order was then agreed and sanctioned by the court. The creditor then failed to agree to the up-lifting of the charge and i subsequently issued a statutory demand, i responded to this and never heard anything back from the court and changed my residential address to then find that i have recieved a bankruptcy petition hand delivered to me in person outside my new address, this confirmed that the court has requested that i should have made a payment (for the court application) when i made my application against the statutory demand albeit to my old addres and when i never responded they agreed to the order and subsequently i have received the bankruptcy petition and a court date in my local court. I firstly was not liable for the debt as others were, now i have a bankruptcy order and a court date to attend, the debt is secured and i need to know if i can stop this action now being carried out. Appreciate any asistance and help. Regards Tony

A business has filed a Creditor's Bankruptcy Petition on failure to comply with Statutory Demand for a' liquidated sum payable immediately' and I am unsure what to do - I will provide some brief facts below and any help is greatly appreciated: I am Director of a Limited Company and in order to fulfil a contract which we took on, I had to open an account with some suppliers. The suppliers could not open an account with the company because of some small past problem that we had had, but agreed to open the account in my personal name (so as to get over the red tape, although both parties knew the account was for the business). Given huge losses that my company suffered on the job due to sabotage, I haven't been able to pay the suppliers for their equipment yet (the sum owed is just over £20k). I am, however, due for a tax rebate which would more than cover the amount, in the next couple of weeks (although the Inland Revenue cannot give an exact date) and also have a bond account with a bank which could also cover the amount owed (although this is not due to be paid back until next year). Around 4 months ago, the suppliers filed a statutory demand notice which I did not comply with or set aside, as I was working on getting the money from the inland revenue as soon as I could. They have now issued a Creditor's Bankruptcy Petition on failure to comply with Statutory Demand for a liquidated sum payable immediately and I am unsure what to do. Given that the account with the suppliers is in my personal name, a m I liable to lose my house (even though the account was always understood as being for business purposes)? Can they even try to make me bankrupt in this way? Is there any way that I can delay for just a few more weeks until the money from the IR comes in (I can show proof that this is on its way and would sign documents to say it will be transferred straight to the suppliers as soon as I receive it)? On what grounds can these petitions usually be appealed? The deadline for appealing the bankruptcy petition is in a couple of days and so I am really desperate to get some help. Many thanks

Hi : Please i would like some advice on outstanding Debt of £1000 which is from a private international college which is Bogus college and had ruined the future of a lot of students . I have paid £2500.00 fee to them but the total fee was £3500.00 for one year but out of 300 student only 280 student left the college and i have left it one year before because none of their previous student got any certificates from them . Now after one year i got letters from Debt Collector . I responded to them and send the report of home office about the college to them which is unsatisfactory and also told them at start we did not knew about college reputation but we went to the college it has only 2-3 rooms no library no administration . But the Debt collector just replied that i have contract with the college and i have to pay the Money which i told them i dispute . Now they post a Statutory Demand of Bankruptcy proceedings. and they said i have 18 days.

Hi Useful new information resource here from Citizens Advice on bankruptcy Income Payment Agreements & Orders that includes a user friendly guide calculator. http://mymoney.nedcab.org.uk/moneyadvice/ipaipo.asp http://mymoney.nedcab.org.uk/moneyadvice/bankruptcypoc.asp

long story... but I have a bankruptcy order hearing coming up. I have a few questions... 1) I am on benefits with no assets, however I recieve csa payments are these taken into account in income? 2) The amount the creditor has stated is 10000 when the last bill I had was 7000 and they have refused to provide a breakdown. 3) because I am on benefits do I just let this difference go 4) It states hearing is 5 minutes in length, do I need to attend. How long after is appointment with or? 5) I only have a basic bank account with barclays will this still be closed? 6) Can I use my account inbetween hearing and appointment with OR? I don't see any other option but to allow this bankruptcy with no fight

Hi This ones been doing the rounds of late Changes in the bankruptcy procedure, no longer have to go to court / see the judge? http://rnn.cabinetoffice.gov.uk/Press-Releases/Paving-the-way-to-business-freedom-6816b.aspx We will have to wait and see, but very interesting nevertheless

Lowells are trying to extort £850 out of my wife for an old vodafone bill the actual amount she owes is £350 and its been in dispute since 2008. She out of the blue got papers through the post saying a date had been fixed for her hearing at the county court for wed 10th october 2012. we contacted them saying it was in dispute and that they had not served a statutory demand after much going back and forth they said they would adjurn the court date while they investigate I asked that they put that in writing or email which they said they would do. having not received anything I contacted them on friday to find that the court date was still going ahead. I contacted the court who told me I was now out of time to do anything and my wife must attend court I know realise lowells were just stalling. I have been in contact with national debt helpline they have advised that I get the debt below £750. and that way they cant make her bankrupt they said that buys time to then fight it via oft and offcom. With court fee's the current balance is about £1250. so I have got together about £600. to get it below the £750. threshold and today tried to pay it and they refused saying it had gon to litigation and the litigation dept was closed. so my question is if I phone up 8am monday morning to make a payment of £600 can they again refuse it forcing a court appearance?

Dear All, I wonder if you can assist. I was inolved in a partnership that basically went south, the senior partner ended up getting the boot leaving me saddled with debts of around £24k I tried to re work these debts however a down turn in business resulted in additional debts of around £30k being incurred with HMRC for PAYE. Coupled with my personal debts I think i ower nearly £90k I do own a house with my wife however we are seperated, that said there is a secured loan on the property under my name so i know that for my part of the property there is negative equity. I currently live in a different property which is rented. I have no real concerns on the house front due to the equity minus the unsecured element still leaving the house technically in negative equity on my side. The area I am interested in is that my wife owns the Ltd company I am involved in, I used to be a director but stepped own in July and now technically just do Sales, the day to day management and running of the finances, suppliers etc falls under my wifes remit as sole director. My questions are :- should i be concerned about my PAYE role in the company? obviously my wife does not have an issue with the bankruptcy but will the official receiver? could they stop me from being involved in the company as it is a husband and (ex) wife team? Will the Official recieve visit my rented home? We have a business bank account under the company name for which i have a card (it is a ltd company) will the bank be notified? We do not have joint personal accounts so i presume it is only my account that will be frozen? Are there any areas that I should be concerned about may have been an easier question! Thanks

http://www.dailymail.co.uk/money/cardsloans/article-2215136/Wonga-targeting-Britains-bankruptcy-capital-Insolvency-industry-launches-blistering-attack-payday-lenders-sponsorship-Newcastle-United.html

Hi I was discharged from Bankruptcy 3 years ago, and was advised that I should start to rebuild my credit rating. To start with I was advised to check my credit score, which I did with experian. In the report, two red flags flew brightly. These were two old LloydsTSB accounts showing as defaulted (circa £10k -which as an aside were pretty much 100% made up of bank charges incurred whilst going bankrupt!). Experian advised that I should get confirmation that I am discharged from bankruptcy and show this to Lloyds so that they can amend the status on these accounts. This I duly did. Today I receive a letter from Lloyds, acknowledging receipt of the info, and stating that the status of these accounts is now set as "Partially Satisfied". My questions are... What does this mean, in respect to my credit score? Are Lloyds allowed to do this? After all, being discharged from Bankruptcy means all your old debts are cleared (thus fully satisfied) What should I do now?? I'd appreciate any help/advise you can give. Ta LM

My friend was declared bankrupt in 2009, he does not know if he is still eligible for a PPI claim or will any money be classed as an unrealised assett of the bankruptcy and be taken off him by the official receivers?

Hi, I went bankrupt just over 12 months ago and at the time had 15 buy to let properties. I have recently been discharged from bankruptcy and have been approached by the local council regarding council tax for the 12 remaining properties which haven’t been sold and are still in the hands of the mortgage lenders LPA receivers. I have spoken with The Insolvency Service who was appointed trustees who say the properties were placed in the hands of the lenders LPA receivers prior to going bankrupt and that The Insolvency Service has no authority over them. This means that the LPA receivers can continue to rent the properties out for as long as they like and when a void occurs I still have to pick up the tab. Can you clarify if this is correct as my view is that if a court has ruled that The Insolvency Service has the authority to dispose of all my assets and liabilities, then these 12 properties should have also been included?

We have been fighting a repossession claim and lost on Thursday when the Judge gave them a 28 day possession order. We disputed the charges ie interest rate and penalty charges. We believed we had a strong case and that we had been miss sold the mortgage but the Judge said that was a separate matter and reluctantly gave them the Order - anyone know where we go from here the difference in what we say we owe is about £20,000 and rising. Our debt is from a bridging loan have charged us extortionate extension fees, as well as compound interest which was not agreed. We originally borrowed £137,000 and now owe £220,000 plus 2 years later. There were no monthly payments due under the contract and it was agreed that the loan would be paid back after 12 months. The lender refuses to talk to us and have even threatened to take seperate legal action against us for referring the matter to the FOS. It seems that they can put whatever amount they want in their Particulars of Claim they are even charging interest on their solicitors fees which are going up each day. Can we do anything to dispute the amount we owe them. We have a sale going through but can't exchange as their redemption figure is wrong and keeps rising

Hello folks, Just looking for some advice over a letter I have dated 24/2/12 from Newlyns that I've only just picked up from a previous address... It's over an unpaid council tax bill that while undisputed my name is the only one they're chasing of six people. Letter states that Bankruptcy proceedings are imminent, although I've just spoken to them and they say that the proceedings haven't yet been started by the council... Don't really think I want to go bankrupt over this, am I going to have to just bite the bullet and pay up? Was hoping it was going to disappear but this seems unlikely, debt is from 2005... Cheers all.

I am new to CAGS and am unsure of how to post in the correct Thread. I had a Limited Company that was suffering cash flow problems. My Business Bank Manager at Lloyds TSB suggested that I used their factoring service Alex Laurie. A representative of this company came to my house and said that they could only take me on a s a "Sole Trader". The service was expalined to me that I would pay a certain amount per month plus a % on any monies factored. It was also explained to me that Alec Laurie delt with outstanding invoinces to me through their legal department. That was what I was paying the fee for. A client refused to pay and Alex Laurie said that they would not chase this invoice but, I could pay them £500 per month to discharge what I had been fronted. I started this but missed one payment and they made me bankrupt (August 2010) I sought out a company dealing in IVA. I feel that they have been lean with advice and most unhelpful. I was told by them that I need to pay them £1,000 per month for 6 years and then I would be in the clear. I explained that due to the nature of my business I could not meet these amounts. They told me I needed to t/o £7k per month to pay them and pay my outgoings. I sought the advice of another IVA company through the CAB, who informed me that I should fail and then I could transfer to them. This I did. I was discharged in August 2011. The OR informed me that I no longer owed the debt (Have equity in my property). The IVA company that I was most unhappy with then made themselves my "Trustees". I am finding it difficult to get any sense out of them, my house has now been registered to them. I am told that I can pay my debt through a 3rd party. I have a friend who is prepared to discharge my debts for me but: I am unable to establish a figure and a debt on bankruptcy that has been claimed by creditors is £25,207.30, of which I am unclear about £8,612.13. I have paid £5k through a tax rebate to the "Trustees". The amount I am now being told that I need to pay to discharge this debt is £94.664. What options do I have if any? I have offered to start paying monies monthly as and when my company recieves funds, and my friend has offered to pay an amount as well. I am living day to day wondering when I will get a knock on my door and be asked to vacate. I feel that I am being railroaded and unable to get any sensible advice. Also I have now been unable to pay my mortgage for 3 months and am in court on the 5th September for a repossesion order. I am due considerable funds through my company on the 9th September. I have spoken to my mortgage company who say I could possibly change my mortgage to buy to let and with the help of my friend obtain this. I would ideally like to let the property out as the outgoings are way below the income it would provide. Also along line with the mortgage I have a secured loan with Blemain Finance which was for £32k this was taken out over 5 years ago and I have been paying £360 per month. Blemain say that if I repay this loan early I will have to pay them £44k. I have so many issues to resolve and I need to find away to sort this out.

If you have been issues papers for bankruptcy, and you pay the amount before the court date, do you still have to pay all the charges?

Hey folks! I am very new to this site (in fact this is my first post) and I apologise if this has been done to death but I am very frustrated with this. I declared myself bankrupt (BR) in march 2009 and was discharged later that year. Now I know that this will "haunt me" on my credit files for six years from that date (so by that reckoning off there in 2015). Yet I seem to have a problem which is: I signed up to "Noddle" and on there I see that I still seem to have a credit card and loan which show as "active" and still in default. So I went off and got my statutory credit files and lo and behold on them all there are so many defaults with dates ranging from after discharge and even this year! I do not have any lending (I only have two basic bank accounts and domestic fuel supply in my name) and I know that all of these debts were included in the BR (any debt at the date is included as far as I know - declared or otherwise). I asked the official receiver to send me a list of all creditors and this has been done. Question is what do I do about this mess? It seems to me (looking at the files) that not only was I bankrupt but I also still owe all this money as defaults lodged in years after the BR date! As you can imagine for someone who wants to put this all behind him that this is stressful and frustrating! Advice most welcomed.

hey peeps really could do with some help advise. I have been in iva for 14 months and paying 400 per month. I believe i was miss sold my iva . most of my income is benefits i receive DLA £300 and incompacity benefits every 2 weeks. i also get paid small amount from work insurance. I have been on long term sick for 5 years and very unlikely to return to work anytime soon. Over the last year things have gone from bad to worse for me. I am unable to pay my iva and have asked to be released. my situation i owe the IVA 28K and my family 13k and a friend 2k. all this cause of my divorce. I am honestly considering bankruptcy. what i would i like to know how will my benefits be included. though i receive high care mobility and care, i do have a mobility car. I still need to get a taxi to appointments every other few days if i am unable to drive, then buy lunch ect also as sometimes i am unable to wash my clothes every so often i need to have a laundry service. this is all cause of my bad health. would they take all that into consideration? i am just really worried about all this. i had to cancel my iva cause from aug i need to start paying 300 to my parents for the money i owe them. i am in situation where i can't win can't pay iva or my family. i did mention to dad i may go Bankrupt he was not happy with me and said i put your rent up or you can move out, he only said that cause if i go BR i won't have to pay him i think. what do i do. where do i turn. any help would be great thank u all