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Does anyone have any links for charities etc than can provide help for the Bankruptcy fee of £450? I am on JSA at the moment, so believe that the court fee of £150 would be waived.

 

I don't think a DRO is the way to go, because if (hopefully when) I find a job, It would as far as I can see from the information be cancelled, all the debts would be owing again, and £90 would be wasted down the drain.

 

Most of my biggest debts have gone Statute Barred, and my credit files on 2 of the main agencies show no CCJ's :D Apart from some smallish ones that arent appearing, Sky, Npower. The only really big one left is Welcome Finance. A £3000 loan that has magically (not a suprise to anyone who has been victim to them) jumped to around £10,000!!!

 

The Welcome Loan is from January 2006, so I think counts under CCA74 - are they good at producing valid CCA's from that time?

[sIGPIC][/sIGPIC]

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Hi seq

 

Have you seen this? from yesterday's Guardian Money.

 

Bankruptcy: Is there life after debt?

 

New legislature means debtors will be given £10 a month to spend for three years. But critics say this serves only to extend their misery

http://www.guardian.co.uk/money/2011/mar/19/bankruptcy-life-after-debt

 

 

 

 

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And

 

Changes to the way Income Payments Agreements (IPAs) and Income Payments Orders (IPOs) are made

From 1st December, 2010, two main changes came into effect:

· the minimum amount that the Official Receiver (OR) seeks to claim under an IPA or IPO reduced to £20 a month.

· the bankrupt no longer retains any of the remaining surplus income once all their reasonable household expenditure is accounted for.

Existing IPA/IPOs will continue under the present arrangements as will any subsequent variances throughout their lifetime.

Changes to the way in which the family home is dealt with

From 1st January the following changes came into effect:

The OR, as trustee of the bankruptcy estate, will no longer dispose of a bankrupt’s interest in a family home until two years and three months after the bankruptcy order is made, except if an offer is received which is in the creditors’ interests to accept.

At two years and three months a review will begin. In cases where the bankrupt’s interest in the property is valued at less than £1,000, steps will be taken to re-vest the property interest in the bankrupt.

Otherwise, if there is insufficient equity to attract an insolvency practitioner to act as the trustee of a bankruptcy estate, then enquiries will be made as to whether the bankrupt or a third party would be interested in purchasing the interest, assuming the property interest may be worth more than £1,000. If it is not possible to transfer the interest, and the interest is valued in excess of £1,000, the OR will consider applying for a charging order.

If there is sufficient equity in the property, and if the OR is not aware of any willing purchaser, a Secretary of State appointment of an IP trustee may also be sought.

The OR has the discretion to effect an early re-vesting of the property back to the bankrupt in specific circumstances.

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Hi Vic. I know about them both. I will get round to blogging about it (uni is taking up way too much of my spare time at the mo!)

 

The IPA thing brings it more in line with self-negs, dmp's and iva's so pretty understandable.

The family home thing also kinda makes sense although it *is* a little harsh (in my opinion) - but I guess bankruptcy is supposed to be the last resort. I guess the economic climate is the key reason for this particular change.

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