bankruptcy the only option?

[paddyuk]

ok. so i cant get an iva because i dont have to much desposible income and i dont have a house, and ive tried payplan and cccs and they said they can only offer me a dmp for around £230 which i just simply cant afford so bankruptcy is my only real option.

i work and take home about £1100, i have rent 375, hire purchase car £129 and then odd bits such as insurance, mobile, gym etc.
i really wanted to join the police force next year, started training this summer for it but doesnt look like my dream of that will come true

i owe £18000 to about 14 creditors.

few questions anyway:

1. Is it possible to still keep my gym membership in a BR? i really would like to keep that as i need to loose weight as im overweight now.
2. would someone come round my house and value things like the tv, laptop etc? i know they will take the tv away etc so what about my sky/internet etc ?
3. does your pay just go to the OR and then they give you money to live on etc.
4. what about money for socialising, i cant ignore my friends that will kill me so what happens there?
5. as for my car on hire purchase, what happens do they give you money to buy a cheaper one then they take away that?

6. I really wanted to own my own house next year, i was going to live rent free and rent out the rooms to some mates, could i still do this when i got released?

7. i own a dog, what will happen ?

cheers

i prob have a few more but thats all i can think of for now.

im so worried now, i havent slept for a few days since payplan said they couldnt do much for me because i dont have much disposible income.

[Adam Davies]

Hi and welcome
In answer to your questions
1] Unlikely
2] No one will come round to value items and they will not take your TV away.
3] If the Official receiver feels that you have enough surplus income then you will have to pay upto 70% of this each month to the OR for three years.
4]As the OR only takes a max of 70% of your disposible income you will have enough spare for socialising.
5] That will be upto the OR and the HP company.You are generally allowed a car upto a value of 2.5k
6] Once you are discharged from BK you can take a mortgage but you will need a healthy deposit.
7] Allowance for you dog will be allowed in BK
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

Hi Paddyuk, as Andy says the OR will take a maximum of 70% of your disposable income and it is up to you what you do with the rest. If you choose to spend some of it on gym membership then it's up to you. At the moment my company pays my gym fees, but I am looking for another job and I intend to carry on paying for the gym from my surplus.

BTW, I sympathise about the police - I was planning on applying to join next year, but I won't be able to now either.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[paddyuk]

its the only thing really upsetting me is not being able to join the police force, its what ive wanted to do and its my own fault getting in debt being a student im trying to look at alternative methods rather then bankruptcy but i dont really see any options ?

[Skippy]

Same here Paddy. Have you tried contacting the police force you are planning on applying to and asking if they would accept an application from a discharged bankrupt? I have read that it is down to the individual force so it might be worth contacting them anonymously. I haven't done this as I am 32 and I think that and the BR will definitely count against me!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[kandh]

Hi

Just browsed the main police recruitment website http://www.policecouldyou.co.uk/officer ... nal_record which does say that you are eligible to join if you are a discharged bankrupt and have your Certificate of Satisfaction as proof, so all may not be lost.....

HTH [:I]

[Skippy]

Thanks for that - I might have another think when I'm discharged

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[kandh]

No problems!! "Never say never"!!!

I'm thinking of a new career but the training etc would take 7 years from now and I am 35 so I would be 42, almost 43 by the time I finish. However I look at it that I will still have a good 17 years before I reach retirement age which is still a good length of time in a career.

[8D]

[lily]

Its never too late to start another career, when I did my last degree there was a man of 53 who started and completed it, he was made redundant and used the money to fund his way through and to start his own buisness, there was also a woman of 55 on the course who graduated.

lily

[paddyuk]

thanks for the advice. im just debating to either go bankrupt now or try do my own contribution dmp of £100 until next year when my pay goes up and ill be able to afford more.