That's about the height of it - but anything that happens post-bankruptcy is generally at the discretion of the examiner looking after your case at the OR's office.
Can I just add that if you go to work you maybe could earn a little more and you would be able to claim child tax (if your children attend and ofstead registered child minder/nursery) they pay up to 80% not 100% sure of exact amount but it might be worth having a look at xx Sorry if this makes no sense. Kabby
On the slow safe road to success. Personal thanks to Melanie Giles Kallis Skippy Elv5 and all the other wonderful forum friends.
Hi
As stated above, I have been looking for work.
I was actually given a job for 8 hours a week fitting in with my partners work, and with a friend who would look after my son, but after working all monies out, we would end up £20 worse off that our current scenario - so it just wouldn't work. I am looking for work with more hours/money to make it beneficial, but haven't got to interview for the things I have applied for so far. I am trying, please don't get me wrong, the way we are living is not what we wanted at all.
I am sure that you will get some good news soon, and it seems senseless finding a job just to see the money all being absorbed by childcare and travelling costs.
Keep trying - but enjoy some quality time with your son as well. You can never recapture those years!
Thank you, I wish I could enjoy it rather than be stuck worrying about the £12 a week we have for shopping, and job searching 24/7 that's how it seems to be right now.
Melane I'm not sure how to work it out, I think our current divident is 48p in every £ and we are currently paying £350 a month back on 28,000 debts, if we managed to get it down to £250 per month, firstly do you think this would be accepted, and secondly, do you know what dividend that would be?
I have this huge feeling it will fail, but we are really struggling, we want to pay as much as we can rather than go BR but I just have a horrid feeling.
And you will be possibly assessed and your partner for an IPA or IPO around 50% of your net DI I think
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I think that you need to firstly work out your current income and expenditure budget, based on what you have actually spent say over the last three months. This will provide you with a current disposable income figure, which may or not be accepted by your IP - and they may or may not be prepared to propose this reduced sum to your creditors by way of a variation meeting.
However, if that figure is accurate, you cannot afford to pay any more, and if this brings an end to the IVA so be it. As I continue to state on this forum, sometimes there are more important things on the life priorities list than repaying a few debts.
If you can afford £250 per month - I cannot see why creditors would refuse that - but do make sure that you can afford it before proceeding further.
Melanie, sometimes people want to try and pay something to their creditors and avoid bankruptcy at all costs, There is still a stigma to bankruptcy today even though it has gone "lite".
I always remember when by late father went bankrupt for a lousy £3,000 (that was over 45 years ago) - he never really recovered from that. Maybe that is why I try that bit harder to produce a solution that if possible can avoid bankruptcy - if nothing can be done then bankruptcy must be the option. Yes there is more to life than just a few debts - but that life might be more difficult in the future. Yes I know many posters here took that option and having gone through it are happy, some are sad but I believe if there is a glimmer to avoid bankruptcy then it should be grabbed. That is why the 1986 Act produced the IVA and that is why the Fast Track IVA (a meal depends on it) will be out next year!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
