Hi all, hope everyone is well, I posted this on the sister site a couple of days ago and thought I'd best post it here, sorry if someone has already posted this info:
From the 6th April 2016, there will be changes to the way an individual applies for bankruptcy.
The individual won't go to court to apply, there will be no paper debtors petition or statement of affairs as they will need to apply online directly to an adjudicator within the insolvency service.
The fee to submit an online application will be £130 and the official receiver deposit is the same, £525, so the total to apply is £655 and there is no fee remission as there are no court fees, so this fee is the same for everyone. However, similar to a debt relief order, you will be able to pay the fee in instalments prior to sending the application.
The process and what happens when you're made bankrupt is the same as it is now.
I did post it a couple of days ago in response to another poster but thanks for posting it again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Viki. Such changes can be posted as often as needed to ensure as many who need to know, do know.
There are so many changes going on at the moment, in all walks of life, with minimal publicity, we need to shout about them.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The application itself is lengthy and asks for everything the statement of affairs did so that's not quicker, but you can pay online and the verification is quick, so although I haven't actually submitted one yet, and I won't know exactly until 5th April, yes, it would be possible to do that Andy!
Nice to take the court appearance away but think a safeguard should be built in to save any knee jerk applications that may be regretted a short time later
Totally agree with Andy, as some people are in desperate measures when they start googling - agree the taking out of going to court may help some come to an informed decision. Hopefully if we can promote people to take advice from a few companies first to discuss all debt solutions then we can get the message out there.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
There is a fundamental difference with the DRO process inasmuch as with a DRO, individuals can make cash payments at a post office or payzone outlet of either the full amount or by instalments. The only way that a BR will be able to be paid in cash is if the whole amount is paid in one go, instalments are only possible if a debtor makes online payments.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
A person will be prompted to get free independent advice before the application but as far as I know there is no tick box or requirement to seek advice prior to submitting the application.
Last edited by Viki.W on Mon Mar 14, 2016 1:02 pm, edited 1 time in total.
A tick box would be an excellent idea as that would acknowledge they'd at least read the statement about taking professional advice prior to proceeding.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
