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Posted: Sat Sep 01, 2007 5:01 pm
by pm.e
Hello,
I really want to make myself BR because I have simply had enough, but I havent got enough money to do so.
I've heard of some firms that will lend you money until your next payday, but charge extortionate amounts of money to do so.
Should I get a loan from these, and then apply for BR?
I suppose they become one of my creditors then when they ask for their monies??
Does anyone have any thoughts on this?
Many thanks,
Posted: Sat Sep 01, 2007 6:41 pm
by WhenInAHole
These are Pay Day Loans companies and they do charge quite a bit although so do regular banks if you go overlimit! In the case of proposing BR though I'm not sure that this would work as there is a chance of the OR closing the account the loan was to be paid back from and it should technically be declared a bankruptcy debt and then I think it might fall under "borrowing knowing you would not be able to pay the loan back".
Do you have any credit payments you could miss to find the BR fees?
Posted: Sat Sep 01, 2007 6:47 pm
by MelanieGiles
Don't do it - wait until you have saved up the money. Borrowing from this source would be treated in the manner the poster above has described. Do you have any family members who could lend you the money?
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Sat Sep 01, 2007 7:31 pm
by Adam Davies
Hi pm.e
Are you in an IVA at present ?
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
Posted: Sat Sep 01, 2007 8:23 pm
by pm.e
Hello,
Yes I am in an IVA, but is about to fail.
Posted: Sat Sep 01, 2007 8:46 pm
by Adam Davies
Hi
Can you not use the money that you would have paid into the IVA to fund your bankruptcy ?
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
Posted: Sat Sep 01, 2007 8:58 pm
by pm.e
Hello,
I cannot afford the IVA and is the reason why its failling/failed.
I have around 3500 in my IVA from previous payments
Posted: Sat Sep 01, 2007 9:05 pm
by pm.e
Hello,
I understand that I would have to pay 3 fees
The Court fee of £120
The deposit of £250 towards the costs of administering my bankruptcy.
Is this correct, as I thought it was more towards £500?
Any guidance would be most appreciated.
Posted: Sat Sep 01, 2007 9:14 pm
by Adam Davies
Hi
I thought that it was £485,all in
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
Posted: Sat Sep 01, 2007 9:14 pm
by MelanieGiles
The cost of a debtor's bankruptcy petition is £485 per month if you are employed.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
Posted: Sat Sep 01, 2007 10:27 pm
by Skippy
Can you not save some of the money that would have gone into your IVA for a few months? That's what I did to save my BR fees.
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/
Posted: Sun Sep 02, 2007 11:35 pm
by pm.e
Hi,
What if I had the money, repaid it, closed my account, then BR?
Would this be ok?
Posted: Mon Sep 03, 2007 8:15 am
by MelanieGiles
In priciple - yes, but do make sure that the debt is repaid before your Court hearing.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp
Posted: Mon Sep 03, 2007 8:52 am
by mikebdomain
Hi pm.e
I have a hand in a 'payday' loan company and would never recommend ANYONE, especially someone in your situation borrowing from them (us)…..
Surely if your IVA fails the money you have paid in initially is to cover the costs of bankruptcy should the IVA fail,.
FREE ADVICE IS THE BEST ADVICE
Mortgage Broker
Specialising in adverse credit.
See feedback and testimonials at:
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Posted: Mon Sep 03, 2007 11:25 am
by iva experts
Hello there,
I would advise that you contact your I.P as soon as possible and let them know of your intentions to go bankrupt and stop your monthly IVA payments.
That way they are aware and the money you were putting towards your IVA you can put towards your bankruptcy fee.
Best Regards. IVA Experts