That is good advice, but a reputable company won't point you down the wrong path anyway.
Good luck.
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
It was McCambridge Duffey. Its all very scary stuff, have been filling in the insolvency forms online for most of the day. Good thing with bankruptcy is you can allocate money for cheap holidays, some money for sports and activities, smoking etc. Where as with the IVA I would be indoors for 5 years, not healthy for a 30 year old. Once this is all over it'll be a big weight off my shoulders, time to start life again and this time no mistakes!
Good luck with the BR. Let us know how you get on.
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
Good luck Steve - sounds as if you've decided BR is the route for you. My hubby was declared BR yesterday and I supported him (propped him up [:D]) every step of the way, so if you have any queries ask away.
Skippy has been through this process too and her blog is excellent, so informative about BR.
Just watch that car - I know OR's who have taken cars from bankrupts where the value is as low as £2,000 - so don't bank on being able to keep it if it is worth more than this. If you need a car to get to and from work, and allowance will be made for a suitable replacement.
MelanieGiles wrote:
Just watch that car - I know OR's who have taken cars from bankrupts where the value is as low as £2,000 - so don't bank on being able to keep it if it is worth more than this. If you need a car to get to and from work, and allowance will be made for a suitable replacement.
Yes I know but I need a car for work, not only do I do a 50 mile round trip but I also drive round the country when required. So I would need a reliable car... I also receive a car allowance.
I don't think you will have any problem provided your car has no excessive value that might incur a trading down to a cheaper one.
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.
Skippy13 wrote:
Good luck Steve, I hope things work out for you, and if you have any questions please post and we'll help you x
Hi Skippy, been reading through your blog. Interesting stuff there.
I think i'm one of the lucky ones, I don't have any disposable income once you take into account the things I will be spending out for throughout the year. You forget about prescriptions, dentists etc when you fill out for an IVA.
I do have a question regarding bank accounts though, I have £500 in one account which is bill money. When I go bankrupt what will happen to my bill account, bank account etc and whats the best way to deal with all my DD's for house?
The OR will probably freeze your bank account, and depending upon which one you are with, the bank will probably close the account.
Before you make yourself BR, withdraw all of the money from that account so tht you have something to live on and pay your bills.
If the bank is one of your creditors, you will need to change accounts anyway. Co-op and Yorkshire are usually sympathetic towards BR.
Not sure about the DD's for the house though.
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
Steve - apparently you can open an account with the post office too. If the bank does freeze your account, if you contact the OR they will arrange for the funds to be released, as long as you can prove the monies are for bills etc.
It is worth opening a new account now with a pound or a tenner and show the OR the statement with no activity on it. This is easier to do pre bankruptcy and your DDs could be paid from there if the OR says it is OK. Everyone needs a bank account for wages in and bills out and as for the £500 you have saved for bills you could use that to go bankrupt as the costs are almost exactly that amount.
You can also have your money paid into a third parties account, so if you have a relative who could do that, your wages could go in there, at least temporarily.
When you go bankrupt is reliant upon the court you are going to, some have waiting lists, so I would suggest you phone your local one up to see if you have to wait or not.
That should tell you everything you need to know, but of course if you have any queries about it, just come on and ask us.
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
