Once it's been accepted you're ok You can't mess anything up now!
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
Well I emailed my IP yesterday regarding offering £5K as full and final and outlined my situation. I received a reply within an hour and they have said that it is possible creditors would agree this amount as they would not receive such a sum if I was made bankrupt, even though it's less than was originally agreed they'd get back. They have advised me to wait until I have made my last token payment at the beginning of June and if I'm still not working by then, they would be happy to propose the full and final amount to my creditors. Sound promising?
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.
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.
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
Well the full and final situation continues after spending 3 days crying my eyes out worrying about the whole thing. If this doesn't get accepted and I can't re-commence my payments after the 6 month extension then I'm not sure where I stand.. I've spoken to my partner and the most money he can lay his hands on is £3,600 for my full and final. I'm going to put this to my IP but not sure if it's good enough. At the end of the day the creditors wouldn't be getting it in bankruptcy.
Just out of interest, if I was made bankrupt and didn't have a job, what would I have to pay? What is the dividend creditors expect in bankruptcy?
Thanks for the reply Melanie. But if I managed to get a job within the first 12 months of bankruptcy would I have to declare this? Can they then request that I pay them?
Yes - you would need to declare your new earnings, and the OR may then assess you for an Income Payments Arrangement based on those earnings. Expect to pay between 50% and 70% of your net disposable income for a three year period.
OK, this is really scary for me...I think the first step id to put forward to my IP the offer of £3,600 and see what they say. Then I will have to consider alternative options.
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
