Bankcrupcy

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fletch76
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by fletch76 » Thu Jan 28, 2010 8:16 pm
Hi thank you for answering all my other questions I have posted, they have been very helpful, however, with my IVA failing and we cant get hold of the guy who was dealing with it "suprise suprise". We now feel bancrupcy is our only option and feel quite silly as we have no idea how much we owe! im going to e-mail my so called IP who I have never known I had till I came on here! regarding that.

Bancrupcy, where do I start? I have many questions but do not know where to start, we had a company ring us "moneymeans" and said they could help us go bankcrupt there fee is £1,000 and then we would need a further £1,500 for the courts! does this mean I cant afford bancrupcy either?!

they sent some information on bancrupcy which I read and still feel confused really and worried about all the paper work im going to need as I probably havent got most of it now, they said they will deal with the paper work side for us and fight our corner for the best "deal" from the judge. I know it is cheaper to do it on our own as I have read on here but what about all the paper work they need?

I know we can stay in our house for 12 months while we find somewhere else to live which im hoping we are a priority with our local council as we have two children aged 10 and 12, most letting agencies will not accept bancrupts, I know im jumping the gun as we havent done it yet but I dont want to make the same mistake as we did on our IVA by picking the first firm and bad advice.

If anyone can help as much as possible, any information would be greatly appreciated. Im so glad I found this site. xxxxxxxx

 

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luluj
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by luluj » Thu Jan 28, 2010 8:40 pm
I believe you can petition for your own bankruptcy and it costs about £500per person - you can get the forms on line and and I am sure people on hear will be able to offer further advice.

The company that has approached you is trying to make money from your misfortune - ignore them !

 

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fletch76
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by fletch76 » Thu Jan 28, 2010 8:50 pm
Thank you x

 

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Skippy
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by Skippy » Thu Jan 28, 2010 8:53 pm
First of all please ignore the company that you have spoken to - there is no need to pay £1000 to them for 'help'.

BR fees are £510 per person (£360 if you are on certain benefits) and slightly more at the High Court in London.

Don't worry too much about the paperwork, if you haven't got statements the Official Receiver can get these from your creditors.

When you see the judge (and not everyone does) he grants the BR but has nothing to do with your payments. These are set by the Official Receiver.

If you have a look at my blog I've written about my BR experience, including the paperwork the OR asked for.

If you have any questions please post and someone will be able to help you xxx

 

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MelanieGiles
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by MelanieGiles » Thu Jan 28, 2010 9:56 pm
Asking you to come up with £2,500 to fund the cost of bankruptcy proceedings? Outrageous for alleged assistance to fill out a few very sikple forms - and if you need help, the bankruptcy clerk at the Court or the CAB will provide this free of charge.

Which IP firm are you with? And are you sure the IVA is failing or are you just fed up of trying to get support from the firm you are paying to look after it?

 

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fletch76
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by fletch76 » Fri Jan 29, 2010 7:49 am
We are with Blair Endesby, we have been paying £330 a month for 2 years, for 9 months they have been trying to sort out my husbands income as he is self employed, cant quite understand how it worked for 2 years then when it was the annual review it was passed onto another person half way through, we havent paid anything since august last year as it was too high, i sent my husbands accounts in and he said we didnt have enough disposal income even though I got it to £196 but I think they take thier fee out first then see what you have left to pay the creditors, we have never even spoke to an IP there, not had any advice just feel as though we have been dumped basically, we are now worried about baliffs etc...we have no idea how much we still owe whos been paid or anything as we have had no information from them so we feel BR is our only option. Is there anyone we could ring to speak to us and give us some advice please? thank you

 

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Skippy
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by Skippy » Fri Jan 29, 2010 8:41 am
What appalling 'service'.

BE post on the forum so hopefully they will see this, but you can contact them on the following email address, which they have asked other people to use:

ip@blairendersby.co.uk

Good luck, I hope you can sort something out x

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 8:47 am
It is appalling service, and I hope someone from BE picks up on this and contacts you to get it sorted out.

 

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Julie
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by Julie » Fri Jan 29, 2010 8:49 am
Hi Fletch, I hope BE read this post and act quickly to help you.

Please don't pay a compnay to help you go BR - we'll all help you for free.

Have you got any of your review reports? This will tell you what you've actually paid in and if any of yoir creditors have been paid. Your original chairmans report should list your debts.

With regard to your property, do you have any equity in it? You may not necessarily lose it if there's no equity and you can afford the mortgage repayments.

 

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orange
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by orange » Fri Jan 29, 2010 11:53 am
do you still have to pay instalments for bankruptcy like in an iva.....

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 12:13 pm
If you have more than £99 per month disposable income once your normal bills have been paid, then you will pay between 50 and 70% across to an Income Payment Agreement for three years.

 

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orange
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by orange » Fri Jan 29, 2010 12:35 pm
do they moniter you income etc like iva then kallis

 

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Skippy
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by Skippy » Fri Jan 29, 2010 12:37 pm
If you have over £99 of disposable income you will pay a percentage of this into an Income Payment Agreement (IPA) for 36 months. During this time you have to tell the Official Receiver of any changes in your income (up or down) so that they can reassess the IPA.

 

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orange
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by orange » Fri Jan 29, 2010 12:45 pm
we are in a iva and coming up to our last 5mnths.and then have 12months to pay off equity...not been easy like everyone we struggle along

 

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kallis3
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by kallis3 » Fri Jan 29, 2010 12:55 pm
It is highly unlikely that you will need to go down the bankruptcy route then orange.

If you can't raise the equity then it usually follows that an extra 12 months is added on, making it six years rather than five.

Something you need to discuss with your IP I think.
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