Bankcrupcy

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orange
Posts: 1183
by orange » Fri Jan 29, 2010 1:01 pm
i was just interested in bankruptcy and what happened cant wait for that last yr

 

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fletch76
Posts: 11
by fletch76 » Fri Jan 29, 2010 1:25 pm
I think we have about £20k equity in our mortgage, the sickening thing is we have a very low mortgage and we have never been late or missed a payment! £196 left over is after everything is paid bills, food everything. Now when we ring B&E all of a sudden nobody is available to speak to us, even though he told me monday that he was free all week to discuss the cash flow chart!

 

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orange
Posts: 1183
by orange » Fri Jan 29, 2010 1:29 pm
not sure if youd say we were lucky or not but our house can in under our mortgage so we have gone for final ..how much of that money will you have to pay over?

 

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kentmikey
Posts: 69
by kentmikey » Fri Jan 29, 2010 1:45 pm
I too am with B&E Fletch, your story sounds very similar to mine. As already said do not pay those disgusting fees. BR costs £530 per person. Which can be done yourself through the courts. We stopped paying our IVA towards the end of last year, although at the moment we are pondering what to do, whether to keep with the IVA or go BR. Lots of help on here so you have definately come to the right place.

Mikey

 

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fletch76
Posts: 11
by fletch76 » Fri Jan 29, 2010 3:46 pm
Is an IPA something we could do? or is that when u have no equity in ur home?

 

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Skippy
Posts: 20717
by Skippy » Fri Jan 29, 2010 4:07 pm
Equity or assets don't have anything to do with an IPA, if you have £100 or more disposable income you will get an IPA for a percentage.

 

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fletch76
Posts: 11
by fletch76 » Fri Jan 29, 2010 4:19 pm
Skippy sorry to ask so many questions! ive never heard of an IPA, if we have £196 disposable income and go bankrupt would an IPA prevent us from losing our house? or have I got this wrapped around my neck!!could you explain it for me please thanks xx

 

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Darkdog
Posts: 146
by Darkdog » Fri Jan 29, 2010 4:22 pm
Just out of interest Skippy, is the DI worked out the same as in an IVA? do you get allowances etc before the DI is arrived at like fuel, hobby etc

 

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Skippy
Posts: 20717
by Skippy » Fri Jan 29, 2010 4:35 pm
An IPA won't prevent you from losing your house unfortunately. The only way to do that is to have someone buy the beneficial interest in the property.

Allowances in BR have been more generous than in an IVA, but I understand that this is being tightened. Your disposable income is what is left after your expenditure - if you have a look at my blog I have listed the things that I was allowed.

 

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Blair Endersby
Posts: 180
by Blair Endersby » Wed Feb 03, 2010 11:05 am
Dear Fletch76

Please email your contact details and customer reference to the below email address, so we can review your file.

Regards

Blair Endersby

 

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alexmac
Posts: 7
by alexmac » Wed Feb 03, 2010 1:33 pm
whatever you do don't pay out for another company to do your bankrupty, much cheaper to do it yourself. as you are so far into the iva, can you not get B&E to have another creditiors meeting to get payments reduced due to your change in circumstances.


Alex

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Last edited by alexmac on Wed Feb 03, 2010 4:30 pm, edited 1 time in total.
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