Your payments are based on the amount of disposable income you have over £100 per month after your priority payments have been made.
I believe it is between 50 and 70% of that for 3 years.
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
I would imagine that for most people, BR would be the hardest of all decisions.
Can't help but wonder how many of the increased numbers of BR's are from IVA's that have failed? Having such a restrictive budget and the need to get changes approved must be very difficult with these deteriorating economic conditions.
Last edited by GinSkipper on Wed Mar 04, 2009 8:51 pm, edited 1 time in total.
Totally agree Skippy...until you walk in my shoes, don't judge me springs to mind!..then again,...so does " there but for the grace of god go I"!
Like an IVA your income & expenditure is taken into account. Then a percentage of any disposable income is considered for an IPA. Take a look at Skippy's blog for a table re: repayments.
Your priority payments are things like mortgage or rent, council tax, food, travel. The normal everyday expenses.
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
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.
?David My local CC is 6-7 mls away & I know everyone really closely The other 'local' CC is 12 mls and whilst known then not as well.
I'm not sure what is classed as the 'local.' Is the reason local is used =to publicise bankruptcy in local area etc.
? could I lodge papers in this other CC with a covering letter re conflict.
The applicable court is the one which covers your home address - you can log onto the Insolvency Service web site which gives a list of applicable courts relating to your address.
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.
Still going around in circles re the best option. In a DMP but have just recieved a CCJ. They are going for a charging order.If I go bankrupt does the CCJ remain in force with all the implications?
If they get the charging order then does the CCJ remian or is it instead of ?
If they get the charging order is that it until I sell or willI have to continue paying a monthly amount?
Bankruptcy would stop the charging order. In any event as (per your earlier post) you are in negative equity and as long as you continue with the mortgage post bankruptcy then you will remain in the house. Bankruptcy would appear to be your best alternative but can I suggest you speak to an IP and explain all your circumstances and then the appropriate advice would be given to you. Visit www.iva.com for reviews on relevant firms. Good luck.
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.
Re house. On paper there is a little equity 185000 owed ona 205000 forsale but unlikely to get this.No one even looking. I also have a secured debt of 5000 If I go BR,continue to pay the main mortgage but then stopped paying the 5000 (I know that I should be responsible) Are they likely ( they could obv)to go for action on the 5000 and could they force repo and /or wouldI get into trouble with the BR
If there is negative equity at time of your bankruptcy then the second chargeholder would have no way of receiving anything - at time of Bankruptcy you will be able to negotiate with the Official Receiver.
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.
BR/IVA and informing employers
There is a thread somewhere re this. In IVA some have told and others have not. Can I get away with not saying or should I bite the bullet and ask HR what their position would be.
