Moan

[MelanieGiles]

The Official Receiver will not usually accept early redemption fees in reduction of equity I am afraid - so get that valuation organised to be sure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dee]

Thanks for you advice I will organise the valuation as soon as possible. If they don't take penalties into account I am best trying to hold on until May otherwise I will be trying to raise the equity as well as the early redemption fee. Not sure how we will juggle things until then though.

[Dee]

I have been up all night fretting. I try and tell myself that its only money and I still have my health and my beautiful girls but it doesn't make things any better. My husband said something the other day "the more I think about how much I love my kids the harder it becomes". We feel like we've let them down. All this pressure is making us both ill, I'm already on medication for depression.
When you file for bankrupcy what is your first step?

Dee

[MelanieGiles]

Dee

I don't know how old your daughters are, but try and put a positive spin on this in that you are now doing something about your finances to secure a better future for them without the burden of debts you cannot afford.

The first step of filing for bankruptcy is downloading the application forms from the Insolvency Service's website, and collating the information you are required to put downm such as creditor balances and account numbers, details of your property and mortgage, and a summary of your income and expenditure.

Bankruptcy proceedings will also cost £485 per person in Court fees, assuming that you are both in full-time employment, and are made in the nearest Court to you with bankruptcy jurisdiction. If you can tell me where you live I can let you know which Court to use.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dee]

I live in Bradford. My girls are 17, 8 & 7. Can you tell me what IPA's are I have been reading about people having them after bankruptcy.

Thanks
Dee

[MelanieGiles]

So your application is in the Bradford County Court. An IPA is an Income Payments Agreement, which is an agreement you may make with your eventual Trustee to make ongoing monthly payments from your disposable income for a maximum three year period post-bankruptcy. Given the low amount of disposable income you referred to in your earlier post, I feel that it is unlikely that you will be required to pay over anything, but that will be a decision for the Trustee at the appropriate time. As a guidance, you can expect to pay over between 50% to 70% of your surplus, but if this is lower than £80 then it is unlikely that you will need to pay anything.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dee]

Thanks Melanie
I cant tell you what a lifeline this site is. The people around you give you advice but they dont really know what is like to be living like this. I am one of these people who puts on a brave face to the outside world either because I am embarrassed by our situation or because I dont want to worry my close friends and family. I had to ask my little sister for money for my food shopping this week, I feel absolutely gutted.
Just being able to talk about on here is such a relief, I can sit here and cry now because there is no one else in the house and I dont have to pretend I am holding it all together.

[Dee]

If I could get a member of the family to help financially how much do you think I would need for a F & F IVA. We owe approx £44K?

[MelanieGiles]

I would have thought about £15,000 - perhaps more if you have any debts with HSBC.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Dee]

I cant tell you how silly I feel. I have just recalculated our expenditure and realised that for Car Tax I used the annual figure rather than the monly figure which means we would have £389 available for an IVA proposition. Do you think that this would be acceptable for our £44k debt?

I just goes to show that getting stressed about these things only make it worse because you cant think straight. I have spoken to my husband tonight who has been brilliant. He was always against an IVA but because for a couple of hours the alternative was bankruptcy he is quite relieved about the IVA option.

I also opened a new account today online and feel better that I have taken the first step.

Dee

[aguise]

Hi Dee
Only my opinion but it sounds now more like an iva would be possible for you.
Dont beat yourself up about your situation, be proud now that you are dealing with it. Start to feel positive now.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[Beechy]

Hi Dee
Based on your figures for a straight forward IVA the dividend would be arould 37% which might be ok, it depends on your creditors as some have a hurdle rate of 40%

Beechy

[Dee]

If they dont accept it the altenantive would be a lot less, although I know that this doesn't always matter. I have the day off work tomorrow I think I will take the plunge and contact an IP.

[cat 1]

the afternoon I phoned Clear Start was the most producive afternoon I have had for a long time. I had only been back at work for a week or so after having a 2 week period sick-some guise I used to mask extreme stress.My daughter's school had rang for her to be picked up as hse had been sick. She snuggled down to sleep and I made the call. I was on the phone ages and at times could hardly speak as my mouth was so dry with anxiety or because I was crying so hard that speaking/ breathing was difficult. They were brilliant.The whole IVA took approx 6 weeks. So do make that call.Don't put it off and good luck. And, you're absolutley right about this forum. I'm reading everything still and learning loads. Every anxiety has been answered and I feel I can speak out, be heard amongst people who won't judge me and know how I feel.It's brilliant .cat 1

[Dee]

Hi Cat1 Thanks for your words. I am preparing myself for that call tomorrow. I will hopefully have a better sleep tonight although I have to say that this site is a little addictive in the support that it offers. Tearing myself away is a bit like getting out of bed on a cold morning. My family are snuggled up on settee watching TV so I'm off to join them in that respect I feel the luckiest person alive.

Dee