Im so scared of talking to anyone at the moment

[westonr]

Hi Melanie

This is interesting because my IVA creditors meeting is on teusday and if it doesn't go favourably, bankruptcy is not really an option as i work in financial services and I don't want to lose my job. I too was thinking of letting my house get repossessed as the secured lending is slightly above the value of the property and I could move back with my parents until i manage to sort out some accomodation. Its not ideal,but at least i would be able to pay my unsecured debts in full - the qustion I have is, would my employers be notified in anyway about my repossesion if it happened. Hopefully I won't have to make this decision as the IVAwill be accpeted, but this forum has helped me to look at other avenues which i hadn't previously thought off

many thanks

[MelanieGiles]

No your employers would not be informed of any possession proceedings against the property.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bono]

Hi all

So would it be worth me carrying on paying the DMA the money for my credit cards and just miss the 3 payments to my mortgage company and secured loan place and just let things take their course as I have somewhere to go.

This way I wont be made bankrupt and I will have money to move to the other place.

Is this way the best option for me,I hope to hear from you again.

Regards

Bono

[MelanieGiles]

Hi Bono

This is an option - but only you can determine whether it is the best one. You really won't know exactly what your financial situatiom will be until the house is sold and your secured loan shortfall is known, so I would keep up with the DMP in the meantime as at least until things are more certain.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[bono]

Hi melanie

Ive decided to go bankrupt now,the only advice I would like to optain is,when I meet the OR afterwards,Ive been told he will set an amount I have to pay over a 3 year period,have you any ideas in what this would be?

Although Im single I will be paying rent,and other bills,plus I do have a child I pay income for as well although we are not together.

regards

Bono.

[finebridge]

Hi Bono,

The OR will take a % of your surplus income. In my experience they ask for between 50%-70% of surplus.

Hope this helps

Kind Regards

Nicola


Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[Skippy]

There is a table on my blog that gives a rough idea of what the OR will take.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

bono the OR is more lenient in BR with your I+E so make sure you put everything down that you spend on each month, they will also allow you a holiday fund, if you need any help with it please ask, skippy and i have not long petitioned for BR and we can tell you what we put down and what we were allowed, they will set an IPA if you have surplus of £100 per month, if you look on skippy's blog she has the table on there on how they work out the IPA, good luck.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[bono]

Ok many thanks scared,


Once Ive made myself Bankrupt I have somewhere to go,but do I have to stay in the property until its sold,or am I made to leave from the time Ive seen the OR.
Im in the process of moving some stuff out but leave the sofa,tv and a few other things.

I will be staying at a friends but also paying her rent,will the OR question her on what Im paying her as she is not allowed paying lodgers,as she is with Housing assoc.

Regards

Bono