Think I need to go BR!

[IF]

Re: Think I need to go BR!

Brilliant. I'll take a look at my SoA to ensure that it doesn't look like I've got too much spare. I wonder if they know what UE is when I explain to them that's what I've been doing since I stopped with PayPlan!

Chambers will be fine. Judges aren't the monsters that most of us think they are. They are usually polite and fair.

With your SOA, don't forget to post what you put down first as if its over the limit you will be asked by the OR (Official Receiver) for proof (receipts etc).

The Judge was lovely, asked me if I had taken advice from a debt charity, I said yes and that was it!!

[fiscalfool]

Re: Think I need to go BR!

thank you both for your wonderful advice. I'll get on the case with National Debtline and see what they say.

I'll see what happens with my tenant, but then write to NR and tell them I can't afford it, and I'd like to surrender the keys.

[philnicandamy]

Re: Think I need to go BR!

I'm in & out a bit for now (bloody family emergencys!) BUT if I can help in anyway just give me a shout

[fiscalfool]

Re: Think I need to go BR!

Thanks Phil, hope you get it sorted soon.

[philnicandamy]

Re: Think I need to go BR!

ah i'll be fine!

(any PM's by the way go straight to my blackberry so if your stuck & nobodys online I can answer wherever I am)

[Never-In-Doubt]

Re: Think I need to go BR!

(any PM's by the way go straight to my blackberry so if your stuck & nobodys online I can answer wherever I am)

Sadly, I know that feeling all too well mate

It's like being a workaholic without the salary lol.

[fiscalfool]

Re: Think I need to go BR!

Same here ... all my PM's go to the iPhone, and I can answer from there. Promise I won't harass you though

[jen_br]

Re: Think I need to go BR!

Hi, bit of a late commer but I'd like to deal with the car situation how did you take this car out on a PCP? or what? Because if its a PCP and the term is almost up (this is generally 3 years) you can hand the keysback with no penalty the loss isn't your issue.

but if its a straight HP (Hire Purchase) then you can't do that im afraid (Well you can hand your keys back... and car will go to auction) but then yours till liable for the short coming.

[fiscalfool]

Re: Think I need to go BR!

Hi Jen,

5 year Personal Loan, which Santander had marked that they had a financial interest. Which I have managed to get them to remove, as legally they don't have an interest. Confirmed with Paul.

I can't Voluntarily Terminate, although I'd love to, as that's usually with straight HP (under £25k). But I can Voluntarily Surrender, where they would auction it and then charge me the remaining.

My reason for selling was to keep the cash myself as a buffer, in lieu of a credit card. Then a company car would work out slightly cheaper.

So the car one is really just a personal loan, but Nid's checked it, and unfortunately it is enforcable, thus I've been trying to start a dialogue with Santander to make reduced payments. It's just fallen on deaf ears.

[fiscalfool]

Re: Think I need to go BR!

Out of interest, how frequently are IPO's made as part of a BR ??

[Riz]

Re: Think I need to go BR!

The stats are being revised at the moment, but last year I think there were about 70 ish IPOs.

Compared with about 14,000 IPAs.

Out of about 60,000 bankruptcies.

[fiscalfool]

Re: Think I need to go BR!

Oh right ... I thought it was pretty much guaranteed that I'd end up with an IPO.

Could be good news!

[confused76]

Re: Think I need to go BR!

hi fiscal i see you've had some fab advice...

regarding an IPA, the allowances are quite reasonable, they won't leave you to starve. If you want to post your SOA on here then we can comment on what the OR generally allows. ---> Statement of Affairs Calculator

i saw the judge and he was lovely, i cried because he was being kind and i'd been so nervous.

If there is anything i can help with then please feel free to PM me.

edit - i found National Debtline very helpful...

Good luck xx

[garlok]

Re: Think I need to go BR!

Hi Riz,

Are those statistics about to change anyway considering the change in legislation which came into force 1st December 2010? IPOs move from about 70% disposable income to 100% disposable income and a more agrressive attitude by the auhtorities to bankruptcy??

regards
Garlok

[Riz]

Re: Think I need to go BR!

Oh right ... I thought it was pretty much guaranteed that I'd end up with an IPO.

Could be good news!

They are being much tighter since the the beginning of Dec 2010.

i.e. you only need £20 surplus per month before they look at an IPA whereas before it was £100 per month.

That is why doing an SOA is important. People here and on other sites know how the OR looks at these, and can give suggestions on what they might want (if anything) and if your expenses look reasonable or if you haven't included something you should.

The other point is that an IPA by law MUST leave you with sufficient funds for your "reasonable domestic needs". If the OR wants one that you think compromises that principle, then you are within your rights not to agree to the IPA, challenge how they have worked it out, and/or make them justify what they want in court.