How much will I have to pay into my debt management programme?
It depends on your circumstances. It’s important to keep up with your regular monthly payments, or your creditors may cancel the agreements
Is this a loan?
Will I be credit checked before acceptance?
Does it make a difference if I am a homeowner or tenant?
Do I have to be in full time employment?
What is the difference between a secured and unsecured debt?
Will the plan affect my credit rating?
What if my circumstances change?
Can I cancel my plan at any time?
What is an IVA?
How can an IVA help me?
How does the process work?
What will happen if I cannot meet my payments?
What happens when the IVA is completed?
Do all of my creditors have to agree to an IVA?
Why would my creditors accept an IVA?
What will an IVA cost?
Will an IVA protect my house?
How much will I have to pay each month?
Will I qualify for an IVA?
Will my creditors really write off debt?
Will I be able to keep my car?
Can I have an IVA if I have a CCJ?
Do I need to be working full time?
Does my partner need to know about my IVA?
Will all my debts be covered by my IVA?
Will my credit rating be affected by my IVA?
What happens if I don’t keep up the payments on my IVA?
I am self-employed. Can I do an IVA and continue trading?
What if my creditors do not accept my IVA proposals?
Can I finish my IVA early?
Can I cancel my IVA?
What is bankruptcy?
How can I bring about my own bankruptcy?
What are the consequences of bankruptcy?
Whilst a Trustee cannot take any sums out of a pension policy for the benefit of your creditors it is important to note that if you have a works pension policy and you file for bankruptcy your entitlement to a payment out of the policy on retirement may be affected. Whether or not this is the case it can be ascertained from reading the small print in your pension policy. We can help you with this.
People often think that by filing for bankruptcy they do not have to repay their debt. This is not the case. The Official Receiver can expect you to make income payments for 3 years. S/he will assess what surplus income you have each week/month and expect that you pay that sum for the benefit of your creditors. The circumstances surrounding how the debt was incurred will be investigated by the Official Receiver.
In some circumstances the Official Receiver may apply to the court for a Bankruptcy Restriction Order. This would prevent you from being automatically discharged within the 12 month period. Non co-operation could also result in a bankruptcy restriction order. For the duration of the bankruptcy order you will not be able to obtain credit over or act as a company director. There are also some jobs that you would not be able to undertake if you were made bankrupt.
Some employers’ frown on bankruptcy and it may be a term of your contract that you are solvent. If this is the case then there is a chance that you will lose your job as well. If you are concerned about any of these disadvantages then please contact us for further advice. Bankruptcies are advertised in local newspapers and in the London Gazette. You will find it very difficult indeed to operate a bank account whilst you are bankrupt.
What are the advantages of bankruptcy?
Can creditors make me bankrupt?
The procedure for this is that the creditors usually have to apply to the court for a judgment. Then the creditor will instruct enquiry agents to arrange for service of a statutory demand. This is the start of the process. You then have 19 days in which to make an application to the court for the statutory demand to be set aside. If this time lapses and no application is made then in those circumstances a bankruptcy petition can be presented at any time thereafter. If a bankruptcy petition has been presented please contact us for advice on how to defend it or what avenues are available to you.
What about my bank account?
Will my student loan be written off as well?
Note that interest will continue to accrue, as per your agreement with the Students Loan Company. If your student loan was taken out before 1st September 2004, you can include the Student Loan Company as a creditor in your bankruptcy and your monthly payments to them should cease.