Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By rikw
#224880 I have been on DMP with CCCs paying 200 a month for the next million years which, I have been ok with but due to my ownership issues with Diamond Resorts, which would tie me in to mgt fees for the next 40years despite resigning, leaves me no other option other than to go BR, has that besides death is the only option to rid of it. I have no assetts (besides old car) so only concern is job due the industry I m in. I put aside around £30 every month which for the year is only around £400 in total to cover xmas, if I declared BR in the new year would the O/R question this. I know this sounds petty but am not wanting to cause extra problems for self
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By JaneClack
#224884 Unlike debt management plans or IVAs in bankruptcy only a proportion of your surplus income is used for the bankruptcy estate and if it is less than £100 they take nothing. There is a sliding scale depending on your surplus and money saved from a DMP - showing of course that the DMP was sustainable as you did have £30 a month to put aside (and had to budget to do it!) you can spend on what you want!
By rikw
#224887 Thanks for that has I imagined being grilled by the O/R for unnecesary expenditure. Has I expect to lose my car will using the amount I ve budgeted for MOT and car repairs for the BR fees cause any problems also
By rikw
#224891 The job I have is in the city centre so I just use the bus, a lot cheaper so expect wont be allowed to keep it. Its MOT and tax are due in April so why am planning around then also my car insurance will be paid by then so no hassle with cancelled direct debits. I have mentally prepared for life without it but if it rids me of Diamond Resorts and the other debts after 3 years it will be worth it