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What implications will going bankrupt have on me?
Published in Debt Advice Features on Thursday, March 29 2007 
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Bankruptcy is an excellent option if you are in a position where you will never realistically repay your debts in a reasonable length of time. However you should always seek advice from experienced credit counsellors. Click here if you feel you need this advice.
Is it advisable to get a new bank account as I have debts with my current bank?
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
Definitely. If you have any debts with your current main bank account I would always advise moving away.
Can I really get 75% written off my debts?
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
This is a bit of a miss-conception. Under the terms of an Individual Voluntary Arrangement you can get up to 75% written off by the creditors, but you would always need an Insolvency Practitioner to put your Individual Voluntary Arrangement through, and of course they have fees.
Becoming bankrupt and paying income tax.
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
In bankruptcy another thing that you will not pay once you have had a bankruptcy order made against you is income tax if you receive you salary under PAYE. You will not pay income tax for remainder of the financial year.
What are day to day living expenses?
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
Day to day living expenses are costs that you incur on a day to day, week to week or month to month basis. These costs are seen as priority expenses that everyone in this day and age needs to spend in order to live they are normally seen as basic living costs.
What happens if I cannot meet my obligations outlined in the FTVA proposal?
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
A Fast Track Voluntary Arrangement is a legally binding agreement between yourself and your creditors managed and supervised by normally the Official Receiver who was appointed to your bankruptcy, you must stick to the terms set out in the proposal. However nobody can see what may happen in the future, which could lead you to break the terms of the proposal.
How long will a FTVA last?
Published in Debt Advice Features on Thursday, March 29 2007 0 Comments
Unlike an IVA where you would make payments for 60 months (5 years) there is no set time limit for a Fast Track Voluntary Arrangement. An IVA is determined by you making an agreement to pay back as much as you can this can include you making 60 contributions and then offering a lump sum at the end by way of gift, selling assets or more commonly agreeing to remortgage your home to release as much equity as possible. Generally you will not pay back more than you owe in an IVA.
What does the Nominee do in a FTVA?
Published in Debt Advice Features on Saturday, March 24 2007 0 Comments
Once the Official Receiver is happy with your proposal and feels that it stands a good chance of being accepted by your creditors, they will send a copy to each of your creditors so they can vote on whether to accept it or not.
Can I still do a FTVA if the Official Receiver does not agree?
Published in Debt Advice Features on Saturday, March 24 2007 0 Comments
In a FTVA only the Official Receiver can act as nominee of the arrangement, however, if for whatever reason the Official Receiver does not agree and thinks that the FTVA is not a viable option then they will not agree to become the Nominee of your arrangement.
Can I propose a FTVA?
Published in Debt Advice Features on Saturday, March 24 2007 0 Comments
If you have been made bankrupt and you wish to to get the order annulled, because it may have a serious negative effect on your personal life, then it may be worthwhile asking the Official Receiver act as Nominee.
