Hi Cawood and welcome to the forum,

The payment that you could pay in a Bankruptcy is determined by affordability. You would need to complete an income and expenditure statement with an expert to see how much you could afford to pay per month.

Why is it that you think Bankruptcy might be the way forward? Can you tell us a little more about your circumstances i.e. level of debts, if you have any assets such as a house or a car and if you are employed/unemployed.

Best just to go back a step I'd say Cawood. Bankruptcy may well be an option for you, but there may be others too.

As David said, you pay what you can afford, which is calculated using formal guidelines. These payments would go on for 4 years.

Any assets you own may also be affected. If you don't mind sharing a bit more information with us about your circumstances then we'd be happy to try and give you some advice.

Do you feel you can afford to pay anything towards your debts?

Yes I would probably be able to pay but only a small amount per month. Is there a contract between me and the IP to pay every month?

Kind of. A debtor contribution order is put in place by the Accountant in Bankruptcy which places a legal obligation on you to pay a certain amount each month. The amount can be varied by your Trustee to accommodate any changes in circumstances throughout the 4-year period.

It's really really important that you decide which company will handle your affairs and equally important that you do have everything in writing, everything! Cars, houses, pensions, overtime, reviews, monthly payments etc.

I took ages to 1. Accept it was necessary and then 2. To decide on a company.

Still, I was discharged Dec 2013 legally with ongoing payments made by my parents as income/ exp resulted in zero available for payments. I. Had NO review ever but in Oct 2015 the company responded to payments stopping by reviewing everything. This is ongoing from oct 15.

I won't go into more detail on your thread Cawood but feel free to PM me. I have asked for agreeing/ documents in excess of 6 times and been told none exists and latterly, ignored

So don't you get anything in writing about how much you have to pay every month?

Sequestration processes have changed since RockBottomSolidBase went through it, Cawood.

Of course you do receive notification of how much you are to pay each month, but the figure cannot be confirmed until once you have made the application and the sequestration is awarded. You would know earlier in a Trust Deed because this is agreed with the Trustee beforehand.

Having said that, if you were to speak to an approved money adviser, or to an insolvency practitioner, then you would be able to get a very good estimate of what your payment would be. Feel free to get in touch if you would like this.