| T O P I C R E V I E W |
| Widge |
Posted - 28 March 2011 : 15:15:43
Hi,
ome of you may hve seen me here before but I need to ask another question.
I was declared BR a couple of weeks ago.
I was made redundant back in 2009 and now I work in Waitrose earning just above the minimum wage.
I have lots of qualifications and experience in my field of work.
I'm bumbling along.
I've had a company head hunting me for months and they want me to work for them (temporary - year or two).
I've told them my situation and they still want me.
The thing is, if I do work for them will the IP take all my excess earnings towards the BR? And it would mean a lot of expenses driving to the office/meetings etc. which they are prepared to pay.
Would my EXPENSE payments be exempt in a BR?
I just want to keep myself on the career ladder, so to speak.
ALSO, quite seperately:
I've been invited to apply for a scholorship to do a PhD - that would be my pay of about £13k a year tax free. Would I have to declare that also to the IP as it would be tax free?
CONFUSED and its nearly my 46th birthday!!!
Widge xxx |
| 15 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 29 March 2011 : 22:51:57
Good luck from me as well.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| Widge |
Posted - 29 March 2011 : 19:37:41
Thanks Traceyjr,
I'll keep posting as we all want as much information and understanding as possible.
Remember my name and look out for me here!
Widge x |
| Skippy |
Posted - 29 March 2011 : 18:04:12
Good luck Widge, and please keep posting as your experiences will help other people x
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Widge |
Posted - 29 March 2011 : 17:43:44
Aaaah thanks, that's so kind xxx |
| moodybluetwo |
Posted - 29 March 2011 : 15:12:02
What ever decision you make I wish you all the best for the future. |
| Widge |
Posted - 29 March 2011 : 14:44:36
Thanks for all your messages which I have just read. I was just going to post my decision which seems to concur with what you all say.
I had a 'review' meeting with my GP this morning. He is fully aware of what is going on (and keeps prescribing me the anti-deps to help me through, bless him!). I explained my predicament and after hearing the pros and cons he agreed with me that it wouldn't be worth the additional stress of a new 'highly paid' high profile job where I would be working myself silly for no financal rewards. The job is only a TEMPORARY one year contract anyway and there would be no guarantee of work after that.
So I've decided not to accept their offer, and instead to carry on in my permanent but part time job with Waitrose. I shall apply for the PhD scholarship though, as its something I would enjoy doing with obviously a result at the end of it. A PhD qualification could open up many more interesting oportinities for me in the long run. In this role, I'm not sure how it would lie with the IP but that is for the future I can't just sit by and let this opportunity pass me by.
I shall cross that bridge when I come to it. I won't know the outcome of my scholarship application until the summer anyway, so I hope that I'll have got to know my IP by then!
Phew! Now I've got to scan my MSc thesis and when I wrote it back in 1986 I didn't have a 'computer' and had to hand type it all. Before I start that, does anyone know a quick way of scanning a large document without having to do each page individually?
Widg xxx |
| Richard P |
Posted - 29 March 2011 : 14:18:33
just to sit on fence i agree with both of you !
priority is that an individual can get back on feet soonest.
a change of job could be the driving factor to focus and get the old you back.
after being declared bankrupt your need to earn a high paying job may stop as your overheads have been reduced, so you could take a job that you want rather than one you have to take, if the job dictates your whole life and controls your movements and you are not getting any financial rewards then your time could be better spent helping a local charity
if the job is sufficiently fulfilling and well paid after updating income and expenditure, you end up with a IPA, then it is correct.
with the new change of rules i would suggest and encourage all to regularily review income and expenditure, then submit changes to OR
Good Luck Richard,
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| moodybluetwo |
Posted - 29 March 2011 : 13:02:30
When the allowance for disposable income was £99 plus I would have agreed with you...it gave people something to work for and to pay something back to the creditors but I'm afraid the present situation doesn't allow me to agree. My support is for the debtor who is now trying to get there lives back together and not the creditor...who must have factored the risk into lending in the first instance.
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| Niobe |
Posted - 29 March 2011 : 11:55:26
I'm afraid I don't agree - if you can get a better paid job now then go for it. The IPA won't last for ever and at least you know that your creditors are getting something back.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
xx |
| moodybluetwo |
Posted - 29 March 2011 : 11:22:21
This is now a major decision due to the tightening up of the disposable income rule and in my opinion its a little unfair. Most people who go bankrupt will have been short of disposable income long before that time and things around the house were starting to wear out . I appreciate that going BR can free you of most of your debt....but expecting you to live for up to 36 months without any disposable income...save for £10 a month emergency fund...I think is a little unreasonable . So in my opinion waiting until the discharge date until looking for a better paid job is the best option..although I know many will disagree . I am sure that in 12 months time opportunities will be available to move on..and without a 3 year IPA life would be better. I'll leave you with an extract from the IS`s own guidelines.
31.7.24 “Fresh start” not to be compromised by level of IPA/IPO contribution
Whilst the assessment of income and expenditure with regard to obtaining an IPA/IPO is intended to provide a return to the creditors where possible, it must also be remembered that the bankruptcy legislation is intended to provide the individual with an opportunity to start afresh and remain solvent in the future, so his/her expenditure should not be cut to a level where he/she will have difficulty funding his/her reasonable domestic needs . |
| Skippy |
Posted - 28 March 2011 : 21:49:31
You need to think of your future though. As RHB says the opportunity might not be there in a year's time, and who knows what will come from it.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Widge |
Posted - 28 March 2011 : 19:13:20
So what's the point in trying to move on if 'they' are going to take it all from me? I suppose I deserve it for being so stupid and supporting my ex. Big mistake. Although at the time it all seemed like I was doing someone a favour.
Outcome is that I've become bitter and twisted and I can't believe anything any one says anymore. |
| Widge |
Posted - 28 March 2011 : 18:11:55
Thanks Big Al and RHB,
I thought that they would take any excess money from me but now I think that's fine if that's all they want!
There are some things they can't take from me and that is me.
I have asked that my car (£3,000) be exempt and by golly I'd need a car for both of these positions! They don't know about all these rumblings in my mind and future and may well take away my only facilities to move on. I'm worried :(
Widge xxx |
| RHB |
Posted - 28 March 2011 : 15:57:07
I can't see any rationale for not taking it tbh. The opportunity may well not be there in a years time & any IPA you have will be after all our expenses, living costs etc. |
| Bigal4787 |
Posted - 28 March 2011 : 15:46:53
Hi Widge,
I'm in pretty much the same situation, lots of quals and experience, but bumbling along as a cleaner and a security guard(both just above the min wage!)
However, any IPA would be worked out the same, i.e anything more than £20 surplus would be claimed in an IPA(note all of it, not a sliding scale of 50-70% as it used to be).
As for expenses, if you were actually paying them all and not getting re-imbursed, then they could be included in your I&E as they can be claimed as required to carry out your job, but if the company will reimburse then in reality you wouldn't be able list them as expenditure.
Not too sure about the scholarship, if that were as is your pay, how else would you pay for day to day living expenses etc? Another of the experts may be able to shed a bit more light on it.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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