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| T O P I C R E V I E W |
| CMJ |
Posted - 05 January 2009 : 17:02:26
Happy New Year to you all
Hi myself and my husband were made BR on 4th Nov 2008 and had OR interview on 17th Nov. We have since then heard nothing from OR, we are still getting creditors calling although some are aware of BR. When if at all will OR be in touch to administer a monthly payment arrangment?
When we spoke to him he told us it was not current trend to reposses homes at present and that would be up to the mortgage company[ we are totally up to date with all payments], however we have very little equity we may even be in negative by now. The OR did mention selling the BI in our property to a 3rd party, however have heard nothing. All seems unnervly quiet is this normal? or the calm before the storm? Should we wait to hear or as I am a very impatient person should I call him?
Would appreciate any comments
PS With regards to cars we were told by our finance company they are happy for us to keep our lease hold car, the OR agreed as we need the vehicle for work.
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| 10 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 05 January 2009 : 20:59:19
Your welcome
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| CMJ |
Posted - 05 January 2009 : 20:33:43
thanku for all your support
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| Needafriend |
Posted - 05 January 2009 : 19:52:16
CMJ
If your income increased significantly then yes so the IPA would be increased same as if your income lowered it would go down.
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| CMJ |
Posted - 05 January 2009 : 19:50:27
Thanks PIX1 for your reply that is what I thought with regards to earnings and an IPA. If we had an IPA for 3 years , and during that time our salaries increased would the IPA also increase.
Sorry for asking silly questions but this is one issue I'm unsure of.
xxxx
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| pix1 |
Posted - 05 January 2009 : 19:11:33
CMJ,
Postsctipt to my last reply:
Yes, it is much better not to be earning anymore than a basic salary until you are both discharged as it will make you more likely to get an IPA. If you get into an IPA it will, of course, affect you for 3 years. Seems better to suffer some harship for 12 months (perhaps only 8 or 9 months) than for 3 years.
You might still get a nil tax code ipa, though, as they still have nearly 3 months to set it up. A nil tax code ipa might be all you get. |
| pix1 |
Posted - 05 January 2009 : 19:07:01
CMJ,
Happy New Year.
It may be that if your husband is about to be out of work it would be good if he stayed out of work for as long as it takes to get discharged from BR and then you yourself would be the sole breadwinner and because of that you and your husband might both NOT get an IPA due to being on one income. Of course, I suppose this might make it impossible to pay the mortgage unless you agreed some lower payments for a time with the mortgage company. Also, if your husband went out of work for quite a while he might find it difficult to get back into work. Swings and roundabouts. |
| CMJ |
Posted - 05 January 2009 : 18:59:48
Hi ,
Yeah the OR did say he didnt think our tax codes would change as very close to end of financial year and HMRC probably wouldnt activate it.
When would the OR normally set up an IPA as we have heard nothing on that score?
My husband only has temp work as hes in construction , he may well be out of work in a few weeks, which is why I need to know where we stand in regards to IPA,I myself only work part time and have to say am a bit reluctant to do overtime as I feel the more we earn the more chance we will qualify for an IPA, and I could technically be paying my overtime into an IPA , therfore may well stay on basic hours until, we are discharged or indeed complete payments on any IPA set up.[ not sure whether this is the right thing or not]
I really do appreciate your replies, as although we have taken the massive step to become BR, and all seems remarkably straight forward at present , I have this awful feeling [ possibly due to stress caused by last few months] that something is going to go terribly wrong.
Thanks
Michellex
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| Needafriend |
Posted - 05 January 2009 : 18:09:39
Hi CMJ
NT Code IPA is the one where the OR changes the normal PAYE code in your wages to 0, so that the tax you would have paid would then come to you directly then you are to send over to their collecting agents. This extra money would not be yours to keep.
You would also agree to the amount prior to this with the OR and sign an agreement once your happy, it can be changed if you feel its not right and is only in place until the end of the financial year.
As its so close now some people may not get one as it takes a few months to set up, its not the same as the income IPA which is based on any disposable money that you have left per month and is set for 3 years.
Hope that helps
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
| CMJ |
Posted - 05 January 2009 : 18:04:15
Thankyou,
Sorry what do you mean by NT code IPA , is that the monthly payment we may need to make?
Thanks
Michelle
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| Needafriend |
Posted - 05 January 2009 : 17:14:59
Hi CMJ
I would not worry about not hearing from the OR at present, they will be in contact.
It took mine a few months to send out letters of excemption, ones for the house, and the NT Code IPA.
If you are at all worried and i expect they are just busy you could give them a call, but to be honest i would just sit back and relax.
That is good news re the finance co and the car.
Best of luck
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring! |
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