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| sue.a |
Posted - 20 May 2008 : 21:51:52
In attempts to deal with debts over several years, I've been taking on more and more work, currently working around 80 hours a week. I have a full time and 2 part time jobs as well as working overtime when possible. I'm 57, not in particularly good health and clearly this isn't sustainable. Would the income from all these jobs be taken into account when deciding what I could afford to pay into an IVA or bankruptcy? If so, what would happen if I had to give up all but my full time job? Would I be seen as wilfully reducing my income? |
| 3 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 20 May 2008 : 23:13:31
Hi Sue,
You have to look at quality of life and how long you would have to sustain working all these hours and jobs to pay your debts off.
Nobody would frown on you for cutting down to your main job and working realistic hours and entertaining either an IVA or Bankruptcy.
As Melanie says you should talk to an IP to go over your options may I suggest you contact Melanie through the experts page she will be able to advise you on your options.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| melanie_giles |
Posted - 20 May 2008 : 22:59:15
If I were proposing an IVA for you, I would look to see which of those employments you could realistically sustain - and to be frank that would probably be just your main job. No-one can successfully work 80 hours per week and remain effective and it is just not fair on your health which is far more important than paying a few debts. I suggest that you take advice from an insolvency practitioner with regard to your options.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 20 May 2008 : 22:51:56
Hi Sue,
I am not a BR expert as such but have very recently been through BR.
I feel embarrassed to say I left a full time job because of the stress of my debts and now work part-time. I admire you for doing so many hours. I am sure anyone will see you have tried beyond the call of duty to reduce your debts.
An expert will be along soon to answer your question fully.
I would be concerned if you went into an IVA that you would be expected to keep up the level of income you have now - when they look at disposable income. We need an expert to advise you the best thing to do.
I hope they say you can safely reduce your hours!!
Vicki x |
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