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-Wallz-
Starting Member
United Kingdom
1 Posts |
 Posted - 09 November 2010 : 21:10:06
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hi. i was declared bankrupt in June 2010, but also making payments to the OR for the next 3 years. this sum was based on my income and expenditure, which i understand fine. i have the opportunity to potentially work abroad, and the slaary would be a substantial increase, but only for 6 months of the year, which would equate to my current salary if stretched over 12 months. how would this affect my repayments - as i wouldnt want to have to give all my earnings, if im back home for 6 months and planning on living off what ive saved while abroad. im not sure how this works but dont see the value of working abroad if they will want to review my circum,stances, take my earnings and leave me in no better, or possibly worse, position than i am now.
any advise is appreciated, |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 November 2010 : 08:51:52
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Until your IPA finishes you would need to inform the OR of any changes to your income. This would mean that when you went abroad to work you would have to complete another I&E and your IPA would increase if your income increased. Six months later when you returned to the UK and weren't working you would need to complete another I&E and, if you had no income, you wouldn't pay an IPA for those 6 months.
The OR can only take a maximum of 70% of your disposable income so you would have to workout whether it would be worthwhile working abroad for 6 months and paying a high IPA and then being back in the UK and probably not paying an IPA for 6 months. |
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Have the opportunity to potentially work abroad
