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NoMoney
Starting Member
14 Posts |
 Posted - 30 December 2010 : 17:18:51
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| Is it wise to get a job while you are still undischarged bankrupt? I still have 4 months to go until the 1 year. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 30 December 2010 : 18:55:41
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Hi NoMoney,
If you are unemployed and you are offered a job, then I would absolutely take it, regardless of the bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 December 2010 : 21:33:53
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I agree with Viki, it's not worth turning down the chance of a job, especially with the current employment situation.
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! |
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NoMoney
Starting Member
14 Posts |
Posted - 31 December 2010 : 11:03:20
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Thanks for the reply Tracey and Viki. I am just wondering if it is worth gambling getting an IPA/IPO for 3 years if I only have to wait 4 months to be discharged?
If I also find a job before dicharged, I'm scared that my wife's salary might also be affected? She is the only one earning now and we have 2 kids, luckily her pay is enough to cover the bills and food.
Do you guys know what will happen to an IPA/IPO if you got a job while undischarged and you lose/quit the job before finishing the IPA/IPO?
I only wanted to get a job to save some money to go back to school on 2011.
Thanks for your info and advice.
quote:
Originally posted by Traceyjr
I agree with Viki, it's not worth turning down the chance of a job, especially with the current employment situation.
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!
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Edited by - NoMoney on 31 December 2010 11:10:03 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 31 December 2010 : 12:15:35
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Hi NoMoney,
Your Wife's salary will be unaffected. The OR would only want to see that you are both contributing fairly to the household bills.
If you had any surplus, then you would pay an IPA, but if your circumstances changed and you didn't have a surplus, then it would stop.
It could start again if your circumstances changed and you had a surplus again, within the 36 months.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 31 December 2010 : 14:57:10
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I agree with most who have posted.
If you have a chance of work - go for it. It will do a number of things:
Make you feel better in terms of your "value"
Give you back your confidence
If you get an IPA then you will be earning a good income, so that too is a positive!
If your situation worsens, then the terms of any IPA will be adjusted...
Just to reaffirm, your wifes income is a separate matter and will not be affected by your BR. (If she is BR too then her BR stands alone)
Go for the job and lots of good fortune to you and to yours for 2011
Housing
"There are no problems - only solutions" |
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NoMoney
Starting Member
14 Posts |
Posted - 04 January 2011 : 04:15:50
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Thanks Viki and Housing..very much appreciated.
I don't suppose you know how much or what percentage are taken from your salary for paying IPA/IPO?
Thanks again. |
Edited by - NoMoney on 04 January 2011 04:24:33 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 04 January 2011 : 08:55:37
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It all depends on what surplus you have left at the end of the month after all your essential outgoings. If you have more than £20 surplus, then they will take all of it.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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moodybluetwo
Junior Member
156 Posts |
Posted - 04 January 2011 : 10:14:52
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| This question comes up quite often and mostly the advice is to take a job and then get an IPO/IPA for up to 36 months...giving you £20 a month extra to spend. I know that jobs are hard to find and yes there is the “feel good” effect......but if you can stick it out and get discharged without an IPO/IPA then your new life can start up to 30 months quicker. This is only my view and all circumstances are different. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 January 2011 : 10:41:38
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I have to disagree moodybluetwo. An IPA only lasts 36 months, so is it really worth putting your life on hold to avoid an IPA?
Also, I thought that if you were unemployed you had to go for interviews or lose some benefits?
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! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 04 January 2011 : 10:52:17
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I agree with Tracey.
It's not only about actually having a job, it's about having an income to pay your household bills and food. When hubby was made redundant, we struggled like hell.
If the OP waits until discharge, who says there is going to be a job then, in which case I reckon you'd struggle more just on benefits.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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moodybluetwo
Junior Member
156 Posts |
Posted - 04 January 2011 : 11:21:24
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| Like I said its only my view. Working for up to £20 a month surplus might be ok for some but that could be for 3 years. On the other hand you could be discharged in 6 months or in any event 12 months and be free to earn any amount and keep it. Jobs will be available in years to come I’m sure and in the meantime if you where unemployed you could retrain for a better job in the future. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 January 2011 : 11:59:41
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I wish life was as simple as that. There aren't many jobs around (I know, I'm looking to move), and whether or not you can retrain often depends on your age, and whether there are the opportunities to do so.
I wouldn't bet on being discharged in 6 months as I've heard that ED may be going away, which to be honest is no bad thing.
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! |
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moodybluetwo
Junior Member
156 Posts |
Posted - 04 January 2011 : 12:55:10
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My job went as a result of going BR..I decided to make a complete break and work towards a new start as soon as possible without debt. I took a job paying a lot less than before thereby avoiding an IPO/IPA .
I dont think age should get in the way of retraining ….I think a complete change of direction could be a good thing after going BR...it may help people avoid the things that made them go BR in the first place.
Finally I can not agree with you that the possibility of losing the chance of early ED is “ no bad thing ” ...for many of us BR’s the chance to get on with normal life as soon as possible is what we want. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 January 2011 : 13:01:10
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I stand by what I said about ED - why is it such a problem to be BR for a year when someone has had a great deal of debt written off? I've also heard that the government is looking at a return to a 3 year BR period, which I have to say I don't agree with.
I completely agree that age shouldn't stand in the way of retraining, but we all know that in many cases it does.
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! |
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moodybluetwo
Junior Member
156 Posts |
Posted - 04 January 2011 : 13:12:15
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| There is nothing wrong with being BR for a year and getting all your debts written off....but if you can get them written off in 6 months then that’s much better surely? Are you advocating the IS scrap Eds and set a minimum term of 12 months? |
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Topic |
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Getting a job while being undischarged ?
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