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JimmyPennywise
Starting Member
United Kingdom
21 Posts |
 Posted - 10 February 2011 : 09:06:44
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Dear All,
I am new to this forum and seek some advice and help. In August 2010 I declared Bankruptcy so have 5 Months to go for auto-discharge. Previous to my Bankruptcy I held a very well paid job in a large firm, but the stress and other health problems due to excessive travelling forced me to have to quit my job and declare bankruptcy.
After a period of recuperation I have entered the job market and with my specialised skills I have managed to secure a high paid job, the net pay approximately 4k a month. I have a few questions concerning IPAs which I seek some advice on, or perhaps for people to share some experiences:
1. I look forward to my new job, but I have said to myself that I am going to give it a 1 month trial to see if the stressful environment,long hours and travel [5 days a week across Europe] is compatible with my new found health. I have also advised by OR that my income will change from benefits to the 4k a month and that I will advise on the exact net pay when I get my first salary credited to my account. I will most certainly face a IPA as I live with my partner in her house which has very low running costs. How will the OR react if after one month or a little more I advise that I have decided that this new job is not for me? Will this be seen as negative, could I face a BRO/BRU?
2. As explained above, I lost everything due to my bankruptcy and have been living on standard benefits, £65 a week, with the support of my girlfriend. So when I start my new job I will need to buy suits, clothes that will allow me to do my job. In my line of work being very presentable is important so a considerable amount of money needs to go into good clothes and a decent car [not a Ferrari of course]. Will the OR be supportive is assessing the level of my monthly IPA in line with the job I do? Will the OR appreciate that staying healthy by doing sports [gym membership] and keeping me motivated to keep this tough job by having a reasonable holiday abroad?
I would appreciate if someone could advise me or share their opinion on OR balance the needs and motivations of individuals to keep a reasonable amount of net pay at the net of the month with the demands of of paying the creditors back. At all times I want to pay my fair share back.
I would appreciate your comments.
Regards
JimmyPannywise |
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moodybluetwo
Junior Member
156 Posts |
Posted - 10 February 2011 : 09:16:06
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| After taking into account all your reasonable expenses and living costs the OR will take anything above £20 of your remaining monthly income for up to 36 months. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 February 2011 : 10:16:23
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Hi,
1. No, they won't issue a BRO for this.
2. They will allow for all your essential expenditure. You won't be allowed a gym membership but you can put something down for a holiday, it may not be allowed though.
Good luck for your new job.
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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JimmyPennywise
Starting Member
United Kingdom
21 Posts |
Posted - 10 February 2011 : 10:22:54
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Hi Viki,
A million thanks for your fast and expert response!
Would it be possible to give you or your offices a call to discuss my case in more detail as I am seeking to retain, well actually my girlfriend will finance this, an expert to advise me on the way forward for my situation?
Regards,
Jimmy Pennywise. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 10 February 2011 : 11:47:15
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congratulations go for the job
But as you rightly said health and personal happiness should also be a priority.
NO BRU
List everything that you need to spend or have spent, the OR will accept some and deny others
Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 10 February 2011 : 18:19:29
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| If you need extra expenditure at the start to get you set up. Then one way is to sign the IPA but ask the OR to set the start date a couple of months down the line to help you (as long as it is still within the discharge period they will normally agree to do this) |
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JimmyPennywise
Starting Member
United Kingdom
21 Posts |
Posted - 10 February 2011 : 18:46:25
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Hi Debtinfo,
Thanks for the reply. I am still mulling it over as I am confused, I had a good long chat with an IP and she advised me to think over twice on taking employment before auto discharge as my household outgoings are very low [currently £1200 which are covered by my girlfriend]. She said I might get clobbered with the IPA/IPO as no longer is one allowed to keep a little of their surplus. Due to my high earning potential and low outgoings she said I might face the situation that I might be working extremely hard, stressful and away from home for long periods for very little money as most of my 4000k a month will be taken towards the IPA. I am seriously confused now! I thought that "our United Kingdom" was a country of reason, surely the OR will look towards incentivising BR to work in order to contribute to taxes and a fair share of the BR amount? Any views anyone? I just want to right thing but am now confused as it seems hanging on for 6 months for auto discharge seems the more attractive option!
quote:
Originally posted by debtinfo
If you need extra expenditure at the start to get you set up. Then one way is to sign the IPA but ask the OR to set the start date a couple of months down the line to help you (as long as it is still within the discharge period they will normally agree to do this)
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debtinfo
forum expert
2826 Posts |
Posted - 10 February 2011 : 18:54:50
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| The OR is not there to incentivise you or make decisins for you, they just assess the situation and take the appropriate amount, 1 rule for erveryone, obviously given your situation you are likely to pay alot more than some people might, but that is just the luck of the draw |
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JimmyPennywise
Starting Member
United Kingdom
21 Posts |
Posted - 10 February 2011 : 19:10:57
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Hi Debtinfo,
Thanks for the post. It is a little clearer now. The rules are the rules. It however seems to me that to hang it out to auto discharge is the better option. I have given the OR visibility what I will get paid in the near future, but no IPA discussions have started, only the IPOQ that I have filled with 0 income and 0o outgoing as this is still the case as I have not started working. So I guess I would cause no harm if I decide not start this new job? Still a little confused although I do understand, rules are rules and my situation is a little different than the general BR cases. I welcome your further thoughts on you dillema.
Cheers
Jimmy
quote:
Originally posted by debtinfo
The OR is not there to incentivise you or make decisins for you, they just assess the situation and take the appropriate amount, 1 rule for erveryone, obviously given your situation you are likely to pay alot more than some people might, but that is just the luck of the draw
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debtinfo
forum expert
2826 Posts |
Posted - 10 February 2011 : 19:16:21
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| If you choose not to take the job that is fine as well, the OR wont peanalise you in any way, it is purely down to your own decision |
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JimmyPennywise
Starting Member
United Kingdom
21 Posts |
Posted - 11 February 2011 : 10:19:36
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Hi Debtinfo,
Are you available to have a brief phone chat as I seek further advice on my dillema and you seem very knowledgeable, is there any way I can contact you?
Regards,
Jimmy
quote:
Originally posted by debtinfo
If you need extra expenditure at the start to get you set up. Then one way is to sign the IPA but ask the OR to set the start date a couple of months down the line to help you (as long as it is still within the discharge period they will normally agree to do this)
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debtinfo
forum expert
2826 Posts |
Posted - 11 February 2011 : 17:05:03
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sorry i only do information on here where everyone else can see it
There are if you look at the experts section some that you can contact directly, obviously some may charge for this |
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Topic |
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IPA Dillema - Advice Sought
