Just thought I'd give you a quick update. Just had my interview and everything went really well. I'll come back on later with all the details of the call for the benefit of those going through the same thing. My kids need feeding but just wanted to let you know that we get to keep our vehicles and no IPA and it looks likely that we will be able to keep the house if the beneficial interest is bought by a 3rd party for £1.
First we did the assets. He confirmed that I could keep my car - although I dont work too far from home I have to drive my children to the childminders before I go to work which would mean 4 buses a day and would increase my childcare costs due to the bus times. Its only worth £500. My husband can keep his motorbike as he needs to work odd hours sometimes that too is worth £500. He said he would get back to me tomorrow regarding the house. We do have quite a high mort and sec loan but he figured the cost of renting would only save about £200 so he was happy to recommend that as it is in neg equity and we could get someone to buy BI then we could keep it (he'll confirm tomorrow when he has spoken to his boss)
Then the Debt Oh my word how hard is that to explain away when he estimated that we had consolidated about £60k over the last 3 years with nothing to show for it.He was really understanding though and said that he could see how it had happened (I'm glad he could cause I'm not sure I can). We went through the whole saga from my OH being made redundant to my PND causing longterm sick. We got there in the end and he said that he had built up a good picture as to how we had ended up today. He included our Tax credit overpayment and said that they would continue to reduce our payments until discharge then they would have to cease the reduction. He also included our Elec Bill and said that as we were on a meter and paying in back as we topped up, we should call them and advise of the BR and ask for a recalculation and that the arrears be knocked off. (Thats one I dont feel guilty about )
IPA/IPO No IPO Income = salaries and tax credits ( not child benefit or maintenance) Outgoings = Mort/Sec Loan £920 (hopefully allowed) Housekeeping £550 (allowed) Gas/Elec £127 (allowed) Water £44 (allowed) Telephones £75 (allowed) Travelling-work £213 (allowed after explanation) Clothing £60 (allowed) Council Tax £85 (allowed) House ins/reps £40 (allowed) Sky £38 (not allowed) TV Licence £12 (allowed) Family activ £35 (allowed) Holidays £100 (£50 allowed) Dentist/Opt £14 (allowed) Prescrits £10 (allowed) Hairdressing £19 (allowed) Childcare £80 (allowed) Kids Spending £30 (not allowed) CarIns/reps/tax£101 (allowed)
Result = NO IPA and indication of early discharge.
Sorry for the long post just wanted to people know how I got on and hopefully it will help someone.
The guy on the phone was so lovely and it felt like a very informal chat. I told him what a star he was.
Hi Gary - my examiner suggested that I wouldn't get one over the phone but it was pretty obvious I wouldn't as I earn less than our outgoings and my husband contributes a big chunk of his wages. I suppose most cases require the examiner to delve a little deeper maybe?
OR interview - good news
Posted - 10 June 2008 : 19:14:02
