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Casey
Starting Member
United Kingdom
7 Posts |
 Posted - 08 December 2011 : 01:31:27
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I have been carrying around debts for quite a while and am now facing redundancy. Although I have been on a good salary the monthly payments are high, so that I could never get on top of it. I am now considering my options and I am really scared. Has anybody got any experience in finding work after being BR? I was thinking about temp or permanent office work? At my current job I was asked a few years ago if I ever faced bankruptcy but I guess if it is only temp work it might not apply? I am very worried that after doing it I might sink into a social decline and won't be able to get out because of not finding any work again. I am only considering this option because I can see that I would only get out of this if I would land a very well paid job, otherwise it is just a matter of dragging on. I am also worried that if out of work I have to get by on £64 a week, how can this be done with paying gas, electricity, telphone and internet??? What I also don't understand is that if you earn some money again how much can you spend on necessary living expenses, how much money can you keep?
Many thanks in advance for any answers.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 08 December 2011 : 14:47:40
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Hi Casey,
There are lots of jobs that your bankruptcy won't affect. What sort of job will you be looking for?
If you have any surplus over £20 left over at the end of the month once all of your essential living costs have been paid, then that is what you pay per month for 3 years. Everyone's income and expenditure is different but you will be allowed all of your household bills, rent, food, clothes, travel and everything classed as essential.
Please seek advice either from the CAB or an expert on here.
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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Casey
Starting Member
United Kingdom
7 Posts |
Posted - 12 December 2011 : 17:16:40
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Hi Viki, thanks for your reply and sorry for late answer but I had already submitted my answer and just noticed that it isn't there! I would be looking for PA or office manager posts, probably only temping in the beginning. however, it seems to me a long time to pay 3 years, than it might be a better option to come to an agreement with the lenders and pay only part back in that way you do not have the stigma attached as in BR. However, in my case I have no assests at all and I am not intending or am interested to get any credit again in the future. I have no property or car either. All I wish for is to have a clean start to save some money from my wages and only spend what I have. Of course, if you have to live on a tight budget again for three years this would not happen during that time to save anything. What about if you are unemployed will you be discharged after 1 year or could it be that after that year if you get a job again that you still have to make payments for a further 3 years? i think it is quite important to clarify these issues fro yourselve before you act. Would I be able to get all the answers on the site you included and what will be the fee?
Many thanks for all your efforts. If anybody from personal experience could also pay a comment I would be dearly thankful.
Best wishes,
Casey |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 December 2011 : 18:46:32
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Hi Casey,
You need to speak to someone to go through all of your options as bankruptcy may just be one of them, there may be others more suited to you.
If you have an IPA set up in the 12 months you are bankruptcy then you need to inform the OR of any changes in your income and expenditure for 3 years. If you are unemployed at anytime during the 3 years then your payments would stop. They can also increase or decrease depending on your income and expenditure.
However, You will only pay 36 monthly payments, so, for example, if you pay for 12 months, then are unemployed for 12 months, but then find work and have a surplus, then you have 12 months of payments left.
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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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 14 December 2011 : 01:04:37
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I'd like to elbow in, if I may? I was in exactly your situation and (after a financially exhausting divorce procedure and then subsequent redundancy and unemployment) declared myself bankrupt in March this year. I have been working in a supermarket part time for the last year. I used to earn £36k a year. The adjustment is hard. My dilemma is that I have been head-hunted for various jobs but I have decided not to take any offers until after March 2012, which should be my time of discharge. I've only a few months to go and once discharged, hopefully 'they' can't ake any excess money I earn.
Can any expert tell Casey whether that is correct?
Widge x |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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I have been carrying around debts for quite a while
