Hi Am I right in thinking that half of any disposable income you have whilst BR goes to your creditors and that can last 3 years? We are going to let our house get repossessed and have put the unsecured amount on our SOA so will rent a property in the New Year. I don't think we will have any disposal income left as we are both working as self employed couriers and don't earn a great deal at the moment.
If I were to get a job whilst BR and earned a lot more money would I need to tell the OR and then hand over any excess. Would it be better to wait until I've been discharged to look for more work.
hi maz as far as i know if you were to get a better paid job during your year br you would have to tell the or and then re-do your soa if you then had enough DI to pay an ipa you would then have to pay that ipa for the next three years
Eamonn is right. You have a legal duty to inform the OR of any major changes in your income and expenditure, right up until discharge if you dont have an IPA then a major change could mean you could get one but if you have an IPA and your income reduces then the IPA will be reduced and sometimes stopped. Also its not half as such it starts at 50% the works up to 70% for an IPA. Have a look at skippys blog she has a piece on there with the table on what you could pay. Hope that helps also.
Jo x Your Mother Hen :-)
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Posted - 09 October 2008 : 18:28:29
