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nicki.s
Junior Member
176 Posts |
 Posted - 23 October 2008 : 20:53:55
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| I''ve got my court date on Monday and I''m starting to freak out a little. If I go into an IPA how much of my surplus income will I be able to keep? If, after my essential outgoings, I have £500 left how much do I keep and how much goes on the IPA? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 October 2008 : 21:25:27
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Hi
you probably need to go over your income and expenditure with an expert to make sure you have all your real expenditure covered.
£0 - £99 disposable = no IPA
£100 - £249 = 50% of disosable income
£250 - £349 = 60%
£350 - £ 499 = 66%
£500 plus = 70%
you can see why it is important to review your I&E carefully
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 October 2008 : 07:39:24
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Hi NikkiS
I would def get a call into one of the helpline experts that way they can help you fill in your I&E and make sure that they figures allow for either a low IPA if you have to have one or none at all.
Give our helpline a call, leave a name and contact number and someone can help go through it over the phone.
That number is 0800 078 9367.
Its best to get it right now and saves a load of hassle in the long run :-)
Jo x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
Edited by - Needafriend on 24 October 2008 07:39:59 |
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Nicola.j
Junior Member
United Kingdom
267 Posts |
Posted - 24 October 2008 : 09:03:14
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Hi Jo
Just reading the post from Nicki s.Is the helpline available over the weekend cause I am just abt to send mine off and just would like to go over the expense cause I too estimate surplus income of just over £500.00.
Many thanks
x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 October 2008 : 09:23:52
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Hi Nicola
I would give the helpline a call and leave a name and number.
It is best to get that bit sorted now rather than submit and find you end up with a higher IPA than if you had sort advice properly beforehand.
That number is 0800 078 9367 and yes they will get back to you and over the weekend if they cant get you. :-)
Jo
x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 24 October 2008 : 09:48:39
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Hi Niki.s
I just wanted to wish you luck for Monday - i know you probably wont believe anything you are told about the br day (as i didnt previously), but it really is nothing to worry about. The court staff are very nice and you will be out of there on monday on the journey to starting your debt free life.
What time is your appointment?
Jenny
xx
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 24 October 2008 : 09:52:18
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Here here!
Good luck for Monday. :-)
Thats the day the sun shines and the cross roads become a straight road and the road is no longer a winding one either!
LOL
Jo
x
Please visit my blog for info on how I got here and other information to guide you through from my experience called:
"Needafriends Links and added info on Bankruptcy!" available to view at:
http://debtfreejo.blogs.bankruptcyhelp.org.uk |
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369
Junior Member
366 Posts |
Posted - 24 October 2008 : 16:44:51
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Hello,
You could always post your I and E's on here, and see what responses you get from everyone. We have all been through it, so could prob help you out.
But, I would ring the helpline as well, to get more upto date figures from them....and what the OR's are allowing and not allowing - although it does seem to differ alot!
Good luck, we are all here for you. |
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nicki.s
Junior Member
176 Posts |
Posted - 24 October 2008 : 20:36:36
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Wow. Thanks everyone. I'm starting to feel better already.
My appointment is at 12 on Monday and I'm feeling much more positive.
Just had a bit of a wobble the other night.
The docs I found on insolvency.gov.uk were very useful
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/
Also my husband has been in touch with Paul Johns who has been an absolute star.
The figures my husband and I worked out (we're going bankrupt together) are as follows:
Rent £620
Housekeeping £486 (Weekly shopping £300, Toiletries/Cosmetics £15, Gifts £51, TV License £12, DVD Rental £8, Contingencies £100)
Gas, Electric, other £115 (Electric £90, Winter Fuel (ie Wood) £25)
Water £23
Telephone £70 (Landline £15, Broadband £20, Mobiles £35)
Travel £310 (Train travel £50, Petrol £230, Parking £30)
Clothing £50
Maintenance Nil
Council Tax £100
Other Essentials £230 (Car Insurance £17, Car Tax £15, Car Maintenance £30, Breakdown Cover £10, Opticians £40, Dentist £9, Dry Cleaning (suits for work) £44, Contents Insurance £10, Holidays £30, Haircuts £25)
Having had advice from Paul we know some of these are a bit unrealistic but it would be interesting to see what the rest of you think.
Is there anything we should include which we haven't?
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 October 2008 : 20:39:28
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I am unsure about the Bankruptcy helpline over the weekend but for emergencies the Reviva UK contact page will get a response at weekends .
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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Jo.
New Member
76 Posts |
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BankruptC
Senior Member
1030 Posts |
Posted - 24 October 2008 : 21:00:42
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Hi Nicki,
How many people is this for? Any children?
C. x |
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siobhan
New Member
United Kingdom
66 Posts |
Posted - 25 October 2008 : 03:42:03
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looks fine to me!
one of my friend's said her OR increased some allowances as they had underestimated. Fingers crossed in this day and age (what with credit crunch and all bills increasing) they will be fair in the I&Es, as the last thing they want us us struggling again from day one and getting ourselves in similar BR situations again!
Good Luck!
S x |
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nicki.s
Junior Member
176 Posts |
Posted - 25 October 2008 : 15:32:40
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These outgoings are just for my husband and me.
I'm not sure if I should be putting down what I think the OR will allow or what I'm atually spending.
Am I best to just put down what my current outgoings really are and let the OR work it out from there? |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 25 October 2008 : 15:50:19
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Hi Nicki
Put down what you actually spend now but make sure that it is enough to live on per month, as things are getting more expensive and you dont want to be living on the poverty line so to speak.
Make sure you give yourself enough food money etc and include everything that you know you actually need.
There is a rough guideline in my blog on what I&E may be allowed but its out of date, but it can be used as a rough guide.
Best of luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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BankruptC
Senior Member
1030 Posts |
Posted - 25 October 2008 : 16:03:49
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Hi Nicki,
The problem I have with putting down what you spend now, is that it's probably not as much as you should be spending, because of the situation you're in, if you see what I mean! You should make sure you put down what you realistically need to live on, and make sure you don't forget anything. I haven't heard of an OR allowing contingencies or gifts for a long time now, but I do think you could definitely up clothes to £120 or so and housekeeping to £400. They ask for TV licence separately and cosmetics etc would be in with the housekeeping. Put DVD rental separate too. I couldn't see prescriptions either (£10 each usually).
Hope that helps a little! I've just finished 'negotiating' with my examiner over our IPA, so am used to working on these flipping things!! Tee hee
C. x |
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Topic |
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how much of my surplus income will I be able to keep?
