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Andy.S
Junior Member
United Kingdom
183 Posts |
 Posted - 07 April 2008 : 18:43:37
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Hi there, I'm Andy. I'm a new member of the forum & I am in the near future going to be filing for bankruptcy (it's a definite WHEN, not IF), but wondered if anyone else has any knowledge or experience of how my participation in a Home Computer Initiative scheme through my workplace would be affected.
I currently technically 'hire' the computer & some anciliary equipment and have a salary sacrifice amount taken from my gross pay at work which is deducted before Tax & NI, and I am scheduled to continue having these deductions taken until the end of this year. Should I endeavour to reach some agreement to settle the o/s amount with the company who run the scheme with my employer, or leave it and wait & see what the OR may say as to whether it's a reasonable expense item? (I have and still do sometimes work from home & use the computer as part of my job). Any thoughts or wise words would be appreciated.. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 April 2008 : 19:07:09
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Hi Andy
how much per month are you talking about?
You are allowed a disposable income of approx 90 pm before an income payment agreement kicks in so in theory you would be able to spend your own money on whatever.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 07 April 2008 : 21:23:47
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I would leave matters as they are and let the OR deal with this if they feel it is appropriate.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Andy.S
Junior Member
United Kingdom
183 Posts |
Posted - 07 April 2008 : 21:46:34
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Hi Paul & Melanie,
Thank you both for your prompt responses!
I'll gladly give you a bit more info on my situation if it helps... The current amount I have deducted from my gross salary for the HCI items is £42.83. I pay no tax or NI on this amount.
My basic income and expenditure that I have been working out with the help of my local community debt advice centre is such that even after just allowing for very basic expenditure, I do not have any monies left over to cover any of my unsecured debts (which are all credit card debts - I am thankfully up to date and have never defaulted on any priority debtors).
My work situation is rather unsettled though as I am currently signed off work due to depression (partly brought on my work & partly due to my financial situation). Furthermore, because my car was also written off the other week (unconnected), and I cannot afford to run one any more, I am hoping that I can get some kind of work transfer to a local office, although this would mean a reduced grade and salary (it is this estimated reduced salary that my calculations have been based on).
Ironically though, even if I did still have the car, and was able to reach my current workplace destination, the true cost of my monthly expenditure including running a car, worked out that much greater that it still exceeded my income & is a big factor as to why I'm in such a mess financially and now looking at bankruptcy as my only realistic option. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 April 2008 : 22:10:42
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Hi
there is always a balance of having a car and the true cost of running one:
insurance
maintenance 25pm
petrol
road tax
etc etc
perhaps you would be better off with moving closer to home. Really believe that the computer will be safe but you need to put that on the I&E forms for Br.
How much debt are you in?
if you don't have any disposable income at all then the other options of IVA or DMP are not really an option.
When working out a debt solution I find it helpful to go through all the solutions and eliminate what you can't do. Bit like Sherlock Homes really - when you have discounted everything else the one option left ( however improbable) is likely to be the right solution for you.
Are there any chances of your job / income situation changing in the next year or so?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Andy.S
Junior Member
United Kingdom
183 Posts |
Posted - 07 April 2008 : 23:17:44
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Hi again Paul,
I have already spoken to my bosses about setting the wheels in motion to try and move me back to a more local base, and when this can happen will be the main timing factor in when I can submit my petition (as I don't want/can't afford to file twice with different income/expenditure figures).
I am hoping it will all work out in the next few weeks though, as I have now reached a stage where I cannot keep up the minimum payments even by 'robbing Peter to pay Paul' any more, so in due course (and certainly within a couple of months), I will inevitably start being chased by my debtors for non-payments. (The debts by the way amount to approx £48k).
I have been working with the support of my local community debt advice centre, and neither a DMP or an IVA are a realistic option for me in my particular situation.
I must just say that this is the best website I have found for people contemplating, or going through bankruptcy, and I really appreciate the support and advice that folk like yourself, and Melanie are sharing, as it really does make a difference to know that myself, and others, are not alone at such difficult times.
So thanks for caring
Andy |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 07 April 2008 : 23:27:43
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No problem
with debts of 48k the regular minimum payments are bound to be around 1,000 per month, so clearly a more serious solution is called for.
Suggest you start to prepare the documents and fill in a little each week.
you just need to get a strategy together for dealing with the phone calls & letters and you will be fine
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Topic |
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Home Computer Initiative scheme in bankruptcy
