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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
 Posted - 08 May 2009 : 20:35:17
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| Hi all, supplimentary question I'm afraid after some research on the forum.My present expenditure is much more than income. I wanted to know how OR will cope with this this. I should have mentioned that my partner normally pays about 750 towards our expenditure of 2750 p month, but for the last three months has been topping up to cover shortfall from her savings. How will this play with OR? She will support us like this until I'm well and can work full time again. Will this cause aproblem at OR interview for any reason? Thanks all. Steve |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 May 2009 : 23:33:31
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You income should be more than/the same as your outgoings. If your expenditure is £2750 and your income is less than this how will you make this up without credit cards, loans, etc?
Can you post your I&E so we can take a look? |
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John
New Member
United Kingdom
73 Posts |
Posted - 09 May 2009 : 12:51:41
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Hi
it is perfectly acceptable, with a subsequent explanation at interview, for your expenditure to exceed your income.
Of course once your income to the household increases then you must inform the OR.
The whole point of submitting I&E is so that the OR can consider whether or not an IPA is appropriate.
If your income is currently compromised through ill health etc, and it is clear that you could not maintain your share of the expenditure from your current income then the matter will end there until your earnings increase. An IPA CANNOT be imposed if it is clear that to do so would mean the payments towards it originate from your partner.
That stands even if your partner were earning a fortune and the household disposable was huge.
Your debt, your DI, your IPA.
John White
England Jackman & Spacey |
Edited by - John on 09 May 2009 12:52:24 |
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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 09 May 2009 : 18:28:39
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| Hi again Guys. Thanks for the advice.My partner is presently making up shortfall whilst I am unwell and not working full time but she is doing so from her income/savings and this can't go on indefinatley. I am hoping OR will understand situation and agree a figure (2750 less 750 contribution from partner = 2000) which I can earn and then I assume I would advise if this went over in a particular month. This is complicated though for we self employed people as 'income' does not equal 'net income' and expenditure for work needs to be deducted. Again I assume the OR deals with this situation all the time and will understand that until year end, one can only make an educated guess each month as to actual net profits? Also thanks John, that puts my mind at rest as I dont want my wife punished for my previous marital debts. Thanks again, what agreat relief it is to have this forum to lean on in hard times. I intend to keep on after OR interview and hope to pass this posative message on to others. Today WAS the first day of the rest of my life! Steve |
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supplimentary question after some research on the forum
