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worried
Starting Member
27 Posts |
 Posted - 31 October 2009 : 22:08:41
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I was released from my BR in aug 09.
I earn £350 per month(housewife/mother so not in f/t employment), my husband takes home £1550 after local government pension of £190 and £383 season ticket loan for travel to london have been deducted at source).
So in total we take home approx £1900. Our outgoings including debt is £2300 so we are spending £400pm on credit cards to cover outgoings. That doesn't include any monthly payment for overdraft of £4000 and inland rev bill owed of £2800 as we have been ignoring these(silly i know).
We are looking at iva or bankruptcy for my husband but here's some questions:
1. Will they make him stop paying his pension?
2. What happens about the season ticket loan from his employer - he cannot get to work without this.
3. Do they look at our joint income or just his when looking at iva or bankruptcy.. if only his do we have to half all the bills even though he pays for all of them as i only earn £350?
thanks |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 01 November 2009 : 21:58:33
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Dear worried
I am confused, I thought that when you went BR all of your single debts were taken into consideration and in effect the slate was wiped clean
If partner had debts when you went BR, part of the process should have been planning for the whole family, (travel pension etc)
The learning point for me is that, my wife has already gone BR and I have been still trying to hold back the rising tide. You and my wife have been released from the pressure of personal debts however I still hold family debts.
I will go BR soon but i just have a few loose ends to tie
good luck with future |
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worried
Starting Member
27 Posts |
Posted - 02 November 2009 : 07:56:29
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hi Richard
yes basically on a personal note i dont have any debt at all.. in fact my credit rating is much higher than my partners even with me being bankrupt! (mine is about 600 - his is 180).
when i went br i wasn't working at all. Yes they do ask about the family expenses but as far as i remeber they didn't ask about my husbands debts. If they had we would have put down that we pay the minimum payment to my partners credit cards but because the balancer on these cards has increased so has the minimum payment.
Also at the time i went br my partner was within his agreed overdraft of £4000 but they now want paying in full for this, and he has also since paid £3000 to the inland rev and still owes them £2800.
but yes you are right they are family debts in all. Before i went BR my husband was paying all of my debts too until he realised that it was not possible for him to carry on doing this.
anyway, thanks for your reply. Hope it all goes well for you. going br was definately the best thing i have ever done - just hope it all works out ok for my hubby that way too! |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 02 November 2009 : 09:37:02
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Hi,
1. If the pension is deducted at source then it should be ok provided it is not a high percentage.
2. I am not too sure about this. The loan is a debt and all debts need to be included in a BR but I will let one of the Professional answer this one.
3. Your husband will need to put the amount you contribute to the household outgoings on his I&E form. The OR cannot make you contribute all of your income so if you only contribute £200 and spend the other £150 on your debts then just put £200 on the form. |
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xmas baby
Average Member
537 Posts |
Posted - 02 November 2009 : 11:31:54
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Hi Worried,
I work in a government department and I went BK in March this year. I informed my OR that about my pension and they didn't see that as a problem. I also pay £345 per month for my travel card and this is provided by work by way of a season ticket loan. My employers then deduct this on a monthly basis directly from my wages. I was concerned that the OR may look on this as a loan, which effectively it is, but I explained this all to the OR and they were happy with the arrangement as payment was being taken directly from source. At the end of the day, being able to have a loan from work to cover my travel actually cut down costs, so I'm sure this would please the OR as it means you could have more disposable income for an IPA.
Hope this helps
xmas baby |
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I was released from my BR in aug 09.
