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Falling Apart
Starting Member
United Kingdom
15 Posts |
 Posted - 14 December 2009 : 03:29:15
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Hi there
It's been such a busy and stressful time since I last posted and can hardly believe my BR appointment is next week already, getting so worried now.
Thanks to the helpful advice from this forum and others, I eventually managed to pull myself together and get sorted last month ... so have a Co-Op cashminder account set up now with my salary and direct debits/rent all swapped over. I was surprised at how friendly and helpful the BR clerk was when I finally booked my appointment. Fortunately there was only a 2 week waiting time, so luckily just squeezing it in before the Christmas break.
Managed to see a very helpful adviser at a different local CAB and he went through the forms with me. Hopefully everything is OK with them, although I still have a question about the income and expenditure section. He recommended that the figures should roughly balance (so income £1,666 and expenditure £1,660), which seems logical to me. However, for a second opinion I went back to see the adviser at the Royal Courts of Justice and she advised that my expenditure should be more realistic and in her opinion should exceed my income (so expenditure £1,690). Does anyone know if these figures should be made to balance, or be a realistic reflection of actual outgoings despite creating a deficit?
A further complication is that my employer has temporarily reduced my hours so that I can continue attending my weekly therapy group. This means a 10% pay decrease from this month, for approx 2-3 months. Local CAB reckons I should amend my income and expenditure downwards by 10%. However, the RCJ lady said I should not change the salary box and make a note of the temporarily reduced pay in section 13, whilst keeping the outgoings the same as if I were working full time.
Any advice on this would be much appreciated!
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 14 December 2009 : 08:40:22
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I would state the actual income you are in receipt of at the time of filing for bankruptcy (the lower amount) you can then add a note that income has recently reduced by 10% to present figure. I would do it this way, just in case the income does not return to previou slevel, we never know what is around the corner!! at lease that way income would not have been overstated
Good luck, Melanie
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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Falling Apart
Starting Member
United Kingdom
15 Posts |
Posted - 14 December 2009 : 17:54:37
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Thanks for the advice and wish of luck Melanie. So if I put down my temporarily reduced salary, would I also need to revise the expenditure downward by 10% or would it be OK to keep that the same and show a deficit (which would be at least £160)?
I'm hoping this arrangement will be temporary and obviously I won't be able to spend what I don't have and will have to make big cuts to get by. But if it is only for a few months, presumably I'd have to revise all the figures upwards again otherwise? |
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Income & Expenditure question
