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sam.a
Starting Member
3 Posts |
 Posted - 18 December 2009 : 17:36:11
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Hi All,
Fantastic resource this really is!
Wonder if you can advise:
I'm hoping to declare myself bankrupt in January 2010. I'm currently unemployed. I'm aware that the government will shave off any excess of £99 from my monthly disposable income should I get a job. I'd been planning to go over to Indonesia to teach English (TEFL opportunity) early next year also, would I have to contribute my earnings towards my creditors form there also? How would that process work exactly? Also, am I right i thinking that I'd be legally obliged to pay a percentage of my disposable income for only 1 year? I keep reading about people paying for 36 months?
Many thanks in advance!
sam
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Edited by - sam.a on 18 December 2009 17:54:08 |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 December 2009 : 18:07:38
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| During the time that you are BR (1yr unless you get an early discharge) you will need to inform the OR of any changes in your income. There will be no problem working abroad but you will need to inform the OR of your contact details as well as your income. If you have more than £99 DI then you will pay (IPA or Income Payment Agreement) between 50% and 70% to the OR for 36 months. If, during the 36 month period, your income goes up or down you will need to tell the OR and the amount you pay for your IPA will also increase or decrease. |
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sam.a
Starting Member
3 Posts |
Posted - 19 December 2009 : 12:59:35
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Thanks for your reply!
So, say I'm earning 8 million rupiahs (roughly £520) and I have 1.5 million disposable (£99), does that mean they wont take anything? Or am I just being naive? ;) Will they just rely on me to write to them and purely take my word for all my living expenses out there? Or do they require more formal confirmation of wages, housing costs etc?
Many thanks again!
Sam
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 December 2009 : 13:33:42
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The amount of IPA you pay is taken from the following table:
Between £100 DI and £249 DI = 50%
Between £250 DI and £349 DI = 60%
Between £350 DI and £499 DI = 66%
£500 or more DI = 70%
The OR will be able to check on the rough cost of living via the Internet but may also ask for receipts, pay statements, rental agreement, bills, etc. from you. |
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Work overseas after bankruptcy
