Getting new place?

needalittlehelp

Morning all.

I wondered if someone could help me out with a query I have. I was declared bankrupt in May this year.

I am currently in a FT job which pays £21k per year – after all essential expenditure each month I don’t have any spare month left to pay creditors, so currently just pay £250 which I would pay towards tax.

I am currently in the final stages of getting new job, which would mean that I get annual salary of £28k. Some people might frown at this suggestion, but the last thing I want is for all the money to go paying creditors. So was thinking of possibly moving to new rented apartment which is top spec: This is my current thinking:

Currently rent property, monthly rent: £550 a month (two bedroom)

New property, monthly rent: £1,250 a month (two bedroom)

Would the bankruptcy people/courts (sorry forgot the name of them lol) – be able to stop me from moving to this new place?

+ How long do I have to keep paying the creditors - is it just 12 months or 3 years?

Thanks for any replies

deedee_3

I'm guessing there will be questions asked at why you need to move to such an expensive property and may challenge it. They will look at what is a reasonable rent in your area.

It's the OR you are thinking of.

dalip

As dee says if your rent is above the norm for your needs/area the OR will still only allow a certain amount on your I&E so you would be expected to find the shortfall out of your surplus.

If you go down this route expect some awkward questions!D

An IPA last 36 mths and you are also paying back the BC/OR fees not just your creditors.