Ipa

Queen

Hi now that mortgage rate has gone down:j I will have a surplus of approx £270 on figures I have filled in on Bankruptcy forms, I cut back on everything to that we were not in a minus figure to go BR so did not add anything in the entertainment, holidays, xmas, emergency fund, only allowed £68 for clothes for the 4 of us I am in a professional job so it important that I am very smart will the OR allow some of the above or increase some of the amounts now that there is more of a surplus, if not will they take 60%

peachyprice

Queen, I wouldn't worry about it yet, it will be some time before the banks pass on the drop in rates, and may not pass on the whole reduction.

If any when your mortgage does go down you will have to tell the OR and if they think you might be able to pay an IPA they'll send you another form to fill in, which you'll be able to adjust.

Sunk

When you receive your 'pack' Queen there should be an I&E form in there so you can make adjustments.
You can fill in a new I&E/SOA at any time if you need, for example increase in wage & if you have noticed an increase in the cost of living.

Queen

thanks my lender is passing on the whole 1.5 reduction as from the 1st December, whe I get my pack will I be add some extra's which I didn't include in the beginning

blind-as-a-bat_2

i can only echo peachyprice and Sunk.

You can only deal with the here and now, so thats what you tell your OR, if at a later date your income (or surplus ) change you have a duty to inform the OR within 21 days, so no rush;)

From memory your I&E was missing a lot, i added some things when i went through them with you, but even still they where not genourous.

We can go through it again once you know exactly what figures your dealing with, till then i wouldnt even mention it to your examinor.

The best way to be through your BR is open and honest to your OR, but only to questions they ask or matters your obliged to inform them of.

If there is anything they need to question they will, it is there job to go through your finances to prepare a report to your creditors, they will find things they need explaining, but dont need to know every little detail, only the ones relavent to the investigation and that report, so answer what they ask, they dont want nor need your life story

Its sounds as if you had a good start with that comment abot the car, and it was nice the person you spoke too tryed to put you at ease by saying it should be exempt, the thing to remember is no examinour can make a discision about the car or any other asset, (or an IPA for that matter, even those are supposed to checked and ok,ed) on there own, they must reffer there recomendation for aprovel, so anything said by the examinour may not be a matter of fact until its confirmed, usually in writing, but not always.