Changes to income once Bankrupt and SOA

startingover

I'm planning to go BR in hopefully May/June of this year (saving up for fees). At the moment I'm holding down 2 jobs (53 hours a week) to try and keep my head above water and believe me its killing me, not to mention not spending alot of time at home with my son.

What I need to know is although at the time of going BR i will have 2 jobs in September I plan to keep only one job 17.5 hours a week and go to college.

Will this be a problem as my income will change drastically and the amount of surplus I will have. Will the OR quickly adjust it to reflect my new circumstances?

Thanks

startingover

Anyone? please

startagain_2

startingover wrote: »

I'm planning to go BR in hopefully May/June of this year (saving up for fees). At the moment I'm holding down 2 jobs (53 hours a week) to try and keep my head above water and believe me its killing me, not to mention not spending alot of time at home with my son.

What I need to know is although at the time of going BR i will have 2 jobs in September I plan to keep only one job 17.5 hours a week and go to college.

Will this be a problem as my income will change drastically and the amount of surplus I will have. Will the OR quickly adjust it to reflect my new circumstances?

Thanks

Hi startingover,

Very similar to you - up until last month I was doing the equivalent of two jobs - about 120hrs a month overtime on top of my normal hours. Some nights I would get home at 1am and be back at work by 8.30am.
Like you it was killing me and it was all to service my debts. I was barely covering repayments and starving myself in the process!
I have cut my hours right down this month in advance of an overtime ban at work and my income will drop by around 30 - 40% in Feb - one month after my BR.
I asked similar questions to you and this is what I was told....

Make sure the OR is aware of the situation and what lies ahead. If and when an IPA is set you are supposed to notify the OR within 21 days of a +/- in income. Obviously if it is a drop, tell them straight away - an IPA is not set in stone and can be varied.
Why are you waiting to go BR? Are you still paying your creditors?
Would it be possible to bring it forward, use one of your incomes to meet your BR fees, then when you have them cut back on your jobs?
Just a thought, but I was BR within 1 month of first taking advice on here and going to the CCCS. It was quick I have never regretted it and I am actually at home in the evenings and looking after myself again.
Best wishes

SA

startingover

Hi startagain and thanks for the reply.

Yes I'm still paying my creditors at the mo don't have the bottle to stop payments as I will probably get phone calls at work and I work in a large not very private office

I have to give 2 months notice in my full time job so was trying to time it just before I start college in September. Unfortunately I will have to keep my night job as all my studying will be during the day. But at least I will be able to claim WTC. Also because I have a HP agreement on my car and they will take it back straight away.

I feel like I'm putting myself into an early grave and have no work/life balance. I think for the past 2 years I thought I could manage like superwoman but I'm so tired all the time. After reading several posts on here its given the courage to go BR and now I feel relieved to have made the decision and go back to college and study for a career I will actually enjoy.

Thank you for your advice as you say our situation is very similar and I'm glad to hear that you got through it and don't regret it.

startagain_2

I have just typed out a bl**dy long post and it has disappeared! Is anyone else getting problems tonight with the board?

The gist of it was - have you taken advice from the debt agencies?
Do your creditors have your work number?
Can you not give your notice in now and use a months salary for the BR fees?

I learnt from events over the past few weeks that what I used to think was impossible is highly possible with the right help and advice.

Apart from the car issue, it seems like you are doing one of your two jobs just to pay your debts and if BR is what you are going to be doing is it really worth the wait?

SA

startingover

You know what you're spot on there, I am doing the extra job to cover my debts but really struggling. I just wondered if I give up one of my jobs (it would have to be the fulltime one) how would the OR see this? I just thought if i left it just before I started college then it wouldn't look to bad?

In an ideal world quitting the part time night job would have been ideal but once I go to Uni I won't be able to work during the day which is why it makes sense to quit the day job. God I bet this makes confusing reading! lol

Ny head is spinning with thoughts of when would be the best time, what order to do things etc etc and truth be known I'm scared.

I haven't spoke to CCCS yet, plan to do it very soon but with 45k of unsecured debt and no way of clearing it this century I think it's the only option.

Yes some creditors have called me at work and I swiftly told them to remove my works number off their file.

tigerfeet2006

The OR will not blink an eyelid that you gave up the second job. When you put down your reasons for BR you can mention it or even put an explaination about it in the end section (13 I think)

Speak to one of the debt charities as soon as you can.

There is a template letter to send to your creditors to ask them not to ring you an the National Debtline website (link in my sig.)

startingover

Thanks Tigerfeet for the info.

I intend to speak to CCCS very soon, just need some quiet, no kids around time to go through all my paperwork.

startagain_2

Good Morning startingover,

Sorry, but I just had to log off last night - the gremlins were playing havoc with my computer. Tigerfeet has answered your question anyway.
IF, I was you (and I am not) I would be doing two or three things at the moment .....

I would get in touch with CCCS, National Debtline or the CAB. I used CCCS and they were very good.
I would perhaps see my GP and just make sure that apart from the exhaustion everything else is OK. Why, because it is handy to be able to refer to this if you do decide to give up your full time job to get back your energy and sanity. You will also be able to get the BR out of the way, have some time for the kids and get a clear head ready for college.

I would find a quiet slot of time to sit down with the paperwork (ugh) and work out just when you can and will do things.
As I have said, if someone had told me in Dec that i would be BR at the beg of Jan I would have thought them barmy, but circumstances and events took over and it has given me a tremendous feeling of relief and for the first time in a long time, a clear head!

Don't worry about the creditors ..... you and your family are more important at this time.
Best Wishes
SA

startingover

Hi and thanks SA for your reply.

I'm planning to sit down and Sunday and go through everything and hopefully come up with an SOA. Then I can phone CCCS.

Hopefully I will be able to get the fees together within a month as I'm thinking of defaulting on the car HP agreement £181.00 a month not sure if that is a good idea as I need a car for work.

I am planning on buying one for about £300 quid as soon as I've gone BR.

Can't even drink this weekend as I'm on tablets for tooth! :rolleyes: