Ooh err ... what a fine mess!

fiveyearplan

ChampagneCharlie wrote: »

Something fishy is going on here ... the figs have re-calc'd very much more in my favour. Maybe because I re-jigged them following JCS 1's advice (altho JCS I have to say that you and 5YP don't always agree on what's allowed and what isn't - I suppose its subjective and I can expect the same with an OR?)

I'm not sure what JCS1 and I haven't agreed on but you're right it is all subjective and what one OR may allow another might not. JCS1 used to work for an OR so he's more knowledgable on what is allowed, I just say what I have seen happen to people on here - and it isn't very consistent. Some of the things I have mentioned like internet - I have seen ORs disallow even for work and homework saying you could go to the public library so I prefer to be more cautious.

affluenza

I am sorry if I forgot that important part about you wife's property but since you seem to have a talent for writing (that is a good thing) and I have the attention span of a goldfish (not a good thing) I am inclined to forget what was written three posts before.

Your property will probably be sold at auction - whatever it fetches will go into the pot thereby reducing the overall debt by an amount. The property has to be sold for a market price meaning that they can't sell it for a grand.

Just as you are not permitted to sell the house to your wife for a fiver they are legally obliged not to do the same to you.

It is highly likely that you will never see that money because it will directly towards OR expenses and the other debts. So sadly, you won't get to roll around in twenty pound notes.

You will still be liable for the shortfall of the mortgage and the remainder of the debt, and that is where the IPA comes in. From my understanding the IPA can be variable based upon your disposable income.

All of which now leaves you without somewhere to live...

I do remember reading some clause that may give you a grace period of upto 12 months to leave the property - you are not in a repossession situation yet, you may even be able to argue that you can sell it yourself.

ChampagneCharlie

Oh it was on things like Xmas present fund, & miscellaneous children's expenses, odd things like that. And I've forgotten another bill on SOA 3 - doh...so that means there will be an SOA 4 now ....

fiveyearplan

From what I gather on here most don't allow Christmas/birthday present fund but if you were on the verge of an IPA I would say leave it in but don't count on it.

ChampagneCharlie

ChampagneCharlie wrote: »

Hi Lensman & Affluenza

Regarding my OH's home, you might recall this was what I got specialist legal advice about and was told, in writing, that it is safe. This is naturally of the greatest concern to me & the OH and is imperative that we have this right - hence the specialist advice.

About the disposable income side, I am confused. In addition to the £1096 it says here is surplus income, when I go BR, then presumably my property, worth about £300k (perhaps even less now), will be repossessed. That will therefore mean I won't have to pay the mortgage (and all the other things) - which will free up even more income n'est ce pas? Am I being hyper-thick?


But there will be pipeline expenses to take into account after repossession, like removal expenses, finding a new home for my mum that will accept her dogs etc, etc. what about those?

CC

The red text is the bit I'm struggling with. I am sometime incredibly dim ...

CC

fiveyearplan

That is correct - all that will come off your SOA - not sure how much expenses they will allow for you to move your mother etc. Is she coming to live with you?

affluenza

Well presumably if unless I have forgotten something - you will need somewhere to live?

You will need to accommodate your mother as well, so wouldn't that figure for the mortgage balance out your rental?

fiveyearplan

He already has a place to live - his OH owns the property outright.

affluenza

Well if it not going towards rent then presumably it will go towards the IPA as supposedly disposable income.

fiveyearplan

Thats what I was thinking.