Working (or not) while undischarged

leftatthelights

Hi all.

I am in the final stages of declaring myself BR.
I am aware that if I find employment whilst undischarged, I will have to inform the OR of the change of circumstance and possibly be hit with an IPA. I will then have to pay the IPA for 3 years but, If I then lose that job after discharged, I will then be unable to keep them repayment up so will I still have to tell the OR again??

Also, once you are discharged, do you still have to declare any new cirumstances for a 3 year period or is a case of - once discharged, you are essentially free from any debt or IPA??

I hope you all understand what im trying to say???;)

dalip

yes i do.

I had the same problem. I was paying £50 a month IPA,changed jobs,IPA was dissolved(mistake on my OR's side,they no longer dissolve them).discharged=no IPA.


So to get back to your question. if no IPA is set up by the time you are discharged,then you have no oblgation after discharge to inform the OR of any change in circumstance. But if an IPA is set up during bc and your circumstances change and the IPA is suspended,then you have a legal obliation to inform the OR of any change thereafter for the duration of the 36 mths.The 36mths start from the date of the first paymnt regardless of how many instalments you make.Dx

leftatthelights

Ok. Thanks,

It kind of makes me not want to get a job whilst im BR now though as I know that it would incredibly foolish and risky to not inform an OR of a change of circumstances!!:D

I just know that if I got a job, it would cripple me (financially) to have an IPA imposed!!:eek:

dalip

Not everybody who works gets an IPA it would depend on your income and outgoings. The allowances during bc are a lot more generous than with a DMP;). I know i have done both.

leftatthelights

The problem is that as an electrician, I can earn a hefty wage so it mite be in my best interests to take a very low paid job so I can avoid an IPA throught my BR period!

Just scared of getting back on my feet only to be brought back down to earth with a CRASH!!!!:eek:

dalip

Ummmm even if you did get an IPA it is only for 36mths...a lot less than a DMP or normal debt repayment plans

leftatthelights

Dalip, if I posted my SOA, would you take a look at it.
I will write what my wage would roughly be and you would have to minus the benefits.

Could you tell me what you think I would have to pay towards an IPA??

leftatthelights

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 930
Benefits................................ 256
Other income............................ 0
Total monthly income.................... 1186
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1025

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Northern Rock Loan 1...........18409.....0.........0
Northern Rock Loan 2...........6284......0.........0
Nationwide C.C.................4377......0.........0
LCS Civil Enforcement..........260.......20........0
New Look Store Card............16........3.65......0
RBS Overdraft 2................400.......2.........0
RBS Overdraft 1................750.......11.5......0
RBS Loan.......................2640......141.......0
Orange Communications..........103.......0.........0
Virgin Media...................253.......0.........0
Lowell.........................2766......0.........0
Total unsecured debts..........36258.....178.15....-

Monthly Budget Summary
Total monthly income.................... 1,186
Expenses (including HP & secured debts). 1,025
Available for debt repayments........... 161
Monthly UNsecured debt repayments....... 178.15
Amount short for making debt repayments. -17.15
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,258
Net Assets.............................. -36,258
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

This my SOA now, adjusted one will follow.

leftatthelights

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 930
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2280
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220
Clothing................................ 20
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1025

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Northern Rock Loan 1...........18409.....0.........0
Northern Rock Loan 2...........6284......0.........0
Nationwide C.C.................4377......0.........0
LCS Civil Enforcement..........260.......20........0
New Look Store Card............16........3.65......0
RBS Overdraft 2................400.......2.........0
RBS Overdraft 1................750.......11.5......0
RBS Loan.......................2640......141.......0
Orange Communications..........103.......0.........0
Virgin Media...................253.......0.........0
Lowell.........................2766......0.........0
Total unsecured debts..........36258.....178.15....-

Monthly Budget Summary
Total monthly income.................... 2,280
Expenses (including HP & secured debts). 1,025
Available for debt repayments........... 1,255
Monthly UNsecured debt repayments....... 178.15
Amount left after debt repayments....... 1,076.85
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,258
Net Assets.............................. -36,258
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

This would be an SOA adjusted to my income as an electrician!!

I would get battered wouldnt I???:eek::eek::eek:

JCS1

leftatthelights wrote: »

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 1350
Partners monthly income after tax....... 930
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2280
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 445
Management charge (leasehold property).. 0
Council tax............................. 76
Electricity............................. 97
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 35
Mobile phone............................ 60
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 220 Increase to £400
Clothing................................ 20 Increase to £80
Petrol/diesel........................... 0 How would you get about as an electrician? Travel to work costs?
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0 You need this
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 10 £20
Entertainment........................... 0
Holiday................................. 0 £60
Emergency fund.......................... 0
Total monthly expenses.................. 1025

Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Northern Rock Loan 1...........18409.....0.........0
Northern Rock Loan 2...........6284......0.........0
Nationwide C.C.................4377......0.........0
LCS Civil Enforcement..........260.......20........0
New Look Store Card............16........3.65......0
RBS Overdraft 2................400.......2.........0
RBS Overdraft 1................750.......11.5......0
RBS Loan.......................2640......141.......0
Orange Communications..........103.......0.........0
Virgin Media...................253.......0.........0
Lowell.........................2766......0.........0
Total unsecured debts..........36258.....178.15....-

Monthly Budget Summary
Total monthly income.................... 2,280
Expenses (including HP & secured debts). 1,025
Available for debt repayments........... 1,255
Monthly UNsecured debt repayments....... 178.15
Amount left after debt repayments....... 1,076.85
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -36,258
Net Assets.............................. -36,258
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

This would be an SOA adjusted to my income as an electrician!!

I would get battered wouldnt I???:eek::eek::eek:

any professional memberships? Dry cleaning? Any extra expenses getting to and from work? if self employed, your income needs to be after business related expenses.

leftatthelights

To be honest, I was thinking of getting a job after BR and saving up for a car, which wouldnt take that long I dont think. But then I realised that I would then be hit with an IPA so saving for a car would be pretty much a VERY long term task!!

I had to get rid of my motor a while back as the work had dried up.

Thanks for the pointers on the SOA.

I still think that even with putting any additional expenses, I would still get hit pretty hard???