Working (or not) while undischarged

leftatthelights

Can anyone tell me what (after looking at my second, hypothetical SOA) would I be looking at as far as an IPA is concerned?

Will it be 50% of my excess or more?:eek:

philnicandamy

it can be as much as 70% of your surplus for example.....

Spammy777

Hi sorry to intrude where can i find an index of all the abbreviations used? like IPA BR SOA etc etc

leftatthelights

Thanks phil. Much appreciated.
Hi spammy, im not sure on that one to be honest?? I just learnt as I went:
eg BR = Bankrupt, SOA = Statement Of Affairs and so on and so on!

philnicandamy

There is a post somewhere floating around spammy....just been trying to find but my connection gone on a go slow for some reason

IPA...Income Payment Agreement
OR..Official Receiver
BR..Bankrupt
DRO..Debt Relief order
ED..Early discharge
AD..Auto discharge

dalip

Sorry if this has been asked before but is it just you going bc?. Also is that your partners full income or just their contribution to household expenses as that is a major factor. You only need to put their CONTRIBUTION not their full income. They have their own bills ,debts to pay and bc is an idividual thing and OR's understand that.Dx

leftatthelights

Hi Dalip,

My tinternet connection died last night.

I will bring you up to speed.

It is just myself going BR, the income from the GF is her full income (shes a teaching assistant so doesnt earn a great deal).
I live with her in HER flat, my name isnt on any of the bills at all, I just basically give her around 95% of my jobseekers allowance to help towards bills. Im basically classed as lodging.
Ive got an interview with a debt councillor today at the CAB and I have to prove to them that our "household income" isnt above a certain threshold so I can get the help and free legal advice etc but ultimately, it will be just myself going BR.
I will be taking the "first" SOA that I posted to the CAB to show that the "household" is in a negative financial position.

Do you understand my position or do you need any more info???

Please ask away as it helps me understand my own position!!

Thanks for your time:D

philnicandamy

Just a small question....why do you need legal advice? (this is NOT needed for bankruptcy)

Bear in mind your taking the first SOA...once your cirsumstances change & you start working again you have to inform the OR within 21 days of all financial changes while still undischarged...

leftatthelights

Hi phil.

Erm, I dont honestly know why I wrote legal advice:o

I am aware that if my circumstances change, I will have to inform the OR.
I think you put up an IPA earning calculator for me the other day which was good of you by the way.

Do you think everything will be ok for me as far as declaring BR is concerned?? Just nervous that something will go wrong for me!! (It usually does where im concerned)!!:rotfl:

philnicandamy

Should be ok....looking at your current circumstances no reason why you cant go BR (just as long as you've had some professional advice..the judge will more than likley ask)