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Please can anyone help with a definition of reasonable living costs after BR?
weezl74
Posts: 8,701 Forumite
Hi there,
Please excuse the very basic newbie question!
A good friend has just told me his SOA. It looks pretty bad and he may be losing his job soon
He's open to the idea of bankruptcy but hasn't a clue what it means.
Our main question is this: how strict is the definition of reasonable living costs beyond bankruptcy? Ie if you managed to earn £500 a month and £300 was rent plus bills, would you be 'allowed' the £200 for food, travel etc...
I'm assuming there must be an agreed threshold people in bankruptcy are expected to live within?
Can anyone offer me any links with info about that?
Many thanks in advance.
Weezl x
Please excuse the very basic newbie question!
A good friend has just told me his SOA. It looks pretty bad and he may be losing his job soon
He's open to the idea of bankruptcy but hasn't a clue what it means.
Our main question is this: how strict is the definition of reasonable living costs beyond bankruptcy? Ie if you managed to earn £500 a month and £300 was rent plus bills, would you be 'allowed' the £200 for food, travel etc...
I'm assuming there must be an agreed threshold people in bankruptcy are expected to live within?
Can anyone offer me any links with info about that?
Many thanks in advance.
Weezl x
:hello:Jonathan 'Fergie' Fergus William, born 05/03/09, 7lb 4.4oz:hello:
Benjamin 'Kezzie' Kester Jacob, born 18/03/10, 7lb 5oz:)cash neutral gifts 2011, value of purchased gifts/actual paid/amount earnt to cover it £67/£3.60/£0
january grocery challenge, feed 4 of us for £40
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Comments
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I would suggest your friend post up his SOA - a BR SOA is more generous than one for DMP or IVA. I would also suggest your friend go to entitled.com to see what benefits he can get.
:j :j
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thank you 5 year plan
do you mean assuming the job's gone?
We're trying to reduce all his outgoings at the moment. Should I post it after we've whittled it down a bit?
TIA
:hello:Jonathan 'Fergie' Fergus William, born 05/03/09, 7lb 4.4oz:hello:
Benjamin 'Kezzie' Kester Jacob, born 18/03/10, 7lb 5oz:)
cash neutral gifts 2011, value of purchased gifts/actual paid/amount earnt to cover it £67/£3.60/£0
january grocery challenge, feed 4 of us for £400 -
Post it as it is now. He may be able to claim benefits which should help things.
:j :j
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I'll ring him now and check out some details and get his permission... back in a bit....
thanks :A
:hello:Jonathan 'Fergie' Fergus William, born 05/03/09, 7lb 4.4oz:hello:
Benjamin 'Kezzie' Kester Jacob, born 18/03/10, 7lb 5oz:)
cash neutral gifts 2011, value of purchased gifts/actual paid/amount earnt to cover it £67/£3.60/£0
january grocery challenge, feed 4 of us for £400 -
fiveyearplan? You're lovely!0
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