working tax credit.

kduffy101

hi all,
went BR in dec09.
ive just been told by the job center that if i take a job on minimum wage i would be able to get working tax credit of £56.00 per week.
this would take me over the £232 per week.is the working tax credit counted as earnings???
ps. im in scotland.(LILA).
thanks

miss_spooky

Hi ya,

In england it is, I would havethought Scotland would be the same.

Hopefully someone may be along later who can help out - if not, give the NAtional Debtline or CAB a ring. They will know.

io17773

£232 per week Whats this ?? is this a limit you can have per week or earn or somthing ??

kduffy101

sorry,
if you earn £232 per week or less you can go BR through LILA route.
what i mean is if i start work will i need to start paying an IPA?+ if so when i do a SOA is the working tax credit taken into account?
hope this makes sense.

coolcait

Hiya kduffy

The £232 'limit' is only relevant when you're actually applying for bankruptcy under the LILA regulations.

Once you've been made bankrupt then it's the same rules as for any other bankruptcy - if your circumstances change, then let your Trustee know.

AiB will probably send you out a form to fill in, where you can put down your income and expenditure. If you have enough of a surplus, then you could be asked for a contribution/IPA.

The WTC would be counted as part of your 'income'. If you're going to be on minimum wage, I'm not sure that you'd have enough of a surplus to be able to pay an IPA anyway. But why not put up an SoA for people to have a look at - hopefully to put your mind at rest.

kduffy101

Household Information[/b]
Number of adults in household........... 1
Number of children in household.........
Number of cars owned....................
Monthly Income Details
Monthly income after tax................ 680
Partners monthly income after tax....... 0
Benefits................................ 210-(working tax credit)
Other income............................ 0
Total monthly income.................... 890
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 225
Management charge (leasehold property).. 0
Council tax............................. 70
Electricity............................. 35
Gas..................................... 40
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 30
Mobile phone............................ 0
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 200
Clothing................................ 40
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 80
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 20
Emergency fund.......................... 10
Total monthly expenses.................. 778

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
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 890
Expenses (including HP & secured debts). 778
Available for debt repayments........... 112
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 112
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.[/font]