bankrupt and overtime

quinn17

Hi,

I went bankrupt Apr last year 2010 and have been making regular payments to my OR. I was also discharged from bankruptcy in Oct 2010. I have been asked if I want to do overtime at work but I don't know if it will be worth it as I don't know how much the OR will want to take.My overtime is going to be very random and could be £800 extra one month and none for 2 months and then £600.

Any advice greatly appreciated.

Thanks

freddy911

quinn17 wrote: »

Hi,

I went bankrupt Apr last year 2010 and have been making regular payments to my OR. I was also discharged from bankruptcy in Oct 2010. I have been asked if I want to do overtime at work but I don't know if it will be worth it as I don't know how much the OR will want to take.My overtime is going to be very random and could be £800 extra one month and none for 2 months and then £600.

Any advice greatly appreciated.

Thanks

Do you have an IPA/O if so he will take it all. If you do not have an IPA and you are already discharged then you wont have to pay anything. I presume as you say your making payments regulary then you do have an IPA in which case the OR will take all excess.

mysterio_2

sounds like the op is under an ipa

patman99

Yes, the OP says they went b/r in April 2010, but were discharged in October 2010. They also state they are making regular payments to the OR. So I guess they are now on an IPA or IPO.

They will need to clarify the situation with the OR before deciding if working o/t is worth the effort (mind you, if the OR takes the lot, the OP may find themselves clearing a huge chunk of the figure on the IPA/O, and thus coming out of a dmp earlier than they would originally have done).

tigerfeet2006

Everytime you do overtime you will have to let the OR know and he will look at taking around 70% of the extra money. I am guessing you will come under the old rules rather than the new rules as you are under an IPA started before the new rules came in.

quinn17

patman99 wrote: »

Yes, the OP says they went b/r in April 2010, but were discharged in October 2010. They also state they are making regular payments to the OR. So I guess they are now on an IPA or IPO.

They will need to clarify the situation with the OR before deciding if working o/t is worth the effort (mind you, if the OR takes the lot, the OP may find themselves clearing a huge chunk of the figure on the IPA/O, and thus coming out of a dmp earlier than they would originally have done).

Could you clarify what becoming a DMP means and what that entails, and also what do you mean if the OR takes the lot I will clear a chunk of the figure on the IPA as I was never given a figure.

Many Thanks

tigerfeet2006

patman has become confused with all the terms and what different debt solutions do.

See my answer below. Paying more into your IPA will mean the OR fees will be paid and your creditors may get some to.

oldiebutnewbie

tigerfeet2006 wrote: »

Everytime you do overtime you will have to let the OR know and he will look at taking around 70% of the extra money. I am guessing you will come under the old rules rather than the new rules as you are under an IPA started before the new rules came in.

Could you clarify what the new rules are please?

tigerfeet2006

It used to be if you had any surplus then the OR would take between 50-70% of it depending on how much of a surplus you had.

Now if you have a surplus over £20 then the OR will take all of it.

freddy911

I thought the new rules applied to anyone who has a review? If the op starts earning more money wouldn't this warrent a review?

motherb

Hi if your ipa is based on old rules and you have a review it is still based on old rules or should be