New Job? Car allowance and BR

unsure100

JCS1 wrote: »

I've highlighed the section that I strongly disagree with (and also am offended by).

The decisions with cars on any bankruptcy that I dealt with were the hardest ones - and often these were the only items that would be discussed in detail with the AOR or OR.

Also the other section I've highlighted - in the OP it mentions that part of the work is FSA regulated; and it it their regulations that state you cannot be BR and do FSA work.

My contract doesnt mention anything about bankruptcy but I hardly have the funds to win a court case.......

unsure100

JCS1 wrote: »

I didn't say that the advice to speak to ACAS was incorrect, but that if the job was FSA regulated then you cannot legally do that job after BR.

Also, it looks like it is the current company that is redeploying the person?

No I am not being redeployed. Just making arrangements for post Br as I dont want to be without a job.

sundays

im confused are you saying your IPA is min of 650 but could be a further 550 on top.

It lasts for 3 years.

i only harped on as i read from the outset you had a surplus of over 600, then you mentioned new job would double that , plus car allowance , i just think BR would actually stuff you .

Even on 650 that is 20k repaid back, there must be better options out there for you without the risk.

This can be a massive problem for those with a good income and high debts.

I do feel for you.

unsure100

sundays wrote: »

im confused are you saying your IPA is min of 650 but could be a further 550 on top.

It lasts for 3 years.

i only harped on as i read from the outset you had a surplus of over 600, then you mentioned new job would double that , plus car allowance , i just think BR would actually stuff you .

Even on 650 that is 20k repaid back, there must be better options out there for you without the risk.

This can be a massive problem for those with a good income and high debts.

I do feel for you.

Hi, I dont have an IPA yet.

The 650 per month will be my wages surplus, plus 500 commission on top of that, now I am looking at my car allowance as well. Another 500!

I just want to start my life again and this is making it impossible.

If there was another way i.e IVA I would do it, but I will be repossessed and I think BR is my only option if you are repo'd is that right?

debtinfo

Hi Unsure, There may be other ways and you should certainly explore all options before making a decision,

As many people know i used to be an examiner at the Insolvency Service and so have particular insights that some other posters may not whilst you can never guarantee anything as all cases are looked at individualy in the circumstances where you are provided an amount for a car and it says in the contract that it is specifically for that purpose and a minimum criteria is set for that car and employment is dependant on fulfilling that condition then it is highly likely that the examiner in your case would allow that rental expenditure

Ineedaname

Thank you DI for confirming my thoughts way back in post #2.

Unsure - do take advice direct from one of the free debt advice charities as they'll go through all your finances, take into consideration the need to change roles and the higher salary if you do go BR and then be able to suggest the best course of action for you.

They will also be able to help you work out whether you could keep the house whilst not going BR and remaining in your current role. Otherwise, if this other role is available within the company is there any chance of taking that anyway without going BR? Thereby increasing your salary in order to be able to keep the house?

If there's no BR clause in your contract then do check with the FSA direct whether you could continue in your present role whilst BR, I believe they do allow this depending upon the role and work carried out. As you say only a part of your work is FSA regulated then it's well worth checking.

Just a few thoughts for you to ponder as you work through your options.

unsure100

debtinfo wrote: »

Hi Unsure, There may be other ways and you should certainly explore all options before making a decision,

As many people know i used to be an examiner at the Insolvency Service and so have particular insights that some other posters may not whilst you can never guarantee anything as all cases are looked at individualy in the circumstances where you are provided an amount for a car and it says in the contract that it is specifically for that purpose and a minimum criteria is set for that car and employment is dependant on fulfilling that condition then it is highly likely that the examiner in your case would allow that rental expenditure

Thank you, thats reassuring.

Strange question....

Is there a mindset that if someone is paying an IPA (around 40-50%) of their disposable income, then other things would be allowed that wouldnt be normally?

I.e renting a car and a larger food budget etc etc

As in, we are getting 1000pm out of this guy, do we really need to argue about the last 50 quid kind of thing.

If it wasnt for the fact I was getting repossessed I would love to do something else other than BR.

Trouble is I want to get repossessed as the mortgage payment doesnt leave me with enough to live on (It was 6.5 x income multiple) and I have had my salary halved since 2007

unsure100

Ineedaname wrote: »

Thank you DI for confirming my thoughts way back in post #2.

Unsure - do take advice direct from one of the free debt advice charities as they'll go through all your finances, take into consideration the need to change roles and the higher salary if you do go BR and then be able to suggest the best course of action for you.

They will also be able to help you work out whether you could keep the house whilst not going BR and remaining in your current role. Otherwise, if this other role is available within the company is there any chance of taking that anyway without going BR? Thereby increasing your salary in order to be able to keep the house?

If there's no BR clause in your contract then do check with the FSA direct whether you could continue in your present role whilst BR, I believe they do allow this depending upon the role and work carried out. As you say only a part of your work is FSA regulated then it's well worth checking.

Just a few thoughts for you to ponder as you work through your options.

I contacted the FSA and they were very grey on the area.

They said as you are not in a controlled role, its no problem but if your company has a problem with it, then so will we?

Very helpful.

debtinfo

unsure100 wrote: »

Thank you, thats reassuring.

Strange question....

Is there a mindset that if someone is paying an IPA (around 40-50%) of their disposable income, then other things would be allowed that wouldnt be normally?

I.e renting a car and a larger food budget etc etc

As in, we are getting 1000pm out of this guy, do we really need to argue about the last 50 quid kind of thing.

If it wasnt for the fact I was getting repossessed I would love to do something else other than BR.

Trouble is I want to get repossessed as the mortgage payment doesnt leave me with enough to live on (It was 6.5 x income multiple) and I have had my salary halved since 2007

Not officially:)

but i bet if you looked at the total outgoings allowed for high earning cases and low earning cases you might find some sort of correlation

Ineedaname

unsure100 wrote: »

I contacted the FSA and they were very grey on the area.

They said as you are not in a controlled role, its no problem but if your company has a problem with it, then so will we?

Very helpful.

Hmmm, very supportive of you being able to remain in your job - not!

Whatever happens, you will get through this and come out the other side. If BR is the final decision, we'll be here to prop you up!:)