Income and expenditure calculations.....

AdvicePlease

As I have said before, I was made bankrupt on 2nd May. When I had my interview with the OR she said that she would not even look at my income/expenditure calculations until next month as I was working in a fixed term contract role which expired on 29th June.

Today I was offered a permanent role with a £6k payrise from my existing job :j which I will start on 11th June. I will now inform the OR of that fact, so presumably my income and expenditure statement will be completely revised? (New role is slightly further away so will need to allocate more for fuel etc)

I am assuming that any excess income over £20 will be taken from me by the OR - do these arrangements always last 3 years? Thanks

debtinfo

yes 3 years from when it is signed, but it can change along the way depending on how your circumstances change.

When you tell them about the change they will send you a new income/expenditure form to fill in

AdvicePlease

Oh bother I was hoping it would be 3 years from my bankruptcy date - I will get onto them tomorrow and get it sorted then!

Many thanks for the reply DebtInfo, I am off for a glass of wine to celebrate my new job now

kepar

Congratulations on new job, it is nice to see some taking a job and not refusing it because of getting an IPA. My wife had a large IPA and after the 36th payment it was great to suddenly have this big bonus every month.

Good luck , I hope it works out for you.

debtinfo

also hopefully should be good for your career prospects further down the line when the IPA is long forgotton

AdvicePlease

kepar wrote: »

Congratulations on new job, it is nice to see some taking a job and not refusing it because of getting an IPA. My wife had a large IPA and after the 36th payment it was great to suddenly have this big bonus every month.

Good luck , I hope it works out for you.

Thanks Kepar It is such a huge relief to have a permanent job again after 2 years of agency work/unemployment, I am determined to grin and bear it for 36 months then enjoy SAVING the extra when the IPA is finished

AdvicePlease

debtinfo wrote: »

also hopefully should be good for your career prospects further down the line when the IPA is long forgotton

It is a fantastic opportunity with the possibility of even being made a company director in a few years time as it is a small company (I know that cannot happen now of course!) so fingers crossed

I am a bit worried about my car, which needs the fan belt replacing and the brakes doing at the moment, it is 12 years old and I cannot see the OR allowing me to save for a new one, but I will cross that bridge when I come to it

IF

Hi AP, congratulations on your new job from me too :beer:

Best wishes
If...x

AdvicePlease

ifwisheswerehorses... wrote: »

Hi AP, congratulations on your new job from me too :beer:

Best wishes
If...x

Thanks IF Still on cloud nine really, and so appreciative of the help and advice I have got from this forum about the bankruptcy side of things - hopefully life is on the up now, it will be tough for 3 years but worth it :):)