Quick question about SOA

finnella_2

Hi

My husband and I are considering bankruptcy (as well as other options) I am slowly making my way through all the posts but I wondered if someone could answer a question about SOA for me?

We currently don't spend money on certain things that I believe are allowed by the OR - ie haircuts for me, the AA, pet insurance and an emergency fund. As we don't currently spend money on these things now can we put them in the SOA?

Many thanks for any advice.

IF

Hi finella and welcome to the BR board. Yes you can now put these things on your SOA.

This is a BR SOA not a moneysaving one, as you cannot access any credit to bridge gaps or unexpected/emergency expenses, so even if not used for your hair, it will be used in other ways.

Best wishes
If...x

finnella_2

Brilliant, thanks.

We did wonder what would happen if the oven or washing machine broke for example......

Something else I just thought of - I have read that sometimes the IPA/IPO aren't applied straight away. If that happens what do you do with any surplus income? Do you save it to give to the OR once the IPA is applied? Also is the IPA for 3 years from date of bankruptcy or 3 years from discharge?

Sorry - not such a quick question after all!

IF

finnella wrote: »

Brilliant, thanks.

We did wonder what would happen if the oven or washing machine broke for example......

This all depends on your OR, but you can ask that your IPA is suspended for a month and this will be added on the end of your agreement.

Something else I just thought of - I have read that sometimes the IPA/IPO aren't applied straight away.

This is true, can be anything from 3/6 weeks to set up.


If that happens what do you do with any surplus income? Do you save it to give to the OR once the IPA is applied?

Until you have signed the IPA agreement you can keep the money.

Also is the IPA for 3 years from date of bankruptcy or 3 years from discharge?

An IPA runs for 36 months from that date you signed the agreement.


Sorry - not such a quick question after all!

Hope that helped a bit :beer:

If...x

finnella_2

Thank you so much - as you are so helpful perhaps you tell me whether I should go bankrupt, I just can't decide what to do!

(obviously I know you can't...)

ellaybee

finnella wrote:

We currently don't spend money on certain things that I believe are allowed by the OR - ie haircuts for me, the AA, pet insurance and an emergency fund. As we don't currently spend money on these things now can we put them in the SOA?

Many thanks for any advice.

I wondered this too. We have made so many cut backs on things such as TV licence, hair cuts, emergency fund, pet insurance, I am really rather pleased that we will be able to and allowed to have these things again.