Offered a better job whilst bankrupt

alastairq

to dunchutch...don't kid yourself there is any 'moral' obligation to pay any debts you once owed, as implied by some posters on this thread.

Your creditors have had their bets [sorry, debts] more than adequately covered, and they wont get much from your BR estate after the IS have taken their expenses.

I suggest you take a long, hard look at exactly how long this new job.....with it's vastly-increased pressure [not forgetting the increased income] is actually going to last?


Consider the fact that your BR will have vastly improved your quality of life........all of which you might place at risk by taking on a high-stress, high-pressure job.....which likley won't last too long?

If you take this new job [if it is offered] you might well end up paying an IPA/IPO, which will last for three years, from date-of-agreement/order.....and if the new job is done-for after a few months...even though the BR individual can have their IPA varied up, down, or even zeroed, you will be in exactly the same quandary as now, for the balance of the three-year period, should something else arise!

At the moment, you appear to be able to manage as you are.....I would strongly recommend maintaining the status quo, and get your BR out of the way.

Then you will be free to actually gain reward for the increased pressure.

Career progression is all well-and-good......but your life [and that of your family]should always come first.......in the end, we all fall off the gravy train, regardless of what sort of career we enjoyed.

dunchutch

Thank you all for your responses....and I do understand the feelings of people who were annoyed by the original post, it was worded badly!

The main reason I got into this position in the first place was my wife falling seriously ill and it becoming a permanent situation - but I am not here to moan, life could be much worse!

The main thing I have got out of this is if I did get offered the job and took it then I would inform the OR straight away.......

Thanks again!
D

Take_it_like_a_man,_sonny

OP, a newbie came here for advise, as his circumstances have changed. There is no call for words like he should be treated like a slave.

Circumstances change through life, sometimes for the better other times for the worse. When this happens, things change. Good luck OP, take up the offer, and get on with life etc.

I will pop into this area occasionally from now on, to check that slave drivers are given the short shrift they deserve.

lazer

kation wrote: »

Lazer - bankruptcy is not a punishment, it is an administrive procedure.

Dunchutch has no moral or legal obligation to take the job; in fact I think he has an obligation to himself and his family to make the *right* decision.

Most of us bankrupt people are here because we made the *wrong* decision or more often decisions - whatever those where, they are in the past and it is a fool that makes them again. Rant over.

It is a adminstraive procedure which is necessary because someone has debts which they cannot pay for whatever the reason.

There is IMO always a moral obligation to pay that debt.

If someone owes for example £100k, lives on benefits, and becomes bankrupt, and is sunsequentially discharged, and then wins the lottery the next day - legally they have no obligation to any of their previous creditors, but morally they still do.

I know of many small business (mainly sole traders), that have gone under because their clients have gone bankrupt (and yes bad debt is an expense for any business, but for a tradesman, it can mean the difference between being and business or not), and 1 year later the same people are driving around in new cars, going on foreign holidays etc. It is not a nice position to be in.

IMO - the Bankruptcy laws in this country are too easy, there should be mandatory payments for a minimum of 3 years (even if you are on benefits - if absent fathers can live below the benefit level after paying £5 a week), so can bankrupts.

OP - I recognise that you do not get to keep much of additional money you would be earning, but you do get a better job, and this will lead to further opportunities etc for you regardless of the BR,

debtinfo

lazer wrote: »

If someone owes for example £100k, lives on benefits, and becomes bankrupt, and is sunsequentially discharged, and then wins the lottery the next day - legally they have no obligation to any of their previous creditors, but morally they still do.

This forum is not really for moral arguments unless an OP asks for advice in that regard, but since you have pitched your opinion i did today take a survey of all of the worlds major deities and 87.2% confirmed that in the circumstances that you have mentioned above the bankrupt would not have a moral obligation to repay the money

PippaGirl_2

Morals are a moveable feast anyway and are everyone's own individial opinion and are not fact. I know people that never have a holiday or eat out because they don't feel they should morally while there are people starving in the world.

No board poster on this board is perfect.

sniggings

debtinfo wrote: »

I disagree, They publish the total number of bankruptcies, total number of IPAs and total income from IPA's for each years so with a few calculations you get the following roughly

2009/10
Approx 68500 new cases
22% of new cases had an IPA
total IPA income ~£30 Million

2010/2011
Approx 49500 new cases
25% of new cases had an IPA
Total IPA income ~£35.3 Million

2011/2012
Approx 35500 new cases
29% of new cases had an IPA
Total IPA Income ~£35.8 Million

Thanks for taking the time to find those figures, but as you say they are only rough figures, I would want to see full figures, as the first year you list shows an average of only a £500 pay back for the year per person, even those I believe in 2009/2010 an IPA would have been very unlikely if the excess was less than £1200 a year.

I would also expect the new system to cost more to run, someone paying a low IPA I would expect would cost more to collect that money then it would bring in.

debtinfo

Actually the average IPA in the 2009/2010 is £1910

£30,000,000 / (0.22*68500)

If you want to look deeper at the figures go to the Insolvency Service website, you can look up the annual bankruptcy figures and look at the annual accounts, always an interesting read,also tells you what things they are looking to change in the coming year

sniggings

debtinfo wrote: »

Actually the average IPA in the 2009/2010 is £1910

£30,000,000 / (0.22*68500)

If you want to look deeper at the figures go to the Insolvency Service website, you can look up the annual bankruptcy figures and look at the annual accounts, always an interesting read,also tells you what things they are looking to change in the coming year

I said I would want to see the full figures,I didn't say I would want to go looking for them

haselgre

Hi
I'm in a similar position to the OP. I have just declared BR and am currently unemployed (was self-employed but company went under). I am job-hunting and (touch wood) hoping to get something v soon. It is looking positive for two positions and I'd really appreciate any advice you lovely people could give me.

Option 1 - well paying job in City, but super-long hours and long commute.
Option 2 - part-time job a bit closer to home, earning about half of option 1.

If I wasn't BR, I would possibly take Option 1 as it would allow me to get back on my feet a bit financially and even possibly start saving to buy a house finally (I'm 39), emigrate etc. However, if the IPA is likely to take any of this excess income, then the extra hours/stress/lack of quality of life really isn't worth it if I'm only actually going to be able to live on the same amount of money as if I took option 2.

Last two things to mention - I have been quite ill due to stress and depression for the past few years, exacerbated by the stress of running own biz, failure of biz, BR etc. Secondly, have lovely partner who earns a decent amount but he has also been left with quite a lot of debt due to the biz failure (he loaned me £30k for the biz), so I don't want to put any further pressure on him.

Please can you advise whether you think I should take Option 1 or Option 2 (assuming, of course, that I'm offered both).
Thanks.