still trying to figure out my options..

getting_sorted:-)

so i have another question.. if you are bankrupt and then a few months later get a job which pays more, do you have to tell the OR?

Richard_S

getting_sorted:-) wrote: »

so i have another question.. if you are bankrupt and then a few months later get a job which pays more, do you have to tell the OR?

Hi getting_sorted

If you're still undischarged then you're obliged to notify the O.R of any changes in your circumstances and the same is true if you're paying an IPA.

Richard

getting_sorted:-)

thanks

I really cant decide what to do. Im not working atm bit im moving far away in 2 weeks and need to start work. Do i go for job which pays £800 a month, or job which pays £1000 a month, or the higher paying job with a part time job aswel. Im considering bankrupsy. In the tax forum im told if i have full time plus part time job im likely to get emergency taxed on the part time job then send in p60's at the end of the year for them to calculate anything owed to them/me. Maybe i will look at iva i think its called

rog2

getting_sorted:-) wrote: »

so i have another question.. if you are bankrupt and then a few months later get a job which pays more, do you have to tell the OR?

Hi GIS - you are obliged to inform the OR of any change in your financial circumstances, including salary increases, within 21 days.
However, any IPA/IPO is based on your DISPOSABLE income, after expenses. If the difference between the new job, and the old job, is, as you say, only £200 per month, then this may not impact greatly on your discretionary income. It sounds as if you are on a low wage anyway.

gettingitsorted

rog2 wrote: »

Hi GIS - you are obliged to inform the OR of any change in your financial circumstances, including salary increases, within 21 days.
However, any IPA/IPO is based on your DISPOSABLE income, after expenses. If the difference between the new job, and the old job, is, as you say, only £200 per month, then this may not impact greatly on your discretionary income. It sounds as if you are on a low wage anyway.

Rog just need to point out that its not me asking

wherediditallgo

Hi GS, once you've filed your petition, the OR needs to know of every change of circumstances, whether that be in terms who/where you live with, income (inc overtime/bonus payments), rent/mortgage going up/down, etc. That doesn't mean they're going to take it all from you - they just need to know so they can recalculate whether you need to pay anything. If in any doubt, I think you should tell them, as it's better they hear about it from you within the time limit given than possibly from someone else at a later date. Much as it will pain me to do so, that's why I'll be telling them about any money I get from bank charges reclaims.

rog2

gettingitsorted wrote: »

Rog just need to point out that its not me asking

Sorry GIS - looks like a case of 'Identity Theft' :rotfl: :rotfl:

getting_sorted:-)

thanks all
and sorry for name confusion LOL :rotfl: