Redundancy/Travel Costs/Rent deposit

Colliz_2

A few questions in one really, just trying to formulate a game plan.

I declared BR last month. I have spoken to the OR on the phone a couple of days afterwards and he informed me that I will be unlikely to have to make any repayment in my current financial circumstances. However, I've now been given 3 months notice of redundancy this week - have been there for 4 years so should receive just under £3k. In order to work out what I'm going to do should I get another job or be left without one, I have the following questions:

- I currently work locally and it only costs me around £10 a week in petrol. To get another job, I am going to have to look further afield, most likely in London. The salaries there are higher, but so are the travel costs. The documentation from the OR only states that I inform them of increases to income, it doesn't mention increases in living costs. I don't want to get a great job with £10k a year more and then find out that I have to fund the additional £4-5k in travel costs whilst having to pass all my additional income to the OR (I couldn't afford to do it frankly).

- If I get a job with a lower salary, we will need to move to somewhere cheaper to rent. Will the OR allow me to use my redundancy pay towards the deposit for somewhere new? I will only personally be entitled to 50% of the deposit from our current house (it was paid by myself and my ex-partner, and there is always a delay in getting that back, whereas you need the month up front plus deposit to move somewhere new.)

- I currently get paid on the 19th of the month for the whole month in question (i.e. part advance part arrears). Anywhere else I go is likely to pay at month end. My rent is due on the 20th of every month, so I will need to find a whole extra months worth of rent from somewhere otherwise I'll be in arrears (and most likely get chucked out). Will the OR let me use some of my redundancy to pay this?

- If I don't find another job, I won't receive a lot in benefits as my kids are all over 18 (but 2 still living at home and one at uni). Will I be allowed to use my redundancy to cover living costs until it runs out

Sorry to be so ling winded, but it took me a year to pluck up the courage to go BR and it all felt very settled - this has sent me into complete turmoil!

dextersmum_2

The OR will most def take your redundancy - no question about that, id not tell them what you have stated but would ring and pose the question to them. You could say it is likley this is going to happen .

dextersmum_2

on the other hand there is no guarantee they will ever ask to see your bank statement , they dont always ask for updates during the year of bankruptcy if there is no IPA in place they may never bother you again.

When advising about changes in income you would then put in a new statement of expediture or proposed expediture.
id def pose t he question b ut the OR will decide on what you can or not keep - try and keep up beat,
If you were out of work , providing you had not claimed Housing benefit in the past 52 weeks you should be able to get all rental costs made for 12 weeks then it would be at the amounts set by the government.

alunonhisown

I went BR in July 2010, had a phone call off OR same day and a face to face appt in Companies House in Cardiff a couple of days later and went through everything, like the 3rd degree, cotton buds in rectal areas etc, and when the meeting was concluded we did not have to pay anything per month, never heard from them again until this past two weeks telling us in a letter they no longer want any interest in our property and another this week with an official order declaring to Land Registry they have no further interest in my home.
I would say nothing about the redundancy money unless you really need to. I would not have.

Flyright

I don't think you should be encouraging anyone in bankruptcy to commit a criminal offence, which failing to disclose the redundancy would be.

alastairq

whilst undischarged...changes of income, 21 days to inform the OR.

A revised SOA can be submitted at any time one's circumstances change.....whether undischarged, or under a surplus-based IPA.

Inform OR of redundancy payment, once received......there have been notes on this forum of OR's not bothering to claim the money.....and if that money could be better used for essential major outlay, then by negotiation with the OR, agreement might be reached.
In any event, the 21 day period of notice-of-change is Law...and is ignored at one's peril....[and can be visited retrospectively!]