Going Bankrupt

fermi

More than reasonable. Current guideline figures used by the OR would suggest that something up to around £300 for housekeeping and £90 for clothes would not be unreasonable. The OR's benchmarks tend to be a bit higher that those of debt advice agencies as they are obliged to give more leeway.

Obviously you can't spend more than you get, but don't leave yourself portentially short in any area either. Better that the OR may reduce a few things than you sell your needs short at the start.

Mykidsrcool

I want to be completely upfront with the OR, but as you put it, dont was to sell myself short.

Is there a set line at which point they will or will not implement an earning payment to the OR?

If i am allowed to keep my car, which i really really hope is the case, i have only got about £100 that could be allocated towards payment as this was what i was paying towards debts in a DMP.

dancingfairy

You say you have had your budget checked by CCCS so I assumed they are happy for you to go bankrupt and have explained a lot of things to you? As long as you have had advice, that is the main thing as the judge may well check you are happy with things - ie you appreciate that it might make things difficult with certain careers (ie in law/finance) and that you will have to declare when asked if you have been made bankrupt, basically just checking that you are going into it with your eyes open.
In answer to your question about making payments I don't know but it is a voluntary agreement to start with so check you are happy with things, if not you can query them or complain if you feel unfairly treated. I'm not sure how IPA's are calculated - you might find more info on the sticky or I'm sure someone will be around later to explain more. You can always put your budget up and someone can cast an eye over it and say what they think is likely to be the outcome (obviously every case is slightly different but they can give you an idea of what sort of figure you might be looking at).
Regards
df

Mykidsrcool

Thanks dancing fairy, i will post a copy of my SOA up shortly.

Mykidsrcool

dancingfairy wrote: »

You say you have had your budget checked by CCCS so I assumed they are happy for you to go bankrupt and have explained a lot of things to you? As long as you have had advice, that is the main thing as the judge may well check you are happy with things - ie you appreciate that it might make things difficult with certain careers (ie in law/finance) and that you will have to declare when asked if you have been made bankrupt, basically just checking that you are going into it with your eyes open.
In answer to your question about making payments I don't know but it is a voluntary agreement to start with so check you are happy with things, if not you can query them or complain if you feel unfairly treated. I'm not sure how IPA's are calculated - you might find more info on the sticky or I'm sure someone will be around later to explain more. You can always put your budget up and someone can cast an eye over it and say what they think is likely to be the outcome (obviously every case is slightly different but they can give you an idea of what sort of figure you might be looking at).
Regards
df

I have posted my SOA in the SOA Advise thread on this forum, if you can take a look and let me know what you think, Thread #36

https://forums.moneysavingexpert.com/discussion/4966960