IPA Queries and SOA advice

WaterMan

Hi There,

First of all I have been a lurker for quite some time here, some of the advice is excellent and has helped me greatly. :j

My situation - I have recently been made bankrupt. In order to get a new tenancy I needed 6 months money upfront. From a kind family member I have got together this money. I have a few questions off the back of this (I will be living with my wife)

I am currently on ESA so no surplus will exist so no IPA will be sought - HOWEVER it is my intention to get back to work as soon as possible, in which case of course when I get paid I will inform the official receiver of my new income levels (assuming that I have a job)

My questions are as follows:

1. The job that I might get will require a car to drive to work. I dont have one - Can I buy a car under the value of 1K from my first initial pay packets or do i have to suffer bus and train travel which will majorly inconvenience me? NB i did not have a car before but that was because I was living in a city with good transport links.
2. How can I pay my family member back if they (the OR) will take all my surplus from the IPA?
3. Before I went bankrupt I paid most of the money in rent and bills. When the OR gives me the SOA to determine the IPA levels do I have to put down a 50/50 split? I will earn more than my partner in all probability. I know that they will take into account her levels of income. I want to be completely upfront and honest with the OR, but I also want to make sure that I have appropriate amounts down and not lose out on anything that I can claim on.

Tricky questions I think - Should I contact CAB? - To be honest a lot of answers on here have been very good so i will post on here first.


Thanks

alastairq

The OR doesn't stipulate 'how' you spend your money.

The SOA is created in order to establish whether a surplus of income exists?
If so, then how much?

Bear in mind, if you become employed, your expenditure may well rise as a result.

Of course you can buy a car.

Also, [if still Undischarged], you can establish evidence to have the running costs added to your SOA.

When assigning what proportion of the total household expenditure you contribute...unless presented with evidence to the contrary, the OR would assume a 50% split.

If this is not the case, draw up your evidence to demonstrate how you contribute a greater percentage.

Remember, the OR needs your evidence to justify their decisions.

Regarding paying back the family member?

Assuming you borrowed the deposit money after your BR petition date, then you can either [a] pay back the relative from within your household expenditure.[ As I said above, the OR doesn't specify what you spend your allowance on.], or
seek agreement with the OR to include reasonable repayment figures from within your revised SOA?

Perhaps your partner could be the one actually doing the re-paying?

In which case, their contribution to household expenditure will be a lot less, percentage-wise? Eh?

WaterMan

Bear in mind, if you become employed, your expenditure may well rise as a result.

Of course you can buy a car.

Absolutely - But I don't have any money at the moment. My intention would be to buy a car say but I can only do that on future earnings. Can my SOA take into account paying my relative back and 'saving up' for a car - I would have thought that wouldn't be possible.

I would need something in the region of 1.7K including insuring the car tax etc. Quite a lot of money.

WaterMan

Does each official receiver use the same SOA form - can someone post up?

fermi

Years ago used to look like this: http://i.imgur.com/GyYWJEu.jpg

May have changed though....

JCS1

WaterMan wrote: »

Absolutely - But I don't have any money at the moment. My intention would be to buy a car say but I can only do that on future earnings. Can my SOA take into account paying my relative back and 'saving up' for a car - I would have thought that wouldn't be possible.

I would need something in the region of 1.7K including insuring the car tax etc. Quite a lot of money.

What would you be paying your relative back for? if a loan taken out before BR, then the loan is included and they become a creditor.

WaterMan

What would you be paying your relative back for? if a loan taken out before BR, then the loan is included and they become a creditor.

This was taken out post BR.

JCS1

WaterMan wrote: »

This was taken out post BR.

Then the debt is included in your bankruptcy and the OR won't allow it as an expenses on your SOA (though with it being a family loan if you save money in housekeeping and choice to use that to pay back and don't say anything.....)

alastairq

Then the debt is included in your bankruptcy and the OR won't allow it as an expenses on your SOA

I think you're mixing up your 'pre' and 'post' meanings?

The family loan was conducted after the BR petition, not before.

Therefore it is a post-acquired debt so not included in the BAnkruptcy.

As I said earlier, a re-payment amount can be found from within the existing SOA allowances, or the Bankrupt can seek to include such payments within the SOA on the grounds that said monies weer essential to gaining a rented home.

After all, if a Bankrupt is compelled to move, whilst Undischarged, and has the means to acquire the deposit [usually 6 months in advance, as well], from within the income, especially any surplus, then the OR ought to be sympathetic....after all, everything is conducted under the auspices of that dreaded word, agreement?

So, why not also repay a post-BR-acquired loan, for the same reasons?

I get the feeling Debt Doctor would argue for this quite vociferously?

JCS1

Apologies, my mis-reading.

debt_doctor

JCS1 wrote: »

Apologies, my mis-reading.

I think we all get caught out by our speed reading occasionally
DD