fluctuating income and other questions

cam6278

Hello,

I have been advised by stepchange to go down the bankruptcy route. I have tried for the last several months to try and solve it myself.

I have ended up with 2 jobs, working 7 days a week- i can no longer sustain this, my health is suffering along with my time spent with family and i am exhausted.

I have accepted this is the way to go. I have been doing a lot of reading on these forums. I will be printing the paperwork this week and starting the journey to be debt free.

some questions-


1- I have a main job- 37.5hrs a week which is gaurneteed a certain amount

My second job is bank/angecy/adhoc- i can choose the amount of hours i do each week/month

How do i declare that income ? Once i have been approved do i declare each payday what my earning is to the OR ? what percentage would be paid into the plan ?


2-my youngest daughter starts college and i will be paying her travel costs as i earn to much to recieve any help. Im not sure at present how much it is- do i declare this now or when it gets nearer?

3- we have a holiday booked next year which i am paying small amounts to each month- would we be able to keep this as i know its not essential ?

4- I have a car which is leased through my job- how would this be taken into account. I will need a car to get to work etc but obviously cant afford to buy one etc.

5- my oldest daughter is currently looking for full time work- is at a nightclub at present which can vary from 4-16 hrs per week - normally 8. she does not pay any momey to me at present but will do so once in full time work, do i declare her contributions once recieved. I also pay her and my other daughter mobile phone bills.

much thanks in advance to any answers

Claire

tigerfeet2006

If you are BR and don't have to pay the debts would you not be able to give one of the jobs up?

How old are your children?

cam6278

I would like to keep the second job, its a band higher than my present one and has good training prospects. im currently doing 3-4 shifts per weekend and will likely drop it down to 1-2 .

Oldest daughter is 20 and youngest 16.

alastairq

My second job is bank/agency/ad hoc- I can choose the amount of hours I do each week/month

Would Bankruptcy have any effect on being able to do the hilited job?

National_Debtline

alastairq wrote: »

Would Bankruptcy have any effect on being able to do the hilited job?

Hi alastair


Maybe we're just reading it differently but I suspect OP's reference to "bank" work is in the sense of a staff pool, as opposed to working at Lloyds, Natwest etc.!


Dennis
@natdebtline

National_Debtline

Hi Claire


I've offered some advice in bold below. Hope you find them useful.

cam6278 wrote: »

some questions-


1- I have a main job- 37.5hrs a week which is gaurneteed a certain amount

My second job is bank/angecy/adhoc- i can choose the amount of hours i do each week/month

How do i declare that income ? Once i have been approved do i declare each payday what my earning is to the OR ? what percentage would be paid into the plan ?


You should simply add a statement along the lines of what you have said above when completing your statement of affairs (SoA). Give details of your hourly wage for this extra work.

The OR's office will advise you on how to report any such earnings when they interview you following your bankruptcy hearing. They will also clarify at this stage how much of these earnings they would expect you to pay into any Income Payments Agreement (IPA) that is set up. There won't be a hard and fast percentage set in stone - it will all depend on the circumstances.

2-my youngest daughter starts college and i will be paying her travel costs as i earn to much to recieve any help. Im not sure at present how much it is- do i declare this now or when it gets nearer?


This is something you should bring up at the interview if you are unable to determine a figure when completing your SoA.

3- we have a holiday booked next year which i am paying small amounts to each month- would we be able to keep this as i know its not essential ?


Impossible to say for certain. Have the amounts you have paid so far gone towards some sort of deposit, and to what extent is this refundable?

If the OR feels that whatever you are putting away towards this can be absorbed into your normal everyday spending, they may allow this to continue. Bear in mind that the OR is not really interested in dictating exactly HOW you spend your income as long as you are able to meet the requirements of any IPA in place.


4- I have a car which is leased through my job- how would this be taken into account. I will need a car to get to work etc but obviously cant afford to buy one etc.


The OR can allow car lease expenditure if there is a useful return on it - in this case the fact that it enables you to get to work, earn and thereby potentially be able to set up an IPA as a result. They will however look at the level of payments and whether they are proportionate to the "amount of car" that you need.

5- my oldest daughter is currently looking for full time work- is at a nightclub at present which can vary from 4-16 hrs per week - normally 8. she does not pay any momey to me at present but will do so once in full time work, do i declare her contributions once recieved. I also pay her and my other daughter mobile phone bills.


Yes, you should declare any non-dependent contributions received. The OR may not regard any existing help you give your 20-year-old with mobile bills as essential expenditure, so she may have to start budgeting for these bills herself when you go bankrupt.

much thanks in advance to any answers

Claire

Dennis
@natdebtline

cam6278

Hi all

My second job is agency type work- im a nurse .

Thanks for the help Dennis.its good to know what information to provide. The holiday is booked by my parents and i pay into a account in my mum and mine name - should i have myself removed of it ? I was added on after she opened it. Idont want her money being taken

I have printed my paperwork and will be filling this in this week.


In regards to stopping my payments on the debt. Do i just cancel them and then write to the company stating the situation and do i offer a token amount of £1 ?

Claire

owlet

cam6278 wrote: »

Hi all

My second job is agency type work- im a nurse .

Thanks for the help Dennis.its good to know what information to provide. The holiday is booked by my parents and i pay into a account in my mum and mine name - should i have myself removed of it ? I was added on after she opened it. Idont want her money being taken

I have printed my paperwork and will be filling this in this week.


In regards to stopping my payments on the debt. Do i just cancel them and then write to the company stating the situation and do i offer a token amount of £1 ?

Claire

Hi Claire,

Don't inform the companies that you are going BR, they will hound you in the hope that they can get more payments before you are made BR!
You could phone the companies & say you are having financial difficulties and that you are working with step change to look for a solution. If step change have given you a reference number, you can give them this and tell them that you want to make £1 token payments . This will buy you some breathing space & the chance to save the BR fees. Then remember to cancel the direct debits.

The OR won't be able to take your Mum's money from the account - hopefully you can prove the amount you have paid in?
The bank/building society may freeze the account though after your BR. If it were me, I would take my name off it but still declare it to the OR because with it being a very recent change, they might think you are hiding something. That's just my view though. Others may think differently.

Hopefully you will be able to save for your holiday from other areas of your soa. If you want any help with your soa, post it here & people will be able to guide you, so that you have enough to live on.

Also you will need to open at least one basic bank account. Coop cashminder (again don't mention BR) or Barclays basic account. Do this in plenty of time so that it's up mmand running before you go to court.

cam6278

Thanks , i paid the holiday money via online banking so there is a trail.

Once i have the bank account do i shift all my "normal" bills and wages across ?

I will print out the template letter for the debt companies and then cancel the DD -

cam6278

Looking on the co op website they have standard current account - couldnt see ine called cashfinder

owlet

Yes, transfer your income & regular direct debits etc - but not the debt ones! Then just forget about your present account.

After you've been to court, the OR will let your current account bank account provider know that they have no interest in it. If it's a coop or Barclays basic account, it shouldn't be frozen. There is a question on the forms where you state which account/s are your day to day living accounts. You might find two easier for budgeting.