Income payment arrangement dodge - career change/break

debt_doctor

Bankruptcy is all about a fresh start, free of financial burden.
The journey getting there is often a very difficult one, and almost all bankrupts struggle for a very long time trying everything they can to avoid bankruptcy.
For some this means working long hours or 2/3 jobs to try to pay off debts and their mental health also often suffers as a result.
The choice to do whatever you want regarding your new employment, direction, or taking a rest in bankruptcy has been earned - and for that reason, providing it is lawful, a bankrupt should do what the hell they want!
DD

tomconfused

Hi, in my experience the OR showed little or no interest in setting up the agreement of what to pay, what I was earning or asked any questions.

When I first went bankrupt they asked me to fill out my expenditures without providing any guidance. I put my rent as that was all I thought was my must pay expense. They sent me the first payment agreement which was for all of my salary except for the rent. I phoned them up and said how can I afford food I was better off before I went bankrupt!

I sought advice from cab and they told me basically there is a list of reasonable expenses they expect you to pay for. The cab advisor very quickly got my essential expenses right up to 95% of my salary and said send that in and they may knock you back on a few items as each OR has a bit of discretion and let’s you have somethings others don’t. The list included thins like £15 a month glasses (I didn’t wear glasses) £50 a month contingency budget, £20 a month Christmas savings, £10 a month stationary, full tv and broadband package £100, newspapers £5 per week and the list went on. Things I would never have thought of putting that very quickly added up like £20 haircut, £25 a month toiletries and so on. The one I was outstanded by was when cab advised I put £300 a month for food just for myself. Again this wasn’t even questioned by the OR.

I was never asked for any proof of anything and they accepted straight away. I changed jobs a few times within the 3 years and always updated my pay rises but I also added onto all the expenses. The impression I always got was they really didn’t care as long as I was making a payment of some sort. I was earning about £25k and the highest payment they wanted was £125 a month except that first time when they wanted £1000.

I wouldn’t turn down earning extra money just put your expenses as high as you can reasonable justify. If they say no they say no.

Windofchange

Surely there is more to this though than just money. Presumably your previous job was a higher grade, or with more responsibilities. Even if you are contracting, you are loosing these three years of experience. In my line of work, I would have carried on because although I may not earn anymore due to the OR taking it, it would still be 3 extra years of experience which would look far better on my CV than I just bummed around filing notes or something.

joa1210

taking the BR option means for me that i wont have to return to work full time after maternity leave. i have 2 other children and had to return to work full time after both of them, simply to repay debts that never went down.
When i found out i was pregnant this time we knew there was no way we could sustain the payments when my salary would fall from £1800 to £560 per month.
it's given me a choice i never had. it took a lot of soul searching to make the decision but for is as a family it's the best thing i ever did.

Singlemumm

you have earned 25k and IPA only £125 instead of 1000?
how it is possible?
I earning ~19000 and IPA ask me to pay nearly £400.

jonesy1973

I came onto the forum to post a thread highlighting the same predicament and must be honest, it was refreshing to read this. I was declared bankrupt in June and although I'm eager to earn more money for my family I have decided to pretty much stay under the radar as best I can until discharged. The road to bankruptcy has not been easy and I admit to making some fairly bad decisions in the past, however, I can see light at the end of what has been, a very dark tunnel. Call me lazy, unethical, scum of the earth, whatever, I just don't see the point in working my fingers to the bone which will result in higher childcare costs and less family time, all the time feeling demoralised that any extra money I earn will vanish into thin air. ( that's how I see it, sorry.)
I have worked since leaving school and still have ambition but I have made the decision to use this year to essentially, re-charge the batteries, be a dad, read, learn, and look forward to the future.

haggis0073

we all get into debt for different reasons, i too have made some stupid decisions but thats life, i have now learnt from my mistakes, i am now insolvent and will be applying in the next month, to say that someones kids will have a look of shame on their faces is ridiculous and not very helpful.

I have seen negative comments on this forum but the positive and helpful comments far outshine those. Best to ignore these comments and focus on the people that actually want to help and give advice

My working hours are now reduced, and will stay reduced until i go bankrupt and then get discharged, hopefully within the next year i will become better at planning financially and with my debt experiance not falling foul of debt again, its about a fresh start

Red-Squirrel_2

Ronaldo_Mconaldo wrote: »

You’ve got the specialist skills and qualifications that are so in demand that employers will be awaiting you with open arms to put you back in your £30k a year job? £30k? BFD! It doesn’t sound like you’re a brain surgeon or anything? Wow the skills and qualifications to get you back as the king of the jungle...earning a full time black cab driver’s wage or the same as a aupermarket shelf stacker “team leader”.

Get over yourself.

Lots of people have skills and qualifications that are in demand but still earn less than £30K.

Nurses, midwives, teachers, junior doctors...

bewildered1

Ronaldo_Mconaldo wrote: »

You’ve got the specialist skills and qualifications that are so in demand that employers will be awaiting you with open arms to put you back in your £30k a year job? £30k? BFD! It doesn’t sound like you’re a brain surgeon or anything? Wow the skills and qualifications to get you back as the king of the jungle...earning a full time black cab driver’s wage or the same as a aupermarket shelf stacker “team leader”.

Get over yourself.

You are a troll. If you have nothing to say except insults do everyone a favour and say nothing at all.