Job for an undischarged bankrupt!

lucylocket39

Thanks for that fermi. How would they look at the tax credit situ though. Cos although i would be getting £93 per week roughly til April it will drop to around £50 per wk then. So will be almost 200 down from April.

fermi

Well assuming to 50-50 split on expenses I make that:

OR doesn't include TC's and CB in your income: Surplus = - £71
OR includes all TC's(are you paid them all? would think not!) but not CB in your income: Surplus = + £300
OR includes all TC'sand all CB in your income: Surplus = + £469

Might want to check my maths.....

fermi

lucylocket39 wrote: »

Thanks for that fermi. How would they look at the tax credit situ though. Cos although i would be getting £93 per week roughly til April it will drop to around £50 per wk then. So will be almost 200 down from April.

If the OR include TC's in an initial income calculation, and then your circumstances/payments change, then you just let them OR know. The amount that you would pay on an IPA would be adjusted. If that should take your surplus back below £100 per month then the IPA could be stopped altogether.

Each OR seems to have a slightly different approach to doing the sums, so it's not really possible to predict exactly what would happen.

lucylocket39

Thanks again Fermi for your help..would the IPA be adjusted due to circumstances or is it set for the 3 yrs?

lucylocket39

just ignore last msg fermi..seems our messages crossed lol. I've not gone completely mad..yet lol

fermi

lucylocket39 wrote: »

Thanks again Fermi for your help..would the IPA be adjusted due to circumstances or is it set for the 3 yrs?

If you income goes down (or up) them amount you pay can be changed accordingly. The whole IPA can even be stopped in your income drops low enough. It's designed for you to pay something back towards your debts if and only if you can afford it.

Not many people are exactly overjoyed to get an IPA, but it shouldn't be an excessive burden.

fermi

lucylocket39 wrote: »

just ignore last msg fermi..seems our messages crossed lol. I've not gone completely mad..yet lol

Same here.:o:rotfl:

fermi

This is the table the OR's use to work out how much you pay in an IPA. Might help you decide....

This is a table of IPA percentages that you can expect to pay on any surplus income:

1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME


50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70

tigerfeet2006

You haven't put in car tax. I am assuming travel expenses are petrol costs. Don't forget opticians, even if you don't wear glasses you must get your eyes checked. Not a lot I know but every little helps lol.

lucylocket39

Wow Fermi where do you get all that info?? lol. Looking at the list it looks scary. Set to lose a lot really. Will have to speak to OH about it tonight. I put down £40 as car maintenance to include car tax. Do you think i ought to increase it or list it separately tiger? I wear glasses for reading etc, but not sure how much i'm realistically allowed for these. Do you have a list for that Fermi?? lol (would be great if you did though!)