6 months in , new job offer.

56kicks

I’m 6 months in my bankruptcy, I’ve been working solid and just getting by. I pay a chunk of £260 per month to my payment plan.

I’ve been headhunted / offered my dream job, same money as I’m on now, but walking distance from home. I currently commute a 50 mile round trip. (That’s about £200 a month in fuel costs) This offer would significantly improve my personal wellbeing - free up over 10 hours a week for me, improve my physical and mental wellness too, because of the walk!

If I take this new job, and I declare it to the receivers, will I have my budget reviewed - and they would then reduce my take home / increase the payments toward my BR?

And what if I wait till after I’m discharged - but still have 24 months of payments to make - Would it be reviewed post bankruptcy or I just continue to make my payments?

I don’t mind sticking it out where I am another 3-5 years, but I’d really like to know my options - this offer is open and held for me long term as they want me back on their team with a view to directorship in the future - and they understand my bankrupt situation.

debt_doctor

Hi,

As it seems that you are already under an IPA in bankruptcy then you have a duty to notify changes in financial circumstances for 3 years from when your IPA started.

I would expect your IPA to be adjusted to the new circumstances that you would find yourself in, which seems likely that it would increase.

Of course I don't know if you have claimed reasonable expenses for other things - why not pop your SOA on here so we can look at the whole thing?

DD

General_Applause

56kicks wrote: »

I’m 6 months in my bankruptcy, I’ve been working solid and just getting by. I pay a chunk of £260 per month to my payment plan.

I’ve been headhunted / offered my dream job, same money as I’m on now, but walking distance from home. I currently commute a 50 mile round trip. (That’s about £200 a month in fuel costs) This offer would significantly improve my personal wellbeing - free up over 10 hours a week for me, improve my physical and mental wellness too, because of the walk!

If I take this new job, and I declare it to the receivers, will I have my budget reviewed - and they would then reduce my take home / increase the payments toward my BR?

And what if I wait till after I’m discharged - but still have 24 months of payments to make - Would it be reviewed post bankruptcy or I just continue to make my payments?

I don’t mind sticking it out where I am another 3-5 years, but I’d really like to know my options - this offer is open and held for me long term as they want me back on their team with a view to directorship in the future - and they understand my bankrupt situation.

Personally speaking, this is worth more than any money I can imagine and I can imagine quite a bit.

KeepOnKnitting

I would guess that if you are walking to work, you will need new shoes and outerwear more often, so this budget may need to go up. If you are in the house more often you may need the heating on more, so gas/electric may increase. You may need to eat more with the exercise, so the food budget may go up. I am not saying that you wouldn't have to pay more, but there is bound to be some flexibility.

Have you been allowed to keep the car to allow you to commute? I am unsure but I am throwing out the idea that you may not be allowed to keep it?

That being said, the extra time and lower stress still sound worth it to me. I hate commuting with a passion.