Bankruptcy, IPA, TAX - HELP!! :(

emilyjanee

Hello everyone.
I am new to this board, maybe someone can help me .
I went bankrupt this year and did not have enough income to have an IPA but the OR did say I may be chased in about 4 months time to see what my situation is, apart from that everything else was a little vague.
I have received a letter which I need to sign which has all the rules on etc. 

I have also just received a letter stating I am now on NIL tax code (no tax).

What do I do with this information?

What do I do with this money?

I am very confused about when I am meant to contact certain people and what I need to tell them.

Also I want to start paying back into the pension at work, can I do this even if I didn’t include it in my IPA?
My car finance was taken away so I am allowed to save some money a month for a new one but can I put any extra money into my work pension or certified qualifications to help towards my future or would they expect to get that money first?

If anyone has any experience or knowledge please please guide me through this. I want to stick to the rules but also want to live again as I struggled for so many years.
Thanks

thevdm

It may be worth contacting the office about what to do with the tax you are no longer paying. It may be the case that this money is to go towards your IPA.

As for paying into a pension, this shouldn't be a problem, it may or may not be able to be added to your finances for the IPA. Even if it can't be added to your finances there is no obligation to spend the money on what the statement says it is for. I.e. if you feel you can spend a bit less on food and use the saved money to pay towards the pension, there is nothing stopping you from doing so.

The financial statement is there to decide how much money you need to live on, if you prioritise one thing over another (even if that thing isn't considered necessary) it is up to you to decide what you want.

luvchocolate

Your tax money will be claimed by a representative of your OR...although mine was paid direct to my trustee by standing order. So remember to keep it separate. 
I paid 6% into company pension scheme not a problem at all 

Minkym00

You get a nil tax code until the end of the current tax year, unless you change jobs beforehand. You should not spend this money and should pay it to the OR.

emilyjanee

Thanks guys!! 

Is this classed as a raise in income where I would need to inform the OR within in 21 days or is it something I just need to keep aside until they chase me?
I ask this because so far I haven’t had an IPA but if I start paying then my tax money does this mean I will have to start a 3 year IPA?

luvchocolate

They are 2 different payments. 
A nil tax code IPA will be claimed so needs to be kept separate..
A surplus IPA is based on any surplus funds from your SOA  and this is an agreement so you would be notified and this can be challenged by you. 

emilyjanee

Thanks luvchocolate.
1. Is this classed as a raise in income that I need to inform my OR?
or

2. Do I just leave this money sitting in my account until someone writes to me or calls me?

Another question. Can I sign up for courses to do with education due to now loosing my car I have some spare cash but really want to get further in my job and was thinking of putting the money towards that? Or is this frowned upon?

Really confused about everything. 

luvchocolate

Just leave the money in an account and await for contact. 
How much money are the courses?

mwarby

Cost will have a major impact but other than that I think it comes down to,

would I do this course if I wasn't bankrupt ?

do I need to do this course ?

would this course cause a rise in income enough to enable an IPA ?

If not trivial amount of money I'd certainly discuss with OR before commiting to spending money you may not be allowed to keep