Bankruptcy- Newbie

luvchocolate

Change your council tax to monthly. 
Sorry can't help last question..not technical

56puddles

Can someone help and point me in the direction for the SOA form.  Tie is now becoming of the essence as I try and get make some final amends to a previous SOA to complete the BR form /process.

My hard-drive gave up Wednesday afternoon as I was speaking with my new bank. Picked up the computer this morning and have spent so far rebuilding /syncing stuff on to the new hard-drive and really could have done without 225 on the machine. 

Apologies for asking basic /stupid questions, but with splitting headache and unable to locate the SOA form quickly enough, I thought I'd ask the forum - thanks, 56puddles

flipflopflo

Hope you feel better soon

https://stoozing.com/soa.php

56puddles

As I plough on with the online BR form and questions, I am now a bit perplexed.
I provided details of my monthly salary as well as the monthly pension contribution made by me and the employer.  However, now I note that as I get close to the end of the process. my household income has included the pension contribution. When this total is viewed against total expenses, it does not equate in the same manner that my SOA budget was illustrated; in a nutshell, I am just under £140/month in the plus.
This makes little sense to me as the Govt has pushed everyone to take out a pension scheme, voluntarily or otherwise with employers compelled to contribute to a pension scheme as well.  Why therefore, would OR/Insolvency Office see this as an asset in the immediate short-term? I am not about to retire (until I'm pushing up daisies!), so it remains a cost to me.
Needless to write, having had an SOA with circa £2.90 in the monthly pot, 140 quid per month is not where I want or need to be - any insights as to how this can be countermanded....
Thanks for all help so far, really appreciate it

fatbelly

The contribution you make to your pension is an expense. As long as this is not considered excessive, it is allowed.

Any income you draw from your pension fund is income.

Ifyou are putting your gross salary in (as you may well do, because you won't be paying income tax during the bankruptcy), then the pension contribution element has to go in expenses

56puddles

fatbelly said:

The contribution you make to your pension is an expense. As long as this is not considered excessive, it is allowed.

Any income you draw from your pension fund is income.

Ifyou are putting your gross salary in (as you may well do, because you won't be paying income tax during the bankruptcy), then the pension contribution element has to go in expenses

I hadn't included my pension contributions in my SOA and agree they are an expense.

I'm not at retirement age, so my contribution is the statutory level as mandated by the government legislation.

In that case, where the form asks for information relating to pensions, I now assume this should be nil as I am mandated to contribute to the pension scheme set up by the employer and third-party administrator/provider?

My salary information is after deductions, which includes PAYE, NHS and pension contributions. 

If I introduce pension contributions as an expense, this would not reflect my 'take home' or net disposable income.

TinyPomegranate

56puddles said:

I hadn't included my pension contributions in my SOA and agree they are an expense.

I'm not at retirement age, so my contribution is the statutory level as mandated by the government legislation.

In that case, where the form asks for information relating to pensions, I now assume this should be nil as I am mandated to contribute to the pension scheme set up by the employer and third-party administrator/provider?

My salary information is after deductions, which includes PAYE, NHS and pension contributions. 

If I introduce pension contributions as an expense, this would not reflect my 'take home' or net disposable income.

I don't know if it's the same, but when I had Stepchange do a SOA for me for a potential IVA, they took my pay after tax/NI but before pension was taken out, then pension was classed as an expense. So that might be what the form is asking of you?

56puddles

TinyPomegranate said:

56puddles said:

I hadn't included my pension contributions in my SOA and agree they are an expense.

I'm not at retirement age, so my contribution is the statutory level as mandated by the government legislation.

In that case, where the form asks for information relating to pensions, I now assume this should be nil as I am mandated to contribute to the pension scheme set up by the employer and third-party administrator/provider?

My salary information is after deductions, which includes PAYE, NHS and pension contributions. 

If I introduce pension contributions as an expense, this would not reflect my 'take home' or net disposable income.

I don't know if it's the same, but when I had Stepchange do a SOA for me for a potential IVA, they took my pay after tax/NI but before pension was taken out, then pension was classed as an expense. So that might be what the form is asking of you?

I went back on to the Gov /bankruptcy form last night and after re-reading it again, it clearly states to not include current pension schemes that are being paid into, which is my situation. When I posed the question the previous evening, I had spend a large chunk of the day /evening doing the form, etc. and in my haste had missed the statement at the top of the page, so my error.

Now I am more clear.

56puddles

I am now at the stage where I need to pay £680 and get the process started with the OR office. I double-checked with CAB and understand the Insolvency Office has 28 days to accept or decline my submission. In the meantime, my 'new; bank account will be frozen.

During the 28-day period, my salary will be paid in and a number of priority direct debits will need to be paid this and early next month - is there some rule of thumb as to how long the OR office will take to determine if they will accept, or decline an application for BR?

luvchocolate

From previous posters it seems to be only a couple of days