Have I made a mistake going Bankrupt?

fermi

Yep. I'm afraid Tigerfeet is right.

If an IPA is put in place before you are discharged then it runs for 36 months. The person who advised you must have been confusing the maximum duration of an IPA with that of the bankruptcy.

tigerfeet2006

fermi wrote: »

Yep. I'm afraid Tigerfeet is right.

If an IPA is put in place before you are discharged then it runs for 36 months. The person who advised you must have been confusing the maximum duration of an IPA with that of the bankruptcy.

I agree Fermi they must have confused the BR with the IPA. Definatley let them know Craig.

Is your job office based? Do you have to wear suits? Then you need to alow for dry cleaning. My up your clothes budget a bit. Add an allowance for prescriptions,opticians and dentist. Will your fares go up if you are working? Your housekeeping budget is awfully low you could up that a bit to allow for the extra washing powder maybe food at work (trying to think of other ways to up that budget) You have no contents insurance either. How about £20 towards a modest holiday.

Hope some of that helps

Here's a couple of links for you to look at and get some ideas.

http://www.hmrc.gov.uk/manuals/dmbmanual/DMBM800120.htm

http://www.insolvency.gov.uk/freedom...rt2/part_2.htm

AmIdone4?

Just realised that by keep quoting replies I am upsetting the natural flow and ease of the thread.

I am new to this forum business (which is top-hole by the way) and don't want to ba accused of bad etiquette! So if you disagree about this or anything else, let me know.

Yep firmi, totally with you, I am updating my SOA as we speak and will continue to do so as I get more informed. Yes, I'm upping my travel pass to include rail, alittle more for food and tolietries, tv licence, hair cut - as you've mentioned etc...

Also, what do you think the OR would think of a grands worth of matress, high quality "rare breed" duck down duvet and pillows (I want 8!) and egyptian cotton bedding would be acceptable!:D No, but seriously I do need need new bed stuff, so, could this be included in expenses or agreed with the OR, basically getting my standard of living back upto normal human being level?


Cheers

Scarlett.1974

I think food could be a bit more than that? There is a link somewhere with the maximum allowances for that depending on children etc.... I'll see if I can find it

What about contents insurance?

You're also allowed a small amount for a holiday

Scarlett.1974

TV Licence?

Scarlett.1974

31.7.26 Holidays
Previous guidance stated that an allowance for holidays should not be included in the calculation of funds available for an income payments contribution, other than in exceptional circumstances, for example where a dependant was sick or disabled. Whilst extravagance is not endorsed in this respect, it may be considered a reasonable domestic need to allow the bankrupt and his/her family to benefit from a non-extravagant holiday as a break from routine. Expensive or luxury holidays (particularly if the holiday is abroad) are likely to cause offence to creditors but an allowance of between £60-£80 per month (amounting to £720-£960 per annum) for a household of 4 people should allow the bankrupt and his/her family sufficient funds to take a moderate annual holiday. Should the bankrupt consider this allowance insufficient to fund a holiday, he/she should be informed that any additional holiday cost that he/she may wish to incur must be funded from the amount of surplus income left with him/her after deduction of the assessed IPA/IPO contribution.


I can only find this in reference to a family of 4. I'm not sure how you'd work that out for a single person. Fermi, Richard S, Tigerfeet or one of the other more knowledgable types should be able to help I bet

AmIdone4?

ok, ignore my quotes thing, I'll keep learning as I go!...

Yes Tigerfeet, my job is office based so I'll put dry cleaning down. Cheers. Suddenly things aren't seeming so bad !:j

lindsaygalaxy

Hi

What figures did you put or your SOA of when you filed for BR? Also once you start working wont you have pay rent ( i resume you are on HB while not working?)

AmIdone4?

The SOA shown is the one I submitted for my BR.

Cheers

AmIdone4?

Scarlett.1974 wrote: »

I think food could be a bit more than that? There is a link somewhere with the maximum allowances for that depending on children etc.... I'll see if I can find it

What about contents insurance?

You're also allowed a small amount for a holiday

Thanks for advice, if you could find maximums that would be great. I can't keep up with all the replies