My road to BR and BEYOND thread!!

dalip

When i went bc i was in a set wage job, had a IPA of £50 a month. Changed jobs and my hours fluctuate from 30 - 45 pw, sent wage slip at 42 hours and explained about the hours, even asked if they wanted to wait until i did a 45hr to reassess but got letter back to say my IPA had been dissolved.:D . Good job really as i have been doing 30 hrs for the last 6 wks.

If wages vary they may well take basic for IPA assesment, then ask for you to tell them them if OH earns over a certain amount. Or average it out over say 3 mths. A lot depnds on your I&E and what our OR allows at the time of bc.

Now switch off:D

datcat

Hi Summer Im going to try and answer 1 of your questions

Items they take, we don't have anything of value apart from a £700 car which I know they could take. After BR, are we allowed to purchase anything? If we ever got to the stage when we could afford a new tv or a pc or something, do we have to tell OR? I am a bit confused as to when the cut off date is of telling them what we own or buy.

The car sometimes depends on what side of the bed the OR has got out of.
If you can prove you really need it though you may be ok.
After you have been declared Bk what ever you do with your surplus (subject to a ipa being applied) is up to you. You won't get any credit as your rating will be shot so it will be a case of if you want it start saving.
Some one who has more knowledge will be along soon so please don't worry.

Summer1969

Hi everyone, I am back with more questions.

We had a thought, shall I just go bankrupt and not OH? £53k of the £63k debt is in my sole name. The other £10k debt is in his name. I have no income. OH's salary pays for everything. If just I go bankrupt, then at least one of us wouldn't be BR and all that entails. When we sell our flat, we are going into rented so it would be better if one of us wouldn't be BR with prospective landlords? Also, I don't really want OH to have to go BR, he has a good job. would rather he didn't go through the embarrassment of having to tell them and also, I am not working. so it wouldn't effect me. He could then keep his sole bank account? Would they take his salary into account with just me going BR when I have to produce an IE and the IPA? We are selling the flat at the mo, our only other asset is a £700 car. It was just a thought, we will obviously go through this with the Debt Specialist at the CAB in a couple of weeks.

maxmycardagain

are any of the debts out of/linked to joint accounts at banks/loans or credit cards though? if one half goes BR its possible the debt falls payable by the other half

Summer1969

maxmycardagain wrote: »

are any of the debts out of/linked to joint accounts at banks/loans or credit cards though? if one half goes BR its possible the debt falls payable by the other half

OH's has his own bank account, none of the debts in my name are linked to that bank account. His salary gets paid directly into my bank account and all the debts get paid out of it. His debts and mine. Does that answer your question?

fiveyearplan

In my opinion, if one of you can avoid bankruptcy that would be a bonus. My husband isnt BR. The OR would not take his income into consideration except what proportion of bills he pays - he would be expected to pay half. So his excess income would not be liable to an IPA and since you're not working you wouldn't pay one either.

fiveyearplan

If you are going BR then I would advise him to open a new bank account for his salary and put all his direct debits for his debt and the utilities etc to come out of this account. I would open a coop or barclays basic account for yourself. Your bank account will be closed with bankruptcy so it is wise to have this sorted out beforehand. If it is certain you will be going down the br route, then stop paying your non-priority bills now. You need to keep paying council tax, mortgage, utilities etc.

Richard_S

Summer1969 wrote: »

Hi everyone, I am back with more questions.

We had a thought, shall I just go bankrupt and not OH? £53k of the £63k debt is in my sole name. The other £10k debt is in his name. I have no income. OH's salary pays for everything. If just I go bankrupt, then at least one of us wouldn't be BR and all that entails. When we sell our flat, we are going into rented so it would be better if one of us wouldn't be BR with prospective landlords? Also, I don't really want OH to have to go BR, he has a good job. would rather he didn't go through the embarrassment of having to tell them and also, I am not working. so it wouldn't effect me. He could then keep his sole bank account? Would they take his salary into account with just me going BR when I have to produce an IE and the IPA? We are selling the flat at the mo, our only other asset is a £700 car. It was just a thought, we will obviously go through this with the Debt Specialist at the CAB in a couple of weeks.

Hi Summer,

It makes perfect sense, and there isn't really a "downside". Your O.H's salary can't be used to assess an IPA for you, so you're not going to have to pay anything unless you start work before you're discharged.

We did try to keep my O.H out of our bankruptcy because most of the debt was in my name, but the creditor who was petitioning for our bankruptcy wouldn't accept the offer we made;:rolleyes: :rolleyes: they ended up getting nothing and having to pay the leagl fees.:D

Regards

Richard

Summer1969

Richard_S wrote: »

Hi Summer,

It makes perfect sense, and there isn't really a "downside". Your O.H's salary can't be used to assess an IPA for you, so you're not going to have to pay anything unless you start work before you're discharged.

We did try to keep my O.H out of our bankruptcy because most of the debt was in my name, but the creditor who was petitioning for our bankruptcy wouldn't accept the offer we made;:rolleyes: :rolleyes: they ended up getting nothing and having to pay the leagl fees.:D

Regards

Richard

Well I am feeling more positive now. Not that I am going BR obviously, but that one of us will not be. Especially as OH gets different amounts of commission each month, I knew they would take any surplus he made each month if we both went BR. If it is just me, then we can pay off his remaining debt quicker and actually put some aside each month, something we have not been able to do for years! Just wish our blooming flat would sell, we have reduced it £10k in the past 2 months and not a single viewing! :eek: Was hoping we would be out of there and renting before I went BR as there would be some equity to start us off when we go renting, for deposit etc...but beggars can't be choosers in my situation I suppose. If we don't sell it before I go BR, I assume the OR will take over the sale and not really care how much they get for it? I don't know.

Thanks everyone, you have really helped. Can't wait for our appointment with the Debt Specialist on 10 June now, it can't come soon enough, just want things sorted !!

Summer1969

Summer1969 wrote: »

Just wish our blooming flat would sell, we have reduced it £10k in the past 2 months and not a single viewing! :eek: Was hoping we would be out of there and renting before I went BR as there would be some equity to start us off when we go renting, for deposit etc...but beggars can't be choosers in my situation I suppose. If we don't sell it before I go BR, I assume the OR will take over the sale and not really care how much they get for it? I don't know.

Does anyone know the answer to this?