Student and Thinking about Bankruptcy (IPA advice)

keirshunt · 3 January 2018 at 4:11PM

haggis0073 wrote: »

so they could add studying costs to their expenditure to help bring it down a bit more, keirshunt, do you know how much your studying costs are per year? Never been a student but assume you would need books etc;

Hmmm, this year is my first year and I bought a lot of books, but technically you could get them from the library (I wasn't quick enough) or look online. You could use the computers at Uni so not need your own (mine is broken and I need a new one). So really you could do it for not much (I havn't because my computer is broken so I couldn't access stuff online ).

The books cost me way over £300

I do have to buy pens, paper, printer paper, ink cartridges regularly.

I've had to buy loads to be honest, but i'm not sure if I could have done it cheaper so may get into trouble if I put it down.........

haggis0073 · 3 January 2018 at 4:17PM

you certainly wont get into trouble as that is what the money is for, the thing about bankruptcy is its a fresh start and you need to put in realistic figures of what you spend, as when you are bankrupt you wont have credit to fall back onto, if your books are £300 a year then i would certainly include that, there is a section for stationary so have a good think of what you spend and put that down also. Its not a case of finding the cheaper option, but the realistic option

keirshunt · 3 January 2018 at 4:23PM

haggis0073 wrote: »

you certainly wont get into trouble as that is what the money is for, the thing about bankruptcy is its a fresh start and you need to put in realistic figures of what you spend, as when you are bankrupt you wont have credit to fall back onto, if your books are £300 a year then i would certainly include that, there is a section for stationary so have a good think of what you spend and put that down also. Its not a case of finding the cheaper option, but the realistic option

Ahh, ok, and then i just have to explain what it is....(so explain I'm at Uni etc)????

thank you,

immoral_angeluk · 4 January 2018 at 3:01PM

You definitely need to include any costs incurred through your study, such as stationary, IT equipment, books, travel or season tickets etc

ToxtethO'Grady · 10 January 2018 at 5:53PM

Hi there
I know you've probably thought of this but...
Just remember to keep all receipts for stationery, study aids etc as it's mainly a one off payment each year you may be asked to produce the main one for books for the study year. Try and keep any receipts for a month and live within the budget and you'll probably find that little bits and bobs take up money.
For example; a coffee a day is about £2.50 if you go to uni 5 days a week and get a coffee for the 39 weeks of the study year that is £41 a month....I know I always have to buy a sandwich 1 or 2 times a week because I've forgot my lunch
You are meant to live going through a BR and you can even add some money each month for a holiday.
Make sure you can get through a year on your budget and you will find that if it's a realistic budget you will get less scrutiny from your case examiner.
They want it to be a paper process really and it's the budgets that are significantly over/under spending or very tight to their handbook figures that will cause them to pause and look at them.So if it's high in one area and low in another because that's how you live you can explain it to them.
Your student loan is not classed as income by the way in an IPA
https://www.insolvencydirect.bis.gov.uk/technicalmanual/ch25-36/Chapter31/part7/part3/part_3.htm

Hope this helps

Student and Thinking about Bankruptcy (IPA advice)

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