My Bankruptcy journey
Comments
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I used to worry about unknown numbers ringing me, not answering them and blocking them, but once i went bankrupt i was happy to answer phone as if its a creditor you just give them the bankruptcy number and there is nothing they can do, in fact after all the harrasing calls i used to get it was quite refreshing to answer the calls lol0
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I received the dreaded letter yesterday, dated 28th Feb (only a day after my extremely short phone interview), stating it's been arranged that I pay £24 a month into an IPA for 36 months, granted it's not a huge amount £864 in total, however as I was -£29 surplus I wasn't expecting to have to pay anything. I can only assume as I have been paying my creditors £1 per month plus £15 to HMRC for the last 6 months, roughly £28 a month, the OR obviously thinks I can continue paying £24. I've also got to pay the OR my PAYE tax for this month, which I believe may just be for the one month, I',m aware this won't affect me as it's my TAX going to the OR.
Now after speaking to my partner we're thinking just pay it, it's obviously a very little amount to pay compared to the original £20k I owed, however not paying that £24 a month would've meant we'd be £0 surplus and we'll have to try and cut back a bit. I'm partially thinking I don't want to rock the boat, however, we've recently realised that the food budget we calculated is not correct and it's worrying my partner quite a bit.
What's everyone's thoughts and has anyone successfully got this amount changed? I've got 14 days from the of the letter (a week has gone due to the weather) and I've got to send it back in written form. We're talking about £6 a week here really, however, I feel if I challenge the amount the OR potentially may start investigating things a little deeper, which is just my thoughts.
Thanks.0 -
Hi if you have £20 or more surplus 100% of that amount can be taken in an I.P.A.
Did you post your S.O.A on here? if not if you do we can have a look at it to see if you can increase anything.
Debt Doctor hopefully we see this as he always says this is an agreement and he has challenged many of these successfully.
You are right about your tax this will only be taken until the end of this tax year, seems a lot of paperwork for one month!!0 -
luvchocolate wrote: »Hi if you have £20 or more surplus 100% of that amount can be taken in an I.P.A.
Did you post your S.O.A on here? if not if you do we can have a look at it to see if you can increase anything.
Debt Doctor hopefully we see this as he always says this is an agreement and he has challenged many of these successfully.
You are right about your tax this will only be taken until the end of this tax year, seems a lot of paperwork for one month!!
Hi, I didn't post it on here, what is the best way to upload it? My income is £1441 and total expenses is £1451.69, this is what I filed in online the application.0 -
http://www.stoozing.com/calculator/soa.php
fill form out and then near bottom of page it well have a section called "Format results for discussion boards (optional)"
Click on the MSE tab and then copy and paste onto here0 -
haggis0073 wrote: »http://www.stoozing.com/calculator/soa.php
fill form out and then near bottom of page it well have a section called "Format results for discussion boards (optional)"
Click on the MSE tab and then copy and paste onto here
Great, thanks! Will post it shortly!0 -
Ok I've filled it in as per the figures I completed as per my application, the only difference is my total expenses was £1451.69 as it included £14.69 to HMRC (which is now inc in the BR) and £1 towards a CCJ.
Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 3
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 1441
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1441
Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 310
Management charge (leasehold property).. 0
Council tax............................. 55
Electricity............................. 40
Gas..................................... 40
Oil..................................... 0
Water rates............................. 20
Telephone (landline)................... 0
Mobile phone............................ 64
TV Licence.............................. 12.5
Satellite/Cable TV...................... 18
Internet Services....................... 12.5
Groceries etc. ......................... 358
Clothing................................ 25
Petrol/diesel........................... 60
Road tax................................ 19
Car Insurance........................... 69
Car maintenance (including MOT)......... 15
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child-related expenses............ 230
Medical (prescriptions, dentist etc).... 15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 11
Other insurance......................... 12
Presents (birthday, Christmas etc)...... 10
Haircuts................................ 15
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1436
Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0
No Secured nor Hire Purchase Debts
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-
Monthly Budget Summary
Total monthly income.................... 1,441
Expenses (including HP & secured debts). 1,436
Available for debt repayments........... 5
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 5
Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 0
I'd appreciate if anyone can advise if it's worth challenging the OR on my set IPA as per my previous post, considering it's a low amount.
Thank you.0 -
I am astounded you have been given an I.P.A on those figures.
Your groceries are very low, the surplus should be added there in my opinion.1 -
luvchocolate wrote: »I am astounded you have been given an I.P.A on those figures.
Your groceries are very low, the surplus should be added there in my opinion.
Yes exactly what I thought, I'm thinking could I challenge the figures and state I underestimated my groceries, considering I've only been living with my partner for 2 months I think it's justified.0 -
I just want to add, as I think I've not clarified previously, these figures are solely mine, my partner doesn't work so receives benefits, these are my half of everything except Rent and Groceries where I pay more than half because I earn double to what she get's in benefits.0
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