Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Daz1984
    • By Daz1984 16th Jun 19, 1:58 PM
    • 3Posts
    • 0Thanks
    Daz1984
    Changing job mid way through bankruptcy
    • #1
    • 16th Jun 19, 1:58 PM
    Changing job mid way through bankruptcy 16th Jun 19 at 1:58 PM
    Hi, my bankruptcy ends on 12 December. I have no iva and normal tax code. I could stick it out till December but I'm bored and want a better job now.

    I've got a permanent job atm but will go through agency on new jobs. Could be a different job each week also could miss a few days so cant give a definite on how much I will earn each month. Some will be self employed and some paid through umbrella with more fees.

    I was thinking of estimating and then going way over on expenses. Would they accept my expenses then wait to see how much I'm paid then do iva if paid to much.

    I want to avoid a iva and be able to get a new job.
Page 1
    • TheGardener
    • By TheGardener 16th Jun 19, 4:16 PM
    • 2,855 Posts
    • 2,877 Thanks
    TheGardener
    • #2
    • 16th Jun 19, 4:16 PM
    • #2
    • 16th Jun 19, 4:16 PM
    I think you mean IPA? (Income Payment Agreement) not IVA (Individual Voluntary Arrangement - which is an alternative to BR )

    The OR will most likely take an average over a period of a few months.
    • Daz1984
    • By Daz1984 16th Jun 19, 4:25 PM
    • 3 Posts
    • 0 Thanks
    Daz1984
    • #3
    • 16th Jun 19, 4:25 PM
    • #3
    • 16th Jun 19, 4:25 PM
    Yeah ment ipa. So long as my wages over a few months stays under expenses I should be ok.
    • TheGardener
    • By TheGardener 16th Jun 19, 5:58 PM
    • 2,855 Posts
    • 2,877 Thanks
    TheGardener
    • #4
    • 16th Jun 19, 5:58 PM
    • #4
    • 16th Jun 19, 5:58 PM
    Logically - yes.
    • Somerset La La La
    • By Somerset La La La 18th Jun 19, 1:45 PM
    • 743 Posts
    • 260 Thanks
    Somerset La La La
    • #5
    • 18th Jun 19, 1:45 PM
    • #5
    • 18th Jun 19, 1:45 PM
    Going "way over on expenses" sounds like you intentionally want to deprive the OR/estate of the IPA. Which is likely why you haven't had many replies.

    It is, of course, an entirely reasonable chain of thought (since most gets gobbled up in fees and doesn't make it to the creditors anyway), HOWEVER - you are playing a very very dangerous game if that is the intention. Not accusing you of anything, but that's how it reads. If the OR reads your new SOA to that effect, it'll get tricky.

    Personally, if you don't want an IPA or to run the risk of OR taking action against you if they deem your "expenses" to be too high, I'd simply wait until December before changing jobs.

    If the OR initiates any kind of action prior to discharge (e.g. suspension of discharge, application for a BRO) it can drag on for a long time afterwards. It's just not worth it if you're not going to be comfortably below the relevant thresholds.

    Get discharged, then proceed with your life in whichever way you want to IMO - if that involves quitting your job the day after discharge, so be it - no IPA (as long as you are 100% you HAVE been discharged correctly)
    Last edited by Somerset La La La; 18-06-2019 at 1:48 PM.
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • Daz1984
    • By Daz1984 19th Jun 19, 7:34 PM
    • 3 Posts
    • 0 Thanks
    Daz1984
    • #6
    • 19th Jun 19, 7:34 PM
    • #6
    • 19th Jun 19, 7:34 PM
    "Way over on expenses" way over budget is what I ment or a negative expense budget.

    My expenses atm are to the penny of my wages because I thought I had to have a reasonable budget. I left alot of stuff off and I have been -200 to -600 every month. Didnt see the point in putting it on my expenses.

    Talked to bankruptcy team they said just email the new income estimate and the increased expenses.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

162Posts Today

2,390Users online

Martin's Twitter
  • A brilliant and gripping profile of Boris Johnson by the great @JPonpolitics well worth the 15 minute read https://t.co/odelHYEbRg

  • Boris Johnson is now going to be our prime minister. Worth a pause for thought, whatever your political persuasion.

  • Boy they're dragging out this #conservativeleadership announcement.Three introducers now each grabbing air time. Get on with it please!

  • Follow Martin