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| T O P I C R E V I E W |
| jayne1970 |
Posted - 15 March 2009 : 20:10:35
First can I thank you all for all your pervious help, it really is appreciated.
We have finally taken the plung, and fixed court date for 27th March.
This is also pay day, and I will need to withdraw the funds on same day to fund bankruptcy, how soon is account likely to be frozen? also until an IPA is established (which i estimate will be approx £500 pcm) we will have this as surplus each month, what happens to this money? can we use it to stock up on essentials? |
| 11 L A T E S T R E P L I E S (Newest First) |
| jayne1970 |
Posted - 16 March 2009 : 13:21:21
On reflection wish I'd done same, but just about completed them now, and took me ages.............
Beyond the point of no retun now.
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| Jane.l |
Posted - 16 March 2009 : 13:13:43
I did my forms on paper, got them from CAB and they checked them too, it was so much easier |
| jayne1970 |
Posted - 16 March 2009 : 13:03:02
Hi Jane
From what I can gather, it depends on the OR involved, fingers crossesd we get a nice one........
Did you do your SOA on line? I've found in box for expenditure details, it limits the space ie. detail I can submit. Not sure what to do.
Jayne
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| Jane.l |
Posted - 16 March 2009 : 13:00:08
mmm, interesting reading, that link, I wonder why we were told by our OR that a domestic break/holiday was not allowed ?  |
| jayne1970 |
Posted - 16 March 2009 : 12:31:32
Thank you for you advice. Really we are fortunate that as things stand both recieve a reasonable income, the problem is unitl recently we had a fantastic income, which we still managed to live beyond......
We have no real bad luck story, just years of misjudgement, and over spending. I have no problem doing a little pennance, and honestly £500 pcm, if that be the case is managable (just) and a lot less than we were trying to maintain in minimum payments.
Jayne
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| pix1 |
Posted - 16 March 2009 : 12:28:46
jayne,
P.S.
From the link I just sent you;
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.
Therefore, if you are a family I hope you have put down, say, £75 per month between you for a holiday?
There are lots of things you can 'claim'.
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| pix1 |
Posted - 16 March 2009 : 12:23:31
this post has been deleted as we do not condone debt avoidance.
admin |
| jayne1970 |
Posted - 16 March 2009 : 11:56:10
We've already changed date once, plus keen to avoid Nil tax code.
Bank account is with Barclays,we have told them situation, and they advised we will need to downgrade, but have said if we go in as soon as BR, they will transfer account, and all direct debits.
The surplus I am refering to is that which accrues between us going BR, and IPA been set up, can we spend this, or will it need to be set aside.
Once again many thanks
Jayne
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| Reviva UK |
Posted - 16 March 2009 : 09:59:28
Hi Jayne
It is never too late to move the date. Remember you need to be in charge.
Even though the bank account is basic you still need to list it on the SOA. Which bank is it with?
Some accounts are fine in Br and other banks will close your facility.
The OR will decide if they have an interest in the account but ultimately it is the bank that decide.
Your surplus can be used for court fees.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| jayne1970 |
Posted - 15 March 2009 : 20:37:05
Thanks Paul
I was concerned we'd made a mistake with the date, but too late now. We get paid on 27th, and most of direct debits come out 1st of the month. The account is a basic account, no over draft, and no releated debt, I've seen it stated that we could exclude this account from our SOA, and advise the OR of it afterwards, to avoid problems with direct debits ect.
Is this allowable? If not, any other way round problem?
Also with regard to the surplus, can we use this?
Jayne
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| Reviva UK |
Posted - 15 March 2009 : 20:30:02
Hi Jayne
if you have an IPA for 500 p month you should have a disposable income of £700ish. If this is so have you reviewed all the solutions to debt?
With regard to freezing bank accounts it mak take a couple of days, however what you don't want is for the account to be froxen just before the rent / mortgage or other essential bills go out.
i prefer to ensure that all direct debits have gone out of the bank, then go Br, just to make sure there are no complications.
The ideal timing is:-
30th get paid
1st - 5th rent & direct debits go out
6th - 10th go Br
IF the bank account is frozen / stopped you still have enough time to speak to HR to make sure they can pay you at the end of the month.
There is enough stress going around so always good not to have more.
just some thoughts
Paul
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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