Issues and questions that come up during your bankruptcy period

Moderators: TalbotWoods, JaneClack

By DevonDebt1
#460333 Evening All!

Can someone help please? When the OR agrees your expenses and income and a monthly amount of repayment has been agreed - how do they (OR and the people we pay the money over to) see any fluctuations in pay? Is it done by looking at your P60 or bank account or what?

Does that make sense?
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By TalbotWoods
#460353 Happy New Year DD

Initially they trust that you will tell them, but if you 'forget to' HMRC do snitch on you!

Say you have declared income of £15000, and through HMRC you are paying tax on £24000, then if you haven't told the OR of the increase in income, when HMRC tell the OR, they WILL come a hunting!

Lets be fair if your income dropped and you had an IPA/O you WOULD tell the OR, so it is only fiat that when it goes up you should tell the OR.

And if they smell a rat, EVEN AFTER DISCHARGED the OR can reopen you case, by suspending your discharge, and they do!

Remember if your income goes up, then it is very probable that your expenditure will have gone up, so declare both!!

By DevonDebt1
#460413 Hi Tim

Thanks for that info.

I have a further query - my workplace are potentially going to offer me a company car. Do I need to let the OR know that I have one?

Also, what happens if your employer pays you an amount of your pay in vouchers? I'm curious about that one, because I don't know how that would be received by the OR- I just want to make sure that I do everything above board.
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By JaneClack
#460423 You have a duty to inform the OR/Trustee of any change in circumstance within 21 days. With a company car your net income will decrease due to a change in tax but car expenses will also change in your budget - and HMRC will see tax changes ... vouchers are also taxable over a certain amount. Always play safe and let them know!