| T O P I C R E V I E W |
| j.m |
Posted - 03 June 2008 : 10:07:24
I went bankrupt in May 2007 and recently received full discharge.
However the IPA is still ongoing and will remain so for another approximately 2 years . I have started to fall behind with this due to changing jobs and one or two other resons having obtained permssion for payment holidays first from the administrators of the IPA. I continue to find making the IPA payments difficult as i am still ,obviously, trying to recover financially form the bankruptcy which was itself brought about by a failed IVA of about 2 years standing involving personal debts of circa £200k.
If i continue to miss IPA payments how long will it be before the administrators are likely to apply to suspend bankruptcy discharge ?.
Will this happen in practice now that i am discharged ? What is the best course of action to try and buy some time on the IPA paymnts [say 6 months]to enable me to try and regroup my position following a long and difficult period or even to terminate the IPA if this is possible?. I have no tangible assets presently but only earned income.
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| 10 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 19 June 2008 : 11:16:25
Hi JM,
1. If you stop paying the IPA, you WILL be taken to court and get an IPO.
2. If you reduce payments into your IPA without consent from Clarke Wilmott, they WILL take you to court for an IPO.
Once an IPA has been agreed or an IPO granted, the only way out is by agreement by Clarke Wilmott (or serve the three years).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| j.m |
Posted - 19 June 2008 : 11:10:39
Further to these discussions i remained unclear as to my position which i again summarise below.
I went personally bankrupt in may 2007 and was fully discharged in May 2008. I had started to fall behind with the 3 year IPA and remain so even though it has 2 years more to run plus arrears. The collection of the IPA was placed in the hands of an agent[CLARKE WILMOTT] by the OR NEARLY 12 MONTHS AGO. I have no assets. Please answer the following questions specifically without at the same time providing alternative advice.
1. If i simply stopped paying the IPA how LIKELY are Clarke Wilmott to take me to court to get some or all of the IPA payments reinstated now that discharge has taken place ?. [If they do i could simply stop work for two years , live on benefits and pay nothing further into the IPA at all as this cannot in any case be pursued by anyone after this timescale].
2. If i simply made further reduced ,notional payments into the IPA when i felt able again how LIKELY are Clarke Wilmott to take me to court?
As i am genuinely struggling to meet the IPA payments i could of course apply for a formal reduction in these but if this failed i would still be asking and seeking answers to the above two questions.
Is there any other way out of an IPA now discharge has occurred to enable my financial life to start being properly re-built as ,after all , this is one of the governments stated objectives of the procedure.
regards
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| Helpful Advice |
Posted - 04 June 2008 : 09:09:14
quote:
Originally posted by j.m
I went bankrupt in May 2007 and recently received full discharge.
However the IPA is still ongoing and will remain so for another approximately 2 years . I have started to fall behind with this due to changing jobs and one or two other resons having obtained permssion for payment holidays first from the administrators of the IPA. I continue to find making the IPA payments difficult as i am still ,obviously, trying to recover financially form the bankruptcy which was itself brought about by a failed IVA of about 2 years standing involving personal debts of circa £200k.
If i continue to miss IPA payments how long will it be before the administrators are likely to apply to suspend bankruptcy discharge ?.
Will this happen in practice now that i am discharged ? What is the best course of action to try and buy some time on the IPA paymnts [say 6 months]to enable me to try and regroup my position following a long and difficult period or even to terminate the IPA if this is possible?. I have no tangible assets presently but only earned income.
Hi j.m,
Firstly I agree with Julian your Bankruptcy can not be suspended if you are discharged.
You are clearly struggling to pay your IPA have you contacted the administrators or trustee to review your income and expenditure?
Under the rules of an IPA if your income changes and the payment become unaffordable the administrator/trustee has to look at your affordability, if it is clear you can no longer afford any payment then your IPA will be reduced to nil.
You IPA will last no longer than three years in total therefore is you have only two years to run and in that time you are unable to pay due to affordability then you will not have to, without it extending the term of an IPA.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| JulianDonnelly |
Posted - 03 June 2008 : 18:27:57
Hi JM,
My apologies I had an appointment.
Your Bankruptcy can not be suspended if you are already discharged, however as you are subject to an income payment agreement then your trustee can apply to the court for an income payment order, where your income and expenditure will again be looked at and the court will make the final decision on what you should pay.
This can be avoided if you contact your trustee or administrators and explain your issues with payments as it is clear the payments are unaffordable.
See if you can work out what is affordable with the OR without the need to go through the courts.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| JulianDonnelly |
Posted - 03 June 2008 : 16:52:48
Hi JM,
The brief answer is that it is entirely up to the OR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 03 June 2008 : 15:25:34
As you are already discharged you need to contact the OR to discuss your change of circumstances - is it up to them to issue an I&E form so they can re-assess your situation. If you cannot afford to pay your IPA then they need to know so they can adjust/re-assess your payments. Payment holidays/buying time are in the hands of the OR. |
| j.m |
Posted - 03 June 2008 : 15:06:47
With respect if you read my question properly and thoroughly you will see that this answer merely tells me something i had already long known but that was not my question.
Please can you answer my question. |
| JulianDonnelly |
Posted - 03 June 2008 : 14:18:58
Couldn't have said it better myself :)
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 03 June 2008 : 13:23:46
Hi Jm
I agree - contact the OR asap.
My examiner asked me to let her know if my circumstances changed (for better or worse) - so don't struggle and let them know!
Vicki x |
| JulianDonnelly |
Posted - 03 June 2008 : 11:40:11
Hi J.M and welcome to the forum.
The best course of action would be to speak to the OR/trustee at your earliest convenience. IPA payments can be adjusted to your change in circumstances.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
