| T O P I C R E V I E W |
| feather |
Posted - 30 June 2008 : 10:35:22
Hi,
I have 1 question regarding the 'fee' that you may need to pay for 3 year if you incomings exceed your outgoings by a minimum of £100.
Is this calculated before or after they declare you BR?
At the moment I pay approx £1000 in debt repayments per month, so if they declare me BR then that money will be freed up and I have read they can take 50-70% of that??
Please can some one confirm to me what happens because that doesn’t sound great at all!
Thanks a lot |
| 4 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 30 June 2008 : 15:39:28
Great advice guys!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| feather |
Posted - 30 June 2008 : 11:40:19
Thanks for the info |
| Suzanne |
Posted - 30 June 2008 : 10:55:51
Hi feather
I beleive what you are refering to is an Income Payments Agreement, whereby you pay 50-70% of your surplus income to creditors. This is calculated by deducting all your expenditure from your income (excluding debt payments as after bankruptcy you have none).
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
|
| motorcycleman |
Posted - 30 June 2008 : 10:55:32
Hi
This is called an IPA and it is calculated by the official receiver after bankruptcy.
It is a set amount you have to pay for 36 months out of any surplus income.
So if you earned £1200 a month and after paying all your bills including food shopping and you are left with say £200 they will ask you to pay a pecentage of that amount.
If over the course of the 3 year IPA your circumstances change this amount will vary to reflect any increase / decrease in your finances.
Regards |
