| T O P I C R E V I E W |
| indy2005 |
Posted - 25 August 2008 : 23:48:48
Hi,
4 months down the line and no IPA so we are living as normal for a while. I am conscious of the letter I received when I went BR stating that no money should be spent on anything other than basic essentials or I could be prosecuted.
My salary goes into my wifes account, and over the last few months we have enjoyed the quiet before the storm (no IPA, no debt payments), and have used some cash to spend on holiday, we bought a roofbox for the car, a new Dyson etc. Are these OK (they came out of my wifes account.....but I earn 3x what she does)..will this even be questioned? i.e. will they expect the IPA to be backdated, or is what I spend my money on now up to me in the absence of an IPA.
Regards
i
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| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 26 August 2008 : 17:14:49
Hey Indy,
Try to resist temptation:)
At least you have got one thing sorted and that your still waiitng like me to find out for def what you will have to pay and from when.
I am enjoying what I have at the moment and to be honest now im not paying those debts I dont know how we managed before.
Take care
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| indy2005 |
Posted - 26 August 2008 : 16:38:54
Hi,
I have checked with the examiner if I am bound by the £300 payment we verbally agreed. I dont think I will be because at the end of the interview he said the IPA and the figures in the IE needs to be examined further and so the IPA would not be set up at that time.
We initially agreed on £300 and he went off to get the IPA paperwork. Something happened when he left the interview room as he came back saying it needs to be dealt with later.
Tax is being siphoned off ready. Although I am tempted to buy a PS3...
Regards
i |
| Needafriend |
Posted - 26 August 2008 : 13:38:35
Hi i suppose the other option here would be to give the OR a call and ask them directly where the money goes with reagards to the TAX and also when the IPA may start etc.
Dont panic though do what you think is right, im not saving toward an IPA yet as heard nothing but if the TAX is to ZERO from this month or when ever it does then that money will be put to one side just in case.
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| zoe |
Posted - 26 August 2008 : 13:18:06
I would imagine then Indy that you would be bound by at least the £300.00 from the date of your signature - You also only have the verbal "RTLU will contact"
I dont believe that you will get away with it if they haven't inputted at dicharge as you have signed this paper.
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| indy2005 |
Posted - 26 August 2008 : 13:12:19
I signed the documentation of the interview which included a preliminary agreement of a £300 IPA payment (half my current DMP payment). But there were no dates. He then went out of the office and told me we would have to set the IPA up at a later date.
I have been informed by my examiner that my IPA will get dealt with by the RTLU but he could give me no timelines.
Who knows...if I get discharged before they get round to it, I guess I get out of it! I am in no rush for it, believe me. Nice to be normal at the moment. Its just having to keep my tax to one side and have nobody to give it to. |
| zoe |
Posted - 26 August 2008 : 12:56:26
Did you not sign anything then Indy??? |
| indy2005 |
Posted - 26 August 2008 : 12:43:06
Hi,
Thanks all. I am waiting for RTLU to get in contact to begin setting up the IPA so am living normally now, and putting aside about 980 a month tax as I am on a nil tax code. I went BR in May and so far have had 2 monthly payments with no tax.
Although we verbally agreed an IPA payment at my interview, the examiner then went off to get the paperwork and came back telling me the figures had to be reviewed and so the IPA couldnt be set up.
He was being examined at the time himself, and I believe he was perhaps too lenient with me and so got told off when he left the room.
Regards
i |
| Skippy |
Posted - 26 August 2008 : 12:06:14
I'm sorry, I never had a nil tax code so I don't know if it is paid as one payment. The nil tax code basically starts when the tax office implement it, which isn't necessarily the same time as the IPA starts.
The tax is paid to the OR for the remainder of the tax year that you went BR. After that your tax code will revert to normal. That's the reason I didn't get a nil tax code - I went BR on 29th March and so there was no time for the tax office to implement it.
Also, if you change jobs during that tax year your tax code will revert back to normal.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| sueann |
Posted - 26 August 2008 : 11:59:02
Is the IPA and Tax combined into one Direct Debit to the OR? I was under the impression that the tax formed a part of the IPA for 12 months therefore I would make a combined payment so I expected them to start at the same time.
Also I here people mention that the tax is only paid up until the next tax year starts, my OR has informed me NO you pay the tax for 12 months which is the term of the BR. |
| Skippy |
Posted - 26 August 2008 : 11:57:46
I signed to say I would start paying my IPA from May 2007 (I think) but I didn't actually make a payment until the end of June 2007 due to the length of time it took to set the IPA up. I got to keep the extra money.
However, if you have a nil tax caode before the IPA is set up, you must put this extra money aside as it belongs to the tax man! In reality the nil tax code can take a while to set up, so you'll probably be paying tax the normal way for a while.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
| zoe |
Posted - 26 August 2008 : 11:55:00
I dont think that the Tax code will change until an IPA has been signed as you have to agree to pay over tax monies to the OR also. |
| Needafriend |
Posted - 26 August 2008 : 11:51:24
Hi Zoe
Thanks that has helped me out too. Does that still come into effect when the tax code changes. What I mean is if say the tax code goes to 0 next month, no IPA signed till following month then the first month is still yours or is the TAX money a different kettle of fish.
Cheers
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| zoe |
Posted - 26 August 2008 : 11:47:48
If you have not signed an IPA then until you have the money is yours to do with as you please.
If you have you should be putting this money to one side as you have signed to state you would pay the OR from a specific date.
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| sueann |
Posted - 26 August 2008 : 11:41:03
Not signed IPA yet, not heard anything but I only went BR beginning of the month and had my OR interview on 12/08. I get paid end this week and my tax code is still unchanged. How long does it usually take to set up the IPA's and tax? several months is OK with me as I have £0 in saving like most of us and would like to have a small emergency fund putin place whilist they are sorting the IPA. |
| Needafriend |
Posted - 26 August 2008 : 11:33:40
Oh and you say Sueann yours is not done yet, it can take the tax office a while to get it set up, just keep checking and it only starts to get put to one side when your tax code changes and not before.
As far as im aware ours has not been done yet, but I wont know till Thurs as its OH payday and then we can work it out from there.
So dont panic
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
