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| T O P I C R E V I E W |
| Michael.w |
Posted - 03 April 2011 : 20:37:18
New Job,
Hi,
I currently earn 19k (20,5k last year after commision) and have an i.p.a of £58 a month after going BR september last year.
I have been offered a new job earning 24k plus further bonuses.
I rang the OR to speak to them about it and told me i would now be be worked out under new rules should i change circumstances.
ALl my other expenses etc will remain the same so i would infact become £58 worse off (the disposable im currently allowed to keep)
Is this correct?
thanks
mick |
| 1 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 03 April 2011 : 20:44:49
If you allready have an IPA signed beore 1/12/2010 then you would be under the old rules except for some transitional arrangements
b) Existing IPA contribution greater than £50 minima
If the monthly amount collected under an IPA (agreed before 1 December 2010) was greater than £50, and on review the bankrupt still has sufficient surplus to pay an amount greater than £50, the percentage scale of the amount to be collected should be applied in the same way as when the IPA was originally calculated, using the 50 -70% contribution rate. The percentage scale income payments calculator for pre 1 December 2010 agreements, available on the ORBS intranet page, can be used to assist with the re-calculation. An example of this is as follows :
•Mr B was declared bankrupt, and had surplus income of £160 per month, from which he agrees to make payments of £80 per month.
•6 months after commencing payments under the agreement, Mr A has to reduce his working hours and consequently his income reduces.
•Following a re-assessment of his income and expenditure, his surplus income is now assessed at £120 per month.
•Using the percentage scale income payments calculator, the new monthly payment amount will now be £60 (50% of the total surplus), and the agreement should be varied to reflect the reduced amount to be collected for the remaining 30 month term of the agreement (see paragraph 31.7.161) regarding variation of an IPA by written agreement). Mr B will be left with £60 per month surplus available to him.
•In this scenario, if Mr B’s surplus income had instead been reduced to £90 per month, the new monthly payment amount would be £40, and Mr B would be left with the £50 per month surplus available to him as in example (a) above.
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