Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
Gary.3
Posted - 27 March 2012 : 07:57:08 I'm currently undischarged bankrupt but due to low income there is no IPO.
If I were to receive a payrise what happens if received
a) Before discharge(would an IPO be started and then continue for 3 years)? b) After discharge (Is it too late for an IPO to be started)?
Reason for asking is that I would expect next year to see a fairly substantial increase in pay and I'd rather not lose it all to the OR!
2 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 27 March 2012 : 09:17:24 Hi there, Kallis is correct, in that once discharged no IPO can be applied for (but if circumstances change for the better during the period of bankruptcy, prior to discharge, then the OR can apply for an IPO, which will thn run for 3 years) Hope this helps, Melanie
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Niobe
Posted - 27 March 2012 : 07:59:33 Hi and welcome Gary,
Before discharge then an IPA can me started and would continue for three years from the date it started.
I believe that once you have been discharged then no IPA can be made but I do stand to be corrected on that.
Follow through Make your dreams come true Don't give up the fight You will be alright 'Cause there's no one like you in the universe
