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| suzannebellingham |
Posted - 16 January 2009 : 19:32:03
Could you please tell us, does the SIZE of your (personal) debt affect the size (AMOUNT) of the IPO, the receiver/judge charges you? and does it affect the DURATION of your IPO? i.e. would it be in your interests to reduce your debt in any manner possible, for the future running of your bankruptcy? (property is repossessed and unwanted, no rental agreement is required in this instance). THANKS! |
| 2 L A T E S T R E P L I E S (Newest First) |
| Trolly-Dolly |
Posted - 16 January 2009 : 20:31:35
It has no bearing on an IPA (IPO is when you refuse an IPA and the judge orders otherwise).
An IPA is based solely on disposable income. You tell the OR what you earn each month and then start deducting everthing that you spend money on and I mean everything, dont be shy. Some he/she will agree to, and other he/she wont. Then take the figure that is left (if any!) and this is your disposable income. If it less than £99, no IPA is agreed. If more, then the OR will request 50% of it each month for 3 years. If its a quite a large sum at the end, the OR will request 70%. As far as I know the IPA length or amount has no bearing on the debt.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Reviva UK |
Posted - 16 January 2009 : 19:42:36
Hi
your IPA is based purely around a contribution towards the debts - which is calculated as a percentage of your disposable income.
this ranges from no contribution to a maximum of 70% of disposable.
An IPA lasts for 3 years.
The size of your debts will have no bearing on this.
How were you going to reduce your debts prior to Br?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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