| T O P I C R E V I E W |
| dave |
Posted - 31 January 2009 : 14:14:53
Hi all, can I ask what the forum thinks about paid advisors? I have ha da quick look at the forms and then started banging my head on the table! Would I be better off going to CAB or employing one of the advisors who advertise on the sites? Has anyone had experience of these guys, (good or bad? Thanks,Dave |
| 15 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 31 January 2009 : 19:34:12
An IPA lasts 36 months from the date of the first payment. I went BR in March 2007 and made my first payment in Jun 2007.
Your wife's income won't be included in an IPA, but you will have to state how much she contributes to the household expenses. I didn't have to provide any proof of what my partner contributes.
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/
20 IPA payments made, 16 to go - on the home straight! |
| dave |
Posted - 31 January 2009 : 19:19:56
O.K. just seen that Skippy13 is showing 20 IPA payments made, 16 to go so obvoiusly three years. I am not actually making profit at the minute so 'no' disposable income. Will my wifes income (£700 per month) be taken into account in these calculations? Thanks, dave |
| Tess |
Posted - 31 January 2009 : 19:18:07
Hi Dave
If its of any help I felt the same way and have been very anxious about it all the way through.
I went Bankrupt in May 08 with 25K debt and today have received a letter informing me that I received Early discahrge on 01.12.08 so I know its hard but just cooperate with all concerned and it should be relatively painless.
Tess |
| dave |
Posted - 31 January 2009 : 19:16:28
sorry, just a clarification question. Is an IPA normal and does it last longer than the time you are bankrupt ? thanks Dave. |
| dave |
Posted - 31 January 2009 : 19:14:26
Thanks folks. All this makes what is to come so much less scary. Really thanks a lot. dave. |
| Skippy |
Posted - 31 January 2009 : 19:10:02
You beat me too it Jo!
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/
20 IPA payments made, 16 to go - on the home straight! |
| Skippy |
Posted - 31 January 2009 : 19:09:12
IPA = Income Payment Agreement. If you have more than £100 surplus each month you would be expected to pay 50-70% into an IPA, depending on how much you have.
If you don't agree to an IPA the Official Receiver can apply to the court for an Income Payment Order (IPO), which is enforced by the court.
BRU = Bankruptcy Restriction Undertaking. If the OR feels that you have been reckless they can extend the restrictions of BR for up to 15 year, depending on the seriousness.
BRO = Bankruptcy Restriction Order. If you don't agree to an BRU the OR can apply to the court for an BRO, which is generally longer, but no longer than 15 years.
I'm sorry but I can't help you regarding the house, but I'm sure someone will be able to soon x
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/
20 IPA payments made, 16 to go - on the home straight! |
| dave |
Posted - 31 January 2009 : 18:54:30
hi guys, what is an 'IPA'please? also a'BRU' and 'BRO'? Re tax, I have made a loss for last three years so no tax due unless I make over 100k this year (not going to happen!). I also understand some 'orders' are sometimes made dependant on why you go bankrupt. My reason is cant et at equity as ex-wife still in house in Italy, rest of debt due to business failings. Where will I stand re this please? any ideas? thanks, Dave. |
| Skippy |
Posted - 31 January 2009 : 18:32:40
Sorry, I missed that bit 
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/
20 IPA payments made, 16 to go - on the home straight! |
| John |
Posted - 31 January 2009 : 18:18:36
Hi skippy
it will work differently for Dave as he is not PAYE so only pays once a year anyway, if any tax is due of course. If the OR then claims it the HMRC have to pass it across, if not HMRC will keep it. Assuming that a payment is indeed due then it's sort of irrelevant to the self employed when you petition and very different to the employed and monthly paid where the petition date does have an impact on whether or not an NT IPA is imposed and the bankrupt becomes involved in the process of tax payments being redirected to the trustee. |
| Skippy |
Posted - 31 January 2009 : 18:10:05
Dave, if you go BR after the new tax year has started you will get a nil tax code IPA. This means that you won't pay any tax to HMRC, it will all be paid for you and you will pay it over to the OR. This will last for the whole tax year that you are made BR, unless you change jobs in that time, in which case it will revert to normal.
If you were to go BR this tax year, this is very unlikely to happen as the closer it gets to the end of the tax year the less time HMRC have to get around to implementing the change.
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/
20 IPA payments made, 16 to go - on the home straight! |
| lindsay |
Posted - 31 January 2009 : 16:43:12
Jo,
Thank you i will try |
| lindsay |
Posted - 31 January 2009 : 16:39:16
Thank you Jo x i just did and it came up with nothing for my name or my married name.
I just dont understand why the bank would come back and say that?
im so confused now x |
| dave |
Posted - 31 January 2009 : 16:36:28
Thanks you guys. What a great and supportive forum this is. I am thinking of Br after april 5th to complete tax year neat and tidy so have time to browse site and look for answers but will definatley speak to Paul Johns/Riviva. Thanks again. Hope it will be ok to keep coming back for more advice. regards, Dave |
| lindsay |
Posted - 31 January 2009 : 16:30:20
Hi There,
Is there a chance of me being bankrupt and not knowing about it?
i Applied for an online bank account and it came back i was bankrup even though i have never been to court? |
