| T O P I C R E V I E W |
| tim73 |
Posted - 22 March 2009 : 14:41:03
once your bankrupt and had the O.R. interview do you have to submit wage slips, bank statements every three month or so? i was on an I.V.A. and had to do this every three months. |
| 6 L A T E S T R E P L I E S (Newest First) |
| s4pps |
Posted - 22 March 2009 : 18:32:52
I haven't got one yet Tim, but my OR said they will check my circumstances again just before discharge in case there's enough spare cash to be able to pay an IPA.
Suzanne x
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| Skippy |
Posted - 22 March 2009 : 17:32:05
I'm coming up to 2 years into my IPA and the only time it's been reassessed is 6 months into the IPA when I moved house, and it will be reassessed again next month when I learn what my new salary will be.
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/
21 IPA payments made, 15 to go - on the home straight! |
| tim73 |
Posted - 22 March 2009 : 16:12:56
thankyou very much for your help, i just want to get tuesday over with then have my interview and without sounding selfish avoid an ipa but if i get issued with one then so be it, once again thanks for your help and everybody who has took time out to reply to my posts. |
| Melanie.n |
Posted - 22 March 2009 : 15:51:46
If you do have an IPA they will reassess each 12 month (this does not automatically mean you will pay more if your income has risen - as your outgoings may have also risen such as council tax etc) You can also request that it is reviewed if there are changes to your circumstances and they will require sight of payslips etc to verify any changes at that point too
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| tim73 |
Posted - 22 March 2009 : 15:48:04
so if you do get an IPA then you will have to show them your wage slips etc?thanks, tim. |
| Melanie.n |
Posted - 22 March 2009 : 15:33:05
You will provide basic paperwork at the start of your bankruptcy to confirm debts and income etc and after that, unless you have an IPO set up you will have no need to provide any further paperwork. The difference with an IVA is that this is an ongoing arrangement with your creditors over the 60 months to pay your disposible income towards your debts. Although each IVA is subject to an annual review it is best practice for the IP to receive wage slips etc on a 3 month basis to make any amendments (if necessary) rather than a shock after 12 months if there have been substantial changes in income etc over the year - Bankruptcy is a 'snap shot' of your position at the date of the bankrupty Order - an IVA is an ongoing 60 month statement as to your financial position.
Hope this explains things for you - if not get back to me
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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