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T O P I C R E V I E W
nickyjean1973
Posted - 27 April 2009 : 08:56:33 hello can anyone help.... i am applying for bankrupcy nxt month and live on benefits (dla & incapacity) i have over £20k worth of unsecured debt and half own the property with hubby (thats in neg equity) and have a sec loan on the property how will the OR work out what i have to pay back the creditors please thanx for your time
2 L A T E S T R E P L I E S (Newest First)
chester2005
Posted - 27 April 2009 : 12:45:22 but if your only income is benefits they can not enforce an IPA
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) Life's too short!!!
gettingoutofdebt
Posted - 27 April 2009 : 09:50:53 Hi,
Welcome to the forum.
The OR will go through your Income and Expenditure (I&E) with you and after you have paid any rent, utility bills, etc. if the remaining amount is more than £99 you will have to pay an IPA. This amount would then go towards paying you creditors. The IPA will last for 3 years and can go up and down depending upon any increases/decreases in your I&E.
You normally have an interview with the OR (via telephone or face-to-face) 1 or 2 weeks after you have been declared BR.
