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| T O P I C R E V I E W |
| freshlarry |
Posted - 25 August 2009 : 18:53:57
Hi everyone,
I have recentley petitioned for my own bankrupcy (about 10 days ago)and the other day had to sign and agree to an IPA.
The IPA agreement just said that I will have a nil tax code and pay £300 a month, which they calculate will be the extra money I will get in my monthly taker home salary.
MY IPA does not say anything about ever paying anything more than this.
I think it said just until the end of the tax year.
So, I was just wondering will I have to pay anything other than this each month?
And what happens at the end of the tax year?
Because I thought I would also have my take home salary dipped into as well after my bills, rent and other things had been deducted.
Although under my own calculations it was under £100 left excess, but noone so far has agreed with or disagreed with this.
Additionally I was told in the letter that came with the IPA form for me to sign, that no formal interview will be needed after the information I gave and the short chat I had on the phone to 2 of the staff on different days, whom had called me. But if this should changed in the future, they will write to me, and in the meantime just sign and date the forms enclosed.
One being the IPA.
So, I wasn't asked to send back any bank statements, loan agreements, or anything like this, just asked to sign and agree to the IPA terms, But then regarding interviews, again today someone called me ( a 3rd person) and asked the same or similar questions, 1) so you've been working with your company since blah, and 2) you have 2 loans, 3) and do you live at a council place?
Even though it clearly answers these questions on the form and clearly says I live in a housing association place.
So was just wondering what happens now? And also why have I not just been interview once thoroughly instead of getting small 5 minute calls now 3 times in 6 days?
It's just I am at work when I am getting these calls at random times and days and would have much prefered just one official interview.So wondered how many more short calls like this am I likely to recieve?
I guess it feels like anxious times, and I just wanted a conclusion so I could move forward and rebuild my life, but this feels like being in limbo at the moment.
So would appreciate any advice and information here. |
| 11 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 07 September 2009 : 16:23:05
Don't blame you!
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/
26 IPA payments made, 10 to go - on the home straight! |
| m88 |
Posted - 07 September 2009 : 16:12:37
ignore last post ,been on the sherry
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| m88 |
Posted - 07 September 2009 : 16:11:12
will i pay tax in normal way from april 2010-cheers
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| Skippy |
Posted - 07 September 2009 : 16:07:06
Once the new tax year starts in 2010 you will go back to a normal tax code.
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/
26 IPA payments made, 10 to go - on the home straight! |
| m88 |
Posted - 07 September 2009 : 16:03:19
will i get a new NT code next year or will i go back to paying tax in the normal way-cheers
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| Skippy |
Posted - 07 September 2009 : 15:27:22
The NT code will last until the end of the tax year. If you change jobs whilst on an NT code it will change to a normal tax code.
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/
25 IPA payments made, 11 to go - on the home straight! |
| m88 |
Posted - 07 September 2009 : 15:19:01
if you get a NT IPA how long does it last ,my letter says to end of tax year is thet it then ,or will it be increased to 3 years -cheers
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| gettingoutofdebt |
Posted - 04 September 2009 : 18:45:18
Spam, please ignore the above post. |
| ApplyBankruptcy.co.uk |
Posted - 04 September 2009 : 18:18:09
**Spam post - please don't advertise on this site** |
| freshlarry |
Posted - 29 August 2009 : 16:40:32
Hello and thankyou for your reply and information.
I had another talk with someone and it was just a NT IPA I signed.
They have now caluclated that I have to pay them £140 back each month for 3 years.
Although the NT IPA calculated that I pay £300 a month tax, and that calculation is out as my pension contributions went up since I filled out my petiton a few months ago.
So now I am going to email them with a copy of my payslip which shows I only pay £270 tax a month.
I should have done this before I signed the NT IPA, but wasn't thinking straight as didn't get one proper interview, just random short calls at unexpected times, hence had to have awkward conversations whilst at work or out on the streets.
Not sure if it will also make a difference to the amount they have also said I have to pack as I take home £40 less a month now than I did when I filled out and printed out the petition for my bankrupcy.
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| gettingoutofdebt |
Posted - 25 August 2009 : 19:13:59
If you were told no formal interview would be needed then it means that your case is very straight-forward and the details you have put on the SOA forms are sufficient.
If no-one has disagreed with your I&E on the SOA form, and the DI is less than £100, then you shouldn't have an IPA.
Does the form you signed say that it is an NT IPA? This is what it sounds like.
If so, then you will pay your income tax to the OR rather than to HMRC. Your HR Dept will receive communication from HMRC in the next month or two saying that your tax code has changed and they shouldn't deduct tax from your wage. You should also receive something from MoonBeevers who are solicitors that the OR uses to take IPA payments.
The NT IPA will finish at either the end of the tax year (Apr 2010) or if you change employer before then.
If you are unsure of anything or want to clarify things don't forget you can call the OR. They don't expect you to know everything so giving them a quick call to check whether this is a NT IPA isn't a problem. |
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