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Joozee
Junior Member
199 Posts |
 Posted - 22 January 2010 : 15:19:29
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Hi all, hope everyone is OK and coping :) Been a while since I posted.
Was made bankrupt May 2008, now discharged and 14 months into an IPA which i've been keeping up.
Last week I was made redundant, rang OR, didn't seem that interested but told me to ring solicitors who collect my IPA. I did that and they have frozen my payments till i get sorted.
My wife is about to start a new limited company, my question is 2 fold really;
1. Is there anything that is going to prevent her from doing this becuase of my past? I am not going to be a director of it at all, all in her name.
2. To start with i'm not going to be working for 3 months whilst she gets started with it and I recover from a knee operation and look after our kids before returning to work. Will my IPA need to start again because she will be earning and I won't? Or becuase i am not having an income of my own for a couple more months can it stay frozen. I don't mind if it starts again, just not sure whether it would stay the same or we'd have to go through the whole income and expenditure again.
Hope someone can advise
Jon |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 January 2010 : 15:26:29
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Hi Jon,
1. No there won't be any problem with your wife starting a company. There wouldn't be any problem with you being a director if you wanted as you are now discharged.
2. The IPA is based on the amount you earn, not your wife so as long as you have less than £100 DI you will not need to pay the IPA. The IPA lasts for a period of 36 months and not 36 repayments so each month you do not pay into it is a month less when you do have enough DI to start up the payments again. |
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Joozee
Junior Member
199 Posts |
Posted - 22 January 2010 : 15:37:05
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Hi,
Thanks the quick response, I do have a BRO on me for 3 years (runs out 2012), which means i wouldn't be able to be a director as i believe, but good news if it doesn't block her doing anything.
Thats good too about the IPA, i presumed that but wanted to be sure. I guess it was more of a moral thing becuase we have decided her business is more profitable in the long run than me going back to work immediately. So in effect, i am deciding not to work rather than not being able to get a job. Which I suppose could be looked upon as deciding not to pay my IPA...if you had a suspicious mind. It's not the case, just a better opportunity for our future.
Many thanks again,
Jon |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 January 2010 : 17:17:58
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Yeah, if you have a BRO you won't be able to be a director of a company until it expires.
quote:
So in effect, i am deciding not to work rather than not being able to get a job. Which I suppose could be looked upon as deciding not to pay my IPA...if you had a suspicious mind. It's not the case, just a better opportunity for our future.
There is no problem with not working if you don't think it is the best for your future. Presumably the Insolvency Service feel the same way otherwise an IPA would run for 36 payments rather than 36 months. |
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Redundancy, IPA and Partners New Business
