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gjm68
Starting Member
18 Posts |
 Posted - 19 November 2010 : 15:51:17
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I am nearly finished with my questions regarding an IPA. I think I know the answer to this question but it is better to ask just to be sure.
If you work and after reasonable costs your disposable income is less than £100 per month then I know you do not have to pay any money into the IPA. My question is this. If you do not have to pay any money do they set up an IPA anyway and set it to £0 pm or is the IPA not started and there everything will be over within a year?
Thanks for any help. This site is really good. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 November 2010 : 16:17:57
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An IPA isn't set up unless you have £100 or more DI per month. If your circumstances change you must advise the OR, but they only have until your discharge date to put an IPA in place.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 November 2010 : 16:19:21
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if they cannot see any money or chance of payment they do not set up £0 IPA.
If within your year, you do not have a disposable income your bankruptcy will be automatic discharge.
(Edit) sorry Tracey did not mean too type over you
Richard |
Edited by - Richard P on 19 November 2010 16:20:40 |
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gjm68
Starting Member
18 Posts |
Posted - 19 November 2010 : 16:42:18
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Thanks
Tracey, you say that the Receiver only have until your discharge date to put an IPA in place. What will happen if the Receiver starts the IPA process before the discharge date but it will not be completed until after the discharge date. I am thinking that an IPA will not be started in this scaranio.
Thanks
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 November 2010 : 21:32:06
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I'm not sure to be honest. I would imagine that the OR wouldn't start the procedure if there wasn't time for it to be in place.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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gjm68
Starting Member
18 Posts |
Posted - 20 November 2010 : 19:14:54
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| Out of interest, do you know how it takes for an IPA to be setup? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 November 2010 : 22:15:09
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Mine took 3 months from me going BR to making my first payment, although it varies from person to person.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 23 November 2010 : 13:36:46
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having done some more research I can now state that you CAN get a £0 IPA.
The logic is madness, the OR is stating that as you the bankrupt were previously a high earner the likelyhood is that you may find a job of similar status / income hence they want to speculate on your future.... This is totally unfair and in my belief goes against the principle of the bankruptcy regs and good conduct, even pushing people to be liberal with the truth !
The cases I have heard/ read about HAVE been challenged in court and when represented by an expert have a good sucsess rate.
hope this clarifys
regards Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 23 November 2010 : 16:20:21
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Why does it go against the principle of the BR regulations? I don't see that it's wrong that the OR might expect someone to work and make a contribution to their debts - after all a lot of money is often written off in BR.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 23 November 2010 : 21:11:27
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just looking at extremes here
if the OR gets the majority of people who have to petition for bankruptcy on a three year £0 IPA (sure their wont be any "sales targets set" as Govt bodies dont have targets !) then early discharge or 1 years bankruptcy will be a thing of the past. if thats what they want then be open and change the rules
I have no problem paying an IPA, income permitting but if an individual is not earning sufficient during the year of bankruptcy that should be it. not a hang over penalty of further three years just in case you might inherit money, get a job or better job. NO I would not turn down a better job to avoid an IPA.
Richard |
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debtinfo
forum expert
2826 Posts |
Posted - 23 November 2010 : 22:09:40
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| Where exactly did you get this information from, i have never seen an IPA set up at a time when there was no surplus, Sure some prople have an IPA set up and then varied to zero if the bankrupt losses income but never seen an IPA set up for £0 from the start |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 November 2010 : 15:08:22
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Hi Debt info
This is from a current court hearing where OR is trying to get £0 IPA from day one. (plus a fee to arrange sorry 1st month payment of over 200 then back to £0).
At this stage cannot be more specific due to above proceedings
Richard |
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RHB
Senior Member
1159 Posts |
Posted - 24 November 2010 : 18:54:06
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| Well, it would discourage those who decide not to work in te hope they have an early discharge? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 November 2010 : 20:11:54
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I agree RHB. I don't actually think it's a bad thing as I can't understand why people object to paying something back when they have had money written off.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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I think this is my last IPA question
