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charlie44
Junior Member
231 Posts |
 Posted - 22 November 2010 : 14:27:18
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Hi all,
From 1st December 2010 the IS are to take IPA payments of £20 per month (current lower limit £50) and that ALL SURPLUS WILL BE TAKEN, not 50 - 70 %.
These instructions have been issued today to all offices (and the OR 's are hoping mad about it too.)
Sorry folks
DD
Taken from this link
http://forums.moneysavingexpert.com/showthread.php?t=2878200 |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 November 2010 : 16:42:01
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Knew it was coming.....
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Leezus
Starting Member
6 Posts |
Posted - 22 November 2010 : 16:55:18
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Damn. I am planning my BR for the new year. Maybe it's time to look for a career change with my DI currently over £600.
I think this move will make people quit their jobs or step back in pay until they're discharge. Also it will motivate more people to be dishonest with ORs in order to misrepresent their outgoings. Guess it gives people an opportunity to start a new career in something they've always wanted to do rather than the well paid job they hate lol! |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 November 2010 : 17:32:10
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Can't see for the life of me that someone with a DI of £600 would even consider bankruptcy as an option !
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 November 2010 : 17:59:20
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quote:
Originally posted by Melanie.n
Can't see for the life of me that someone with a DI of £600 would even consider bankruptcy as an option !
It all depends upon the circumstances. I have quite a high DI but wasn't sure that I would be able to keep my job for the 5 yr IVA period. This would mean a couple of years in an IVA, lose my job and then have to declare BR, which is a complete waste entering the IVA in the first place.
I also wanted a final solution, which didn't depend upon me being able to keep up IVA/DMP repayments for 5+ years. |
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gettingoutofdebt
forum expert
2418 Posts |
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 22 November 2010 : 18:11:33
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| How will this effect us if we go to court 29th/30th Nov? |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 November 2010 : 18:28:15
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Anyone going bankrupt from today will have their income & expenditure assessed and whereas prior to today surplus income (over £100)was collected on a sliding scale of 50-70% from today they will have to pay over 100% of their dispoable income, also where the OR used to start collecting payments above £50 per month they have now lowered the threshold to £20 - the period of collection remains the same - 36 months
N.B. IPO/IPA's are not collected in all bankruptcy's only where there is a disposable income over £100
Hope this helps clarify things a bit for you
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 November 2010 : 18:36:12
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Apologies, I did not mean my remark to be flippant - everyone's circumstances are different and I cannot emphasie enough that all options should be explored so that an informed decision can be made, before considering bankruptcy - it was just the post in general seemed to be advocating avoiding paying back creditors, where to be honest the majority of people I have dealt with recently, and over the past 29 years, view it as the last resort, not a way of avoiding paying your debts.
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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debtinfo
forum expert
2826 Posts |
Posted - 22 November 2010 : 19:01:34
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quote:
[i]N.B. IPO/IPA's are not collected in all bankruptcy's only where there is a disposable income over £100
Hope this helps clarify things a bit for you
That does not seem to be the case anymore, ie IPO/IPA's are collected in bankruptcy's where there is a disposable income over £20
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 22 November 2010 : 19:41:54
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| Hi Im bit confused about this, doesnt take much! Will an IPA/IPO apply if our DI is over £100 or is it changing to over £20? Will this effect us if we are going to court on monday 29th? or is it for everyone whos declared bankrupt after 1st Dec? Thanks |
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debtinfo
forum expert
2826 Posts |
Posted - 22 November 2010 : 19:53:53
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| It would seem (bearing in mind there has been no official announcement yet) that you will get an IPA if your DI is more than £20 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 22 November 2010 : 19:58:22
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I'm surprised that it would be worth their while to collect payments of £20.
Regarding the post about people giving up their jobs - I really think people need to look at the bigger picture and realise that an IPA is for 36 months, and giving up a job or not accepting a better offer just to avoid an IPA is madness.
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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debtinfo
forum expert
2826 Posts |
Posted - 22 November 2010 : 20:14:19
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| I agree completely, who knows when that job comes along where you stay for life |
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Leezus
Starting Member
6 Posts |
Posted - 22 November 2010 : 20:36:14
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I am choosing BR over IVA because it seems right for me. My situation is explained in a recent thread that I posted both on here and the iva forum (entitled BR vs IVA... Just can't decide!). Experts on the other forum seem to think BR is right for me, given my situation, uncertain employment future, and the need for a completely fresh start. I have nothing to lose in BR and it was suggested the only reason I would opt for am IVA is feeling
bad that creditors get less return...and when I see the profits these people make and the
bonuses their senior managent earn, I'm afraid I don't. Continuing to work
is important, sure, I just think doing a job that's stressful and demanding and then seeing nothing for it every month would just be soul destroying, especially as the stress of going through the BR proceedings would itself already taken it's toll on the individual.
I guess my situation and beliefs are different as will everyone's. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 November 2010 : 21:52:11
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I agree that you should not give up opportunities or leave a job just to avoid an IPA.
When you took out the loans orginally, surely the intention was to pay them back in full? Nobody has been forced to take out credit.
I know for some people bankruptcy is a last resort and they have no other option but to follow this route.
I certainly would not choose it just because I disagree with the banks making a profit or getting bonuses.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Topic |
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NEWS ABOUT IPA`s
