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tricer
Starting Member
United Kingdom
43 Posts |
 Posted - 15 December 2010 : 14:37:13
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| Sorry everyone but i have another IPA question, any advise would be great. Me and husband had our OR interview on Monday, she worked out that i had a suplus of £112 and my husband £119, not sure why we have 2 seperate when our income and exoenditure all goes in and out of 1 acc. Anyway we then advised her of a few changes since completingg the SOA back in Nov, both our wages will be less and few bills will be more. She has said shel wait until end of feb and reassess us when we will both have new payslips etc as to what or earnings will be, does this mean we will only have a NTC IPA for now then shel look into it again end Feb and if no surplus we wont get 1, unless within the year of bankruptcy our circumstances change? Thanks anyone who can advise. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 15 December 2010 : 15:26:16
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Hi Tricer,
As you are both bankrupt( I'm assuming that is the case as you were interviewed together), your income and expenditure will be assessed seperately,as you are both seperate and individual cases, and will have been assessed that way even though all your I&E goes through one account.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 15 December 2010 : 16:03:53
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Thanks Bigal, Im with you now! Do you whether we'l just get a NTC IPA for now, and then the OR will decide on a normal IPA when she reviews our case at the end of Feb? Thanks
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 December 2010 : 16:58:53
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IPAs normally take 2-3 months to setup so you probably won't have to make any repayments until Feb. As soon as you have the new payslips get in touch with the OR and ask for an new I&E form to complete.
Do you know how much surplus you will have after your income is reduced?
If you sign the IPA form now based on your current income it will mean that you will be liable to pay an IPA for the next 36 months and will have to inform the OR of any income changes during that time.
If your surplus in Feb will be £0 then it will mean you won't be liable for an IPA so won't have to sign the agreement and then once you are discharged any additional income will be yours to keep.
If you receive the IPA forms to sign it may be worth stalling until Feb when your income is reduced in order that you don't have to sign the forms if your surplus is low enough.
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Edited by - gettingoutofdebt on 15 December 2010 17:30:08 |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 16 December 2010 : 00:35:39
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Hi tricer,
for the time being you will be just on an NTIPA,however when you get it ensure that it is just an NTIPA agreement. As I mentioned in another post, when the examiner/case clerk sets up the agreement they get three options to produce either an IPA only agreement, NTIPA only agreement or a combined NTIPA and IPA agreement. If you get an NTIPA only agreement fine, sign it and send back.
If by accident(sic) you get a combined NTIPA and IPA agreement, where the IPA amount is £0,don't sign it and send it back, politely pointing out that you should only have an NTIPA agreement to sign.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 16 December 2010 : 09:35:55
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| Thanks Bigal, will make sure we check it before signing |
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 20 December 2010 : 11:11:16
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| We received our forms on Sat, in unsure as to whether they are just for a NT IPA, the amount stated on the form is just the tax amount that we said we paid each month and it doesnt say anythin about £0 IPA, however the back page that we sign states that it doesnt automatically end after we are discharged, if it was just for a NT IPA why does it state that. I have tried to contact OR but hasnt got back to us. Has any one on here who just had a NT IPA papers to sign had that paragraph on it? im just wondering if its maybe just the standard letter that gets issued for both NT and normal IPA'S, Thanks |
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debtinfo
forum expert
2826 Posts |
Posted - 20 December 2010 : 18:54:46
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It is just a standard letter and this is why,
think about this, say you went bankrupt in May 2010 and only had a NTIPA setup (no surplus) you get ED after 6 months in November 2010. The NTcode lasts until the next tax year and so you keep paying the NTIPA (not surplus) for a time after you are discharged
That is why that standard sentence is in all NTIPA as well as surplus ones. What matters if the amount abd details that are given at the top |
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tricer
Starting Member
United Kingdom
43 Posts |
Posted - 21 December 2010 : 10:02:06
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Thanks for that debtinfo, makes sense now. Hope you have a good Xmas and new year! |
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Another IPA question
