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removingtheshackles
Starting Member
9 Posts |
 Posted - 02 January 2011 : 10:49:19
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Firstly a Happy New Year to all!
I would be keen to hear any advice...I was made bankrupt end of April 2010 and am currently subject to an IPA. I am paying in 50% of my disposable income and my income tax as I have an NT tax code until April 2011. My IPA is based on my average earnings in the months preceeding the bankruptcy.
Since my IPA was assessed, I have had an increase in essential household expenses and a reduction in my income. Overall, this means that instead of having a disposable income, I now have a negative disposable income after including the IPA payments. As my pay has reduced, I am surely also paying more than I should where my NT tax code is concerned as the amount I'm paying into the IPA for my income tax is still based on my previous earnings. These changes have all happened over the last 3-4 months and I have done my best to keep up the payments but I am struggling and have gone into arrears with my council tax and rent.
What I would like to know is if anyone has any experience of having their IPA varied? Is this something that can be done in my situation? I have so far put a letter together to the OR explaining in more detail the changes and I've also put together a new income and expenditure sheet. Does anyone have any advice on how else I should approach this?
Many thanks. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 January 2011 : 11:08:03
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Hi removingtheshackles,
Don't worry about contacting them, if your circumstances change then you just need to inform them and complete a new I&E. Then your IPA payments can be reduced or stop.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 02 January 2011 : 14:11:32
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As Viki says, please don't worry about asking for your IPA to be varied. I had a pay cut when I had my IPA and it was reduced without a problem. You shouldn't have to struggle, and you certainly shouldn't have to get into council tax arrears to pay your IVA.
Give them a call, and let us know how you get on x
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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Varying IPA payments
