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 Can you please explain how an IPA works ?
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SoSad
Starting Member

1 Posts

Posted - 18 February 2011 :  13:30:33  Show Profile  Reply with Quote
Hi, Declared BR in Dec 2010 but can you please explain how an IPA works. If I am given one - OR is considering it, how will this effect me. I understand a monthly amount continues to be paid for 3 years, but will I still be discharged after the 12 months? Will my tax code change after the 12 months? Is the IPA connected to my tax coding or is this a monthly payment I have to make separately? Sorry to be so thick but cannot get my head around it. PS My NT tax coding hasn't come through yet - does this seem a long time?

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 18 February 2011 :  13:40:18  Show Profile  Reply with Quote
Hi,

If you haven't had a nil tax code, you may not get one now as it's so close to April.

Your IPA will be paid by standing order from your account for 36 months.

You will still be discharged from BR after 12 months.

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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