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RJ2011
Starting Member
2 Posts |
 Posted - 10 June 2011 : 19:32:45
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I have just been made bankrupt.
In a previous post I read "Once discharged you are no longer subject to the ' bankruptcy restrictions' therefore any assets obtained post discharge are yours to keep! The normal course of events is that you will continue to pay your IPO payment for the full 36 months - as this payment is calculated on your income minus allowable expenditure."
Does that mean the IPA/IPO is set at an amount that has to be paid monthly and that if my income goes up I can keep the excess or is it that, like when undischarged, I am allowed to only earn a certain amount and any income over that has to be paid to the creditors? |
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RJ2011
Starting Member
2 Posts |
Posted - 10 June 2011 : 19:51:27
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Just to clarify the question
Does that mean the IPA/IPO is set at an amount that has to be paid monthly and that if my income goes up AFTER I AM DISCHARGED I can keep the excess or is it that, like when undischarged, I am allowed to only earn a certain amount and any income over that has to be paid to the creditors? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 June 2011 : 19:54:21
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Hi RJ2011,
If you have an IPA then you need to inform them of any income and expenditure changes for the 3 years, regardless of if you are discharged.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 June 2011 : 10:48:29
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Agree totally with Viki. If your income goes up then you have to tell them and your IPA will probably go up.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
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xmas baby
Average Member
537 Posts |
Posted - 15 June 2011 : 16:48:57
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As the earlier posts have already mentioned, if your income goes up (or down) during the course of an arranged IPA, you will need to inform them. Yes, it's annoying, especially if your income increases and you find you are having to pay a higher IPA, but at the same time, if your income decreases, then your IPA should be recalculated and also reduced to reflect this change. It is a fair system I think. I am paying £241 per month IPA and have 1 more year left to go.... hooray!!
xmas baby |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 June 2011 : 17:29:11
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Xmas baby is right - while your IPA will increase if you get a pay rise (although any increases in the cost of living can be taken into account) it can also be reduced if your circumstances change and less money is available.
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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IPO. Can I keep excess if my income goes up ?
