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lucylucy
Starting Member
United Kingdom
6 Posts |
 Posted - 22 June 2011 : 13:12:52
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Hi all
I made myself bankrupt 2 weeks ago after accumulating debt of 30k+ after a divorce. I have just had my interview and agreed to an IPA of £260pcm for 3 years. I know that my income is going to increase over this time and I will stop paying a secured loan of £340 and CSA of £320 in the next 18 months, which will increase my disposable income further. Is there any alternative to paying all this increase as part of my IPA? Do I need to inform the O.R. of this increase in income? Can I expect the O.R. to review the IPA during the next 36 months. Thanks
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moodybluetwo
Junior Member
156 Posts |
Posted - 22 June 2011 : 13:36:10
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| You have taken the route of bankruptcy that will lead you to a debt free way of life…so it’s only fair that you honour your commitments the OR and inform them of any changes to your income/outgoings…it works both ways. |
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lucylucy
Starting Member
United Kingdom
6 Posts |
Posted - 22 June 2011 : 14:01:09
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That sounds fair, many thanks.
When the CSA stops, my son will be going to university, I was hoping to offer some financial support to him at university. Do you know if this is allowable?
LL |
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RHB
Senior Member
1159 Posts |
Posted - 22 June 2011 : 14:51:31
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| You can only ask. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 June 2011 : 14:57:31
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Hopefully you will be able to help him out - good luck.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 23 June 2011 : 15:53:17
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Hi,
You may be able to pay something to help with living costs under the term of meeting a reasonable domestic need, as indicated in the attached extract from the manual that the OR uses:
31.7.100 Student resides away from home permanently
Where the student lives away to study either permanently or during term time and has no other form of income, the official receiver may consider it is meeting a reasonable domestic need of the family (in line with IA86 section 310(2)) for the parent to make a contribution towards the basic rental costs of living accommodation whilst the student is away from home. Matters to be considered when assessing whether the expense claimed is reasonable include, for example, where the contribution assists the student in meeting the tenancy terms of a shared house, or the arrangement to pay a contribution towards the student’s accommodation has already been established prior to the bankruptcy order against the parent.
IA86 means the Insolvency Act 1986!
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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lucylucy
Starting Member
United Kingdom
6 Posts |
Posted - 23 June 2011 : 16:09:53
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Thanks for all you help - Big Al that is a very useful manual - cheers
LL |
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lucylucy
Starting Member
United Kingdom
6 Posts |
Posted - 05 May 2012 : 17:17:18
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quote:
Originally posted by lucylucy
Thanks for all you help - Big Al that is a very useful manual - cheers
LL
LL |
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lucylucy
Starting Member
United Kingdom
6 Posts |
Posted - 05 May 2012 : 17:19:48
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quote:
Originally posted by lucylucy
[quote]Originally posted by lucylucy
Thanks for all you help - Big Al that is a very useful manual - cheers
LL
Afternoon all, I have contacted the OR regarding this and they replied NO, I would not be able to contribute to my sons accommodation at university, is it worth appealing? And to who? Cheers guys
LL |
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debtinfo
forum expert
2826 Posts |
Posted - 05 May 2012 : 17:40:45
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Much will depend on what your son is entitled to, ie is he able to get his own student loans or grants, if he cant get a stutent loan towards his accomodation for instance if your income is to high then you might be able to contribute nut if he can get his own then im afraid it is time for him to stand on his own to feet.
Did you point out to the OR in your case the part of the manual that Big Al posted |
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Increase in Income with an IPA
