I thought I was paying it as a voluntary agreement, I thought that when you went bankrupt that was it. So are you saying that it's not volunatry and I must pay it.
If you have disposable income over £20 a month then you have to pay that across to your bankruptcy for three years.
It is called an Income Payment Agreement. If you decide not to pay it then it becomes an Income Payment Order and you have to pay it. The choice is yours.
Why would you not want your creditors to receive something back from the money you borrowed?
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
It is definately not voluntary and an IPA is paid for 3 years, unless circumstances change and you no longer have any disposable income (in which case you must prove your income and expenditure). One of the pitfalls of bankrutcy I'm afraid.
The only way that you could stop an IPA is if your circumstances changed and you could no longer afford to pay. You would need proof that your earnings had decreased or expenditure increased.
All the Best
John Blackadder Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
what happens if I just stop paying ?
Posted - 26 July 2011 : 15:31:27
