Hi there, just wondered if you would be able to advise. I have been made bankrupt and havw now been sent an IPA by my OR. I really did not expect to be paying anything or at least not much and also my OR has decided that I should pay for 3 years. What I was wondering is, whether they would change their mind if they would reduce my paying period if my circumstances DID NOT change in those three years. I understand you can be discharged from the bankruptcy within 12 months but wondered if they stop reduce your paying terms or because the IPA has been made that WILL be the terms for that 3 year period.
an IPA is almost always for 3 years so the answer to your question is almost certainly no, but if you cannot afford the payments you should speak to your OR and see where their opinion of your outgoings differs from your own
If the OR feels you are able to contribute to a IPA then I'm afraid the payments continue for 3 years. However, if your income goes up(or down) within that period, or your expenses increase, then the IPA can be adjusted by the OR accordingly. I have 10 months left on my IPA then freedom.... hooray!
Thanks for replying both of you. I am just really annoyed with the outcome although obviously it is a small price to pay. I know people who have been in better circumstances than myself and have only had to pay for a few months without the IPA. The debts are in mine and my ex's name and it seems I am being penalised for trying to get my life back on track whilst he gets away without being chased, I have had all the creditors chasing me and he has moved again recently so may be even longer before he is caught up with. He hasnt even offered to pay half of the IPA (until he is caught up with) and I dont feel I can ask even though he is now living with his girlfriend so has less going out now in any event.
Sorry to get on my soapbox.
I accept I/we made a mess of things financially, just seems the outcome is unfair considering I know others who have gone bankrupt and have had it easy.
Hi there, just wondered if you would be able to advise about IPA ?
Posted - 31 August 2011 : 19:48:17
