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Marianne99
Junior Member
173 Posts |
 Posted - 19 June 2008 : 20:59:57
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Hi,
I went bankrupt in Aug 2007 and have been making IPA payments since Dec 2007.
I have had no pay rise and since agreeing the payment terms, my rent has increased, diesel has soared in price, food has gone up.
I am now struggling every month, and am having to borrow from my mum to live.
I have recalculated my expenditure and from what I can see my disposable income has dropped from £220 to £137. I am currently paying £100 per month.
I have also just found out that since going back onto a tax code from NT they put me on the wrong one and I now owe the tax office money, so my pay is going to drop slightly again (I think)
I have been waiting to see what happens, but have decided it is time to contact my insovency trustee, are reductions allowed?
I also wondered at work they are talking about giving out an interim bonus as opposed to a pay rise as things are tight with the company. What happens to this if I get one, do I lose it? If I get it after I am discharged are the same rules applied?
Thank you for any help offered.
Marianne
Bankrupt Aug 2007, Life has started again! |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 19 June 2008 : 21:06:28
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Hi Marianne99 - welcome to the forum!
I know what you mean about everything going up in price. Fuel is so expensive where I live out in the sticks!
My OR asked me to inform them of any change in circumstance so don't struggle - give them a call and ask if they can review your income and expenditure.
I think you should let the OR /trustee know of any pay increase - I will let one of the BR assist experts advise whether they think they will want any of your bonus... I hope not!
Hope this helps in the meantime
Vicki x |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 20 June 2008 : 09:52:30
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Hi Marianne99
Did you not get an early discharge? Once you have been discharged you will not be requried to pay over your bonus/increase.
Inform your trustee/OR and ask them for a new income and expenditure form as your circumstances have changed. Do not struggle, that is not in the spirit of the IPA to make you do that, which is why you are only required to pay 50-70% of your suplus.
Your trustee/OR may allow you to make reduced payments until you can agree an amount you can afford, so it is worth asking this.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 June 2008 : 11:49:36
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Hi Suzanne,
I'm afraid I disagree. If Marianne is still subject to an IPA/IPO, even once discharged, bonus payments can still fall under the IPO/IPA. Once the IPA/IPO has finished, only then will the bonus be safe.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 20 June 2008 : 12:04:38
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Hi Julian
My understanding was that an IPA was just that, an Income Payment Agreement for a set amount based on suplus income at the time of its making. The only way the bonus would be claimed is if Marianne informs them she has received a bonus and they then take a view on whether it would be the right course of action to claim it.
As it is likely to be made in lieu of a pay increase and given the rising costs of living it is unlikely any move would be made to take it from her.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 20 June 2008 : 12:07:28
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Hi Suzanne,
Under the terms of an IPA/IPO, Marianne has a duty to inform the OR of any bonus' or change in circumstances. Any bonus received would be considered by the OR. However, it does depend on the amount and as you say about the rising cost of living, it is more than likely purely academic.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Marianne99
Junior Member
173 Posts |
Posted - 22 June 2008 : 20:11:24
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Hi All,
Thank you for all of your advice. My plan always was to inform the OR if I receive a bonus, I was just curios whether they would take it.
In answer to some questions, I was contacted about an early discharge, but as yet have not heard anything.
I will be contacting the OR on Monday, as on Firday I received a horrendous electricity bill, in which they are upping my monthly DD which along with other increases, will make it even more difficult for me to manage.
Thanks again for the advice.
Another quick question.
if they OR decide that my income and expenditure is such that I don't have to pay anything. When I am discharged will I still ahve to inform them about increases or does that depend on the OR?
Many Thanks
Marianne
Bankrupt Aug 2007, Life has started again! |
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melanie_giles
Senior Member
1191 Posts |
Posted - 22 June 2008 : 22:43:30
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If there is no IPA or IPO in place at the time of your discharge, there is no need to inform the OR of any changes to your income or expenditure.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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dazed and confused
Junior Member
United Kingdom
475 Posts |
Posted - 22 June 2008 : 23:02:19
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During BR, how much contact does the BR person actaully have with the OR to keep them informed of any changes in circumstance?
Is it like in an IVA where there is an annual review or is it more regularly?
Would an OR allow a person to emmigrate during BR? |
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melanie_giles
Senior Member
1191 Posts |
Posted - 23 June 2008 : 00:30:11
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In reality very little. The OR employs a firm of solicitors called Clarke Willmott to collect IPA and IPO payments for them and in reality you wil deal with this company. There are no annual reviews of your circumstances.
There should also be no restrictions on emigration.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Topic |
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Reducing an IPA
