I was made bankrupt last September 2007. An Income Payments agreement was made on the 08 November 2007. The Insolvency Practitioner appointed to oversee this IP agreement requested copies of my payslips each month to see when the NT coding was applied so that I could start making the payments until the end of the tax year. This I duly did each month but no NT code was applied to my wages.
The Insolvency Practitioner sent me a letter last week thanking for complying and sending copies of my wage slips each month and that as HM Revenue did not apply the NT code to my wages no payments were due from me under the agreement and the case was now closed. They have also informed the Insolvency Service of this. My bankruptcy discharge will occur this September 17.
My question is that as no income payments were made because of the NT code what happens next? Is another Income Payments Agreement set up?
It sounds as if you had an IPA for just this fiscal year, and the Trustee will now probably ask HMRC for a refund of the tax monies you have paid in this year for the benefit of your estate. Nothing to worry about, and a further IPA is unlikely to be made.
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
Is another Income Payments Agreement set up?
Posted - 14 April 2008 : 22:09:52
