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Mrsroller
New Member
United Kingdom
74 Posts |
 Posted - 10 October 2009 : 19:45:42
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| Hi just wondering when the first payment of an IPA usually starts. I have my telephone interview on Tuesday and a figure was decided. Is it likely to start within the next couple of weeks. I just want to make sure I keep enough money back for it. I thought the OR was sending forms out that day but as yet nothing has arrived. |
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debtinfo
forum expert
2826 Posts |
Posted - 10 October 2009 : 20:46:00
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| The OR will send out forms in the next couple of weeks, when you sign them they wait 14 days before the OR signs them (in case you change your mind) which is when it becomes legally binding. After that they send the info to a collector called Moonbeever who then gets in touch with you to set up the payments. All in all probably anything from a month from Interview to first payment if everything goes smoothly |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 11 October 2009 : 09:41:53
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My IPA started in the 3rd month after my BR hearing (BR in May, first payment in August) and, from other posters, this is about the norm. I have seen posts from other people where it can take up to 6 months to set the IPA up as the OR is slow sending the forms, etc.
There's no urgency from the OR to set up the IPA as it can be set up any time during the 12 month BR period.
Until the IPA is set up you can spend the money you would normally pay as the IPA and the OR won't want this paying back so enjoy the extra cash for the next couple of months. |
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Nearly There
Starting Member
8 Posts |
Posted - 11 October 2009 : 12:16:38
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So if a BR person only had say less than 3 months before AD, would this be enough time for the OR to set up an IPA?
Or would they extend the BR period to do so if needed? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 11 October 2009 : 13:30:48
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The IPA form needs to be signed during the BR period so you could sign the form 1 day before AD and then not make the 1st payment until a month or so after AD.
Most people seem to get an ED nowadays and the OR always sends a new I&E to complete before the ED goes through so they may do something similar (or check your bank account to see if the income has changed) a month or so before AD. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 11 October 2009 : 20:30:43
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Mine was the same Gettingoutofdebt - it was 3 months after my BR that I made the first payment.
The IPA has to be signed when you are bankrupt, but if it was late into the BR I would think it would be possible that the first payment is made after discharge.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
27 IPA payments made, 9 to go - in single figures! |
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debtinfo
forum expert
2826 Posts |
Posted - 11 October 2009 : 20:39:55
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| also just thought that i would point out hat the 14 days they give you to change your mind before the OR signs it can be waived if they are short of time |
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Mrsroller
New Member
United Kingdom
74 Posts |
Posted - 12 October 2009 : 00:12:19
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| Thanks for all your replies, I will just wait and hopefully have a couple of months IPA free as it were. I just feel I cant completely relax until everything is sorted. Just wish the Co-op would hurry up with the bank account. Thanks again |
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IPA how long to start
