i am currently paying into an IPA which has another 2 yrs to run and i have been discharged a few months ago. my father has recently died, my mother wants myself and family to move into their house and build a bungalow in their garden which she would move into and their house be signed over to myself. Would gaining such a valuable asset during the term of my IPA have any affect on payments or would we be better delaying any transfer to my name until after the IPA has finished?
Hi Darren firstly my condolences on your recent sad loss. The effect on the IPA would depend on how your essential expenditure costs change in the process.
If you pay rent or a mortgage now, but won't if you move, then clearly you will have more disposable income and are obliged to inform the OR's office for them to revise your IPA monthly payments. This is the case irrespective of whether the property were transferred to you or not.
John White Independent Debt Consultant Specialising in Bankruptcy
If the property were signed over to you now then the OR wouldn't be able to make a claim on it if that is your concern.
As John mentioned, you would need to inform the OR/RTLU of any changes on your income/outgoings so this may affect the amount you pay in your IPA but the property would be safe.
i am currently paying into an IPA
Posted - 02 January 2010 : 22:54:52
