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| T O P I C R E V I E W |
| richard.n |
Posted - 24 August 2008 : 10:41:55
Hi
I am concerned that having been made redundant and made myself bankrupt that, when I find a new job, i would have to give upto 70% of any surplus income back via an Income Payment Agreement.
Is there anyway around this or shorten the term from 3yrs?
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| 9 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 24 August 2008 : 20:59:03
Well at least we have that one sorted out now, these places really do try the patience of a saint, i dont mean this site either.
They could not help me either so i did my own negotiating with my creditors, but thats just my case.
TTFN
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| eamonn |
Posted - 24 August 2008 : 20:10:09
hi jo/john
i must admit i was very surprised because all i have read on here
suggested £100, it is a bit worrying as these are supossed to be a charity backed by the gov. to advise people in debt you would think they would give the correct info but obviously not (the ipa thing does not concern me because i am on only beneifts so would not be given one anyhow,i think,hope,prey   ) |
| John |
Posted - 24 August 2008 : 19:43:52
Hi
the minimum DI required for the OR to propose an IPA is £100 per month.
I don't know where the nationaldebtline gets their information but the threshold has not changed.
I was having a pint and watching my team at the pub earlier and received a call from someone who had been told, by the same people, that before the OR telephone interview she must have 5 years statements for all her bank accounts and card accounts at hand. The same person, who went BR last week and is currently unwell, was also told that she would not be allowed to go on the holiday that her mother surprised her with and paid for as it may interfere with the telephone interview.
I told her to forget that advice, call the OR and explain how thoughtful Mum had been and to enjoy her holiday.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 24 August 2008 : 17:58:45
Hey Eamonn,
Thats a new one on me. I dont know if this is right or not. Maybe John will have the answer to that one, thanks for bringing it to our attention.
I dont know what my state of play is with regards to the OR and and IPA so cant even ask them. :(
But if anyone else out there knows that would be great as I dont and im willing to find out.
Thanks again so now its over to John or one of the other members that may be able to shed some light on this. It could be that they were just trying a new tactic on you as they want your money maybe and dont want you to go BR cos if you go through them they get a fee per month.
Im only guessing, im probably totally wrong. But hey thats what this site is all about LEARNING and SHARING.
TTFN
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/2008/08/24/my-debt-free-future/ |
| eamonn |
Posted - 24 August 2008 : 17:43:36
hi john/jo
i had an hour long conversation on wed last week with the nationaldebtline and they said that disposable income was counted from £50 not £100 i was very surprised so not sure you if it was correct |
| Needafriend |
Posted - 24 August 2008 : 11:49:38
Ahha,
So lets just wait and see what the OR comes up with then.
Thanks again John, I know im a pain.
Im trying to get your job, do you need an assistant and is it well paid. Only messing. LOL
Thanks again
JO
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
| John |
Posted - 24 August 2008 : 11:38:15
Hi Jo
Yes that's correct.
The OR must commence the process of introducing an IPA before discharge.
So if next Aug 5th you had no IPA and both got jobs paying high salaries, the OR cannot claim the DI.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 24 August 2008 : 11:19:46
Hey John,
So from what your saying is that if now when my OR looks through and finds I cant pay into an IPA as I dont have enough DI then when we are discharged on the 4th Aug if at that time we still dont have any DI then after discharge they wont be able to put us on one.
Is that right.
Sorry I am a daft mare, but I like to clarify for my own personal experience.
Cheers
Jo
"There is light at the end of the tunnel, if you cant find it, get a brighter torch!" |
| John |
Posted - 24 August 2008 : 10:54:03
Hi
If you have disposable income of £100 or more per month once all "reasonable" expenditures have been taken into account then you will have to pay something (an IPA).
At £100 the OR requires 50% which, as the disposable figure rises, increases to 60% then 66% and finally 70% max.
Assuming your DI remains at a minumum of £100 throughout the remainder of the 3 year period after BR, once you are employed, then the IPA remains in place for that period. However, if you are discharged before you are once again in employment then an IPA cannot be invoked.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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