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| T O P I C R E V I E W |
| Needafriend |
Posted - 24 August 2008 : 15:37:30
Hi me again,
I have been thinking if before you are discharged that you are subject to an IPA as your income allows then about 8 months into BR your income drops and there is not enough left to allow for the IPA payment, does the OR still keep you subject to the IPA terms for the full 3 years as this would be prior to discharge and income would have gone down so the money will no longer be there.
Next question, if just after discharge your income has gone down again and it does not allow for any IPA payments will you still be subject to the full 3 years. That would mean then that you are still under the ORs thumb so to speak and for the whole term of the original IPA agreement until the date it would end in the 3rd year.
Or does it once your income drops below the threshold that allowed the payment to be made be cancelled and then your no longer liable.
I hope i made sense, i know what I mean. As it looks like if they take into account our DLA and CB then we will be subject to an IPA if they dont they we wont be, but if they do take the DLA and CB into account they both drop in June next year and so my income will drop by about £600 per month, just after which we should be discharged.
Any advice please from the learning one!
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/ |
| 14 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 24 August 2008 : 20:56:35
Hey CG
Im glad that you have had a good day out. My kids are sat here watching the TV they will be going up soon but they are quiet and I dont mind.
They are back to school soon.
Take care
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/ |
| Needafriend |
Posted - 24 August 2008 : 20:54:13
Ah right, I get it now, I am a wally.
Never mind mine now is a waiting game to see what my OR comes up with but I know that next year from June my income without the DLA which is paid to me for my son will be gone, the Carers allowance will also be stopped I expect once he leaves school and then the CB and Tax Credits will reduce making my income about 850 less per month.
I thought then that I would look for a part time job bringing in about 500 to 600 per month but not enough to take me over again. Just enough to get by per month.
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/ |
| BankruptC |
Posted - 24 August 2008 : 20:51:24
Yeah I've had a lovely day thanks, hope you have too-we've been out at the park and farm with hubby, friends and our little ones.
Just tucked our little man into bed and he's flat out no doubt dreaming of the little 2 day old piggies (or 'pibbies' as he calls them!) that we saw today. It's these things in life that are important isn't it?!
All the best hon,
CG. x |
| John |
Posted - 24 August 2008 : 20:50:08
Hi CG / JO
yes, once the IPA is in place any and all changes need to be reported for the 3 year period.
Hence why, if your DI increased at the very end of BR and the OR did not have time to impose the IPA, he can apply to the court to have discharge date postponed.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 24 August 2008 : 20:46:19
Well what da you know, I could well be!
Its good that you and I seem to be wanting to get a better understanding of this subject.
Hope you had a good day today, its certainly getting colder out at nights now, where is our Great British Summer gone to then.
Oh well maybe thats gone on holiday too!
Take care hopefully John will be back from his pint soon.
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/ |
| BankruptC |
Posted - 24 August 2008 : 20:41:54
Haha I know! Are you my long lost twin?!
Hehe,
CG. x |
| Needafriend |
Posted - 24 August 2008 : 20:38:54
Good point, CG.
We are on the same wave length today. SPOOKY!
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/ |
| BankruptC |
Posted - 24 August 2008 : 20:37:28
Hi John,
So if before discharge your DI decreased to the extent that no IPA need be paid, which meant you weren't paying at the point of discharge, you would still need to inform the OR of changes up to the 36 month point?
Thanks,
CG. x |
| Needafriend |
Posted - 24 August 2008 : 20:36:48
Thanks John,
Lets wait and see what my OR decides, I wont know till we start getting this months wage slip and also if they decide to include the DLA and CB in my income.
I will keep you all posted.
PS Hope you enjoyed your pint!
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/ |
| John |
Posted - 24 August 2008 : 19:33:27
Hi
once in an IPA, which must be set up prior to discharge, you should keep the OR advised of any increases or reductions of DI for up to 36 months of it's commencement unless the OR tells you otherwise.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Needafriend |
Posted - 24 August 2008 : 17:48:11
Hi CG,
Yes but if we are in an IPA at the time of discharge,but its on hold say due to loss of income, then what?
I wish John would have a read and give me some advice as it really is bugging me now.
Oh for those who see me on here answering the questions a lot more now, I do manage to do some other things during the day but I do like to answer the questions if I can, this is my new found life by giving something back to those who are as desperate as I was a few weeks ago.
I think i may have a look around and see if I can get a job doing this as i enjoy helping others and feel that my knowledge is gaining day by day.
Before you know it I may even apply to be an examiner. Nah they wont have me. LOL
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/ |
| BankruptC |
Posted - 24 August 2008 : 17:41:39
Ahh I see,
So what you're asking is would you still be required to inform the OR right up to the end of the 36 months if your income increased again?
My thoughts would be that if you're not in an IPA at the time of your discharge then you wouldn't need to inform them of any increase and that wouldbe it, but I'm sure John will let us know!
CG. x |
| Needafriend |
Posted - 24 August 2008 : 17:33:42
Hi CG,
Thanks for that info, but what I wanted to know is if the income decreases through the rest of the term then it will not be restarted after the 3 years is up.
So if for example you start an IPA on the 30th Sept 2008 and its due to run till 30th Sept 2011 but within 8 months of starting your income drops below the £100 threshold but does not increase above the threshold for the last 28 months then it will automatically finish on the 30th of Sept 2011 and then no more will be required, but also would the OR say well there is no point now we will end the IPA arrangement completely and then you will be free before that final date.
John any ideas as this is bugging me now.
Thanks
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/ |
| BankruptC |
Posted - 24 August 2008 : 17:27:01
Hi Jo,
AFAIK if your income decreases then your IPA will decrease accordingly, regardless of when it happens during your IPA. If it decreases to such an extent that you fall below the £100 threshold then payments should cease.
I'm learning like you and could be wrong but that's how I understand it. Let me know if I'm wrong, John-it's happened before! 
CG. x |
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