| T O P I C R E V I E W |
| mighty reds |
Posted - 02 May 2009 : 22:19:46
I'm pretty sure it is, but wanted to confirm.
Once the OR has agreed or modified your expenditure/outgoings, is the first £100 surplus ignored and then anything beyond £100 is then put towards the IPA (at a rate of between 50% and 70%).
Example
Agreed surplus is £280
£100 disregard
Leaves £180
IPA at 50% = £90 per month IPA for 36 months (subject to circumstances not changing during 36 month period)
Am i correct in the above thought process?
Cheers |
| 8 L A T E S T R E P L I E S (Newest First) |
| mighty reds |
Posted - 03 May 2009 : 00:45:16
Good luck Shazzles, I'm tempted to trade me other half in for a £99 surplus to be honest ;-) it's a new relationship, i guess if it doesnt work out, I could inform the OR and have my income/outgoings adjusted. I've got a child so with maintenance and all that comes with having my son once a week, if I was living alone I'd almost certainly be under £99 surplus |
| mighty reds |
Posted - 03 May 2009 : 00:43:07
Actually my best case surplus would be less than £190 I'm possibly putting down more for my partners contribution to housekeeping and bills than she can afford, but I dont want to OR all over me, so trying to strike the right balance! |
| shazzles |
Posted - 03 May 2009 : 00:38:10
lol too right :o) here here I on the other hand think that I am roughly going to have about £90 surplus so i will HOPEFULLY get away with it! I really hope my OR is a kind one :) |
| mighty reds |
Posted - 03 May 2009 : 00:34:09
Yep thats the basis what I am working on Shazzles,I'm almost certain my surplus will be between £190 (best case) and £539 (worst case), the worst case being if I have the toughest OR in history!
Going by fairly "safe" reasonable expenditue, I'm looking at a £190 to £300 surplus, therefore IPA of between £95 and £180.
I'll take that over 3 years rather than £600 a month for the next 15 years (to repay credit cards!!!!!)
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| shazzles |
Posted - 02 May 2009 : 23:54:05
Currently the guidance given to official receivers about how much money they should take under an IPA/IPO is that if a bankrupt has more than £100 per month disposable income he/she will be expected to pay a percentage of that under an income payments agreement for three years. If he/she has less than £100 per month disposable income he/she will not be expected to pay anything under an income payments agreement. The percentages work on a sliding scale, according to the amount of disposable income, as follows:
£100 to £240 - 50%
£250 to £340 - 60%
£350 to £490 - 66%
£500 to £600 - 70%
from the webpage you mentioned mighty reds. :) |
| shazzles |
Posted - 02 May 2009 : 23:49:49
So anything below £99 is disregarded then?? |
| mighty reds |
Posted - 02 May 2009 : 23:06:55
I found this
http://www.insolvency.gov.uk/freedomofinformation/technical/incomepaymentordersagreements.htm
I hearing that if you have a surplus over £99 then all the surplus is subject to a 50-70% "tax" so to speak with regards to IPA
No £100 disregard from what I am hearing elsewhere (apparently) |
| Niobe |
Posted - 02 May 2009 : 23:05:25
I think that is right - anything over the £100 you will pay between 50 and 70% of that.
The glimmer gets brighter all the time
Jan
xx |
