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T O P I C R E V I E W
bob
Posted - 02 June 2009 : 18:00:48 hi i was made bancrupt this May 29 but i forgot to ask the OR (actually not the OR itself)but some ?examiner or whatever .. i was told to pay £100 (thats nice compared to £560 in IVa and around £900pounds prior ) per month as my income is roughly 1900 and my expenditures is £1700 ...i forgot to ask if .. will i stil be discharged afer 12 months or after my ipa of 36months ....also hence my basic salary is £1500 a month and it was only put it up to £1900 because of my extra shift and overtime .. but what if my take home wages will be around roughly £1800.. can i ask that my case will be reviewed and my ipa will be discontinued ..... thanks ..
1 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 02 June 2009 : 20:51:29 You will be automatically discharged 1 year after being declared BR so May 29th 2010 but there is always a chance of early discharge.
The IPA will last for 36 months and during this time you will need to tell the OR if your income changes at all. You should be able to keep the same DI, or even increase it slightly due to increases in utility bills, etc., so if your wage is £99 or less than your DI (£1700) you should be able to stop paying the IPA. If during the 36 months your income increases so you have more than £99 DI then the IPA payments will start up again.
