| T O P I C R E V I E W |
| spices100 |
Posted - 26 August 2009 : 17:54:35
i am due to hand in my bankruptcy forms in the next 2 weeks. as am jobseekers allowance i probably wont get a IPA but possible a BRU. just wanted to know after they have confirmed i am bankrupt can they at a later stage say in 4-5 months time put me on a IPA if ive found work? |
| 6 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 26 August 2009 : 23:29:04
Hi
couple of answers to different questions.
the NT tax code change is also called an IPA and this lasts until March next year. The full IPA is based on disposable income and if applicable will last 3 years.
Hi spices
if hyou are not working and want to keeo the car you will have to put up an EXTREMELY STRONG CASE to convince the OR that you should have it exempted.
I have only had a handful of cases where the person was unemployed and was allowed to retain the car. On each occasion we had to demonstrate the lack of public transport and demonstrate actions regarding possible income / jobs that would lead to and IPA.
So we needed to provide copies of job applications, letters back from pootential employers, job interview details etc etc etc.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
| spices100 |
Posted - 26 August 2009 : 23:07:38
ok what if they do another IE review 4-5 months after bankruptcy and i still havnt found work, could they then turn round and take my car if during the 1st OR interview they allowed me to keep it.
the trade value of the vehicle is around £2000. maybe they'll say we take the car now as you aint working even after 4-5 months.
quote:
Originally posted by gettingoutofdebt
quote:
Originally posted by spices100
so basically the OR has control over all my finances until am discharged that includes changes in income, lump sum etc. then after discharge i can have everything i earn even if my hit with a 3-4yr BRU ?
That's it. If an IPA is implemented then you have to inform the OR/RTLU or any income changes during the 36 months you pay the IPA but any lump sums/windfalls you receive after being discharged are yours to keep regardless of whether you have an IPA or not.
|
| qznhln1 |
Posted - 26 August 2009 : 20:37:45
My OR is trying to get me to sign up to an IPA based on the savings I will have from an NT tax code. I asked her what will happen at the end of the tax year and she said that "my payments would cease" - I guess this does not mean the IPA has finished?
I am a little concerned here as it sounds like if I don't sign-up to it I only have liabilities for the next 12 months but if I do it could be for the next 36 months (albeit I may not have to pay anything into it for the last 24 months - but you never know!) |
| gettingoutofdebt |
Posted - 26 August 2009 : 19:54:31
quote:
Originally posted by spices100
so basically the OR has control over all my finances until am discharged that includes changes in income, lump sum etc. then after discharge i can have everything i earn even if my hit with a 3-4yr BRU ?
That's it. If an IPA is implemented then you have to inform the OR/RTLU or any income changes during the 36 months you pay the IPA but any lump sums/windfalls you receive after being discharged are yours to keep regardless of whether you have an IPA or not. |
| spices100 |
Posted - 26 August 2009 : 19:01:32
so basically the OR has control over all my finances until am discharged that includes changes in income, lump sum etc. then after discharge i can have everything i earn even if my hit with a 3-4yr BRU ?
quote:
Originally posted by gettingoutofdebt
An IPA can be implemented at any time before you are discharged. It takes 12 months for an automatic discharge but quite a few people are discharged early. If your income increases during that period then you will need to let the OR know and you could have an IPA if your disposable income is more than £99.
If you do receive an BRU then you will not be discharged early.
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| gettingoutofdebt |
Posted - 26 August 2009 : 18:54:10
An IPA can be implemented at any time before you are discharged. It takes 12 months for an automatic discharge but quite a few people are discharged early. If your income increases during that period then you will need to let the OR know and you could have an IPA if your disposable income is more than £99.
If you do receive an BRU then you will not be discharged early. |
