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DABSHEP
New Member
United Kingdom
54 Posts |
 Posted - 22 September 2008 : 16:26:01
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| Hi, I was declared bankrupt this year (July).. I just had a call for my OR and they have worked out the amount for my IPA is 70% of what I have left after my outgoings. This equates to £840. I thought that was pretty steep? The fact I dont have a house anymore means I am in fact not really better off! Also, should I now be on a zero tax code? Because I am not! |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 22 September 2008 : 16:38:58
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£840?! Blimey... how much do you earn?! ;o)
So you are saying after everything you pay out i.e. rent/mortgage, food, petrol, clothing, utilities you have £840 left?
Maizie |
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DABSHEP
New Member
United Kingdom
54 Posts |
Posted - 22 September 2008 : 16:45:50
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Yeah, I am living with a friend so dont pay very much rent! I dont pay the mortgage as I have given up the house.. To be honest, I am really no better off. It seems that its the norm to pay 70% of whats left.
Although, I have not seen that published!
Debra SHeppard |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 22 September 2008 : 16:45:54
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Hi
This is quite normal because of the amount of disposable income you have. You do still have the 30% disposable, so they haven't taken it all off you.
You will go on a nil tax if you are paid on a paye basis. This can take a couple of money to set up. Have you signed an IPA yet for this, and you would also have to have signed the form giving them authority to contact the IR
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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DABSHEP
New Member
United Kingdom
54 Posts |
Posted - 22 September 2008 : 16:51:17
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Hi,
Yes, I did sign for them to speak to the IR.
IPA should be winging its way to me today. I have spoken to OR today, and they are going to review it. She did say that I have benefited because my debt has been written off. However, if I pay £840 for the next 3 years it will have been written off 3fold!
I expect once the house has sold and the creditors paid off, the IPA will cease?
Debra SHeppard |
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John
New Member
United Kingdom
73 Posts |
Posted - 22 September 2008 : 19:36:07
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Hi
apart from the OR's fees you would not be expected to pay back any more than you owe through your IPA.
Moving in with a friend has seriously increased your disposable income which is why the IPA has been set so high. If you've a mind and you can find rented accommodation the IPA would have to then account for the rent, council tax and utilities etc.
It would seem very unfortunate that you have not had the benefit of professional advice prior to being declared BR.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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DABSHEP
New Member
United Kingdom
54 Posts |
Posted - 23 September 2008 : 10:33:58
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Thanks John
Yeah, you are right. I thought I was doing the right thing moving in with a friend to get back on my feet. I am moving out in the New year anyway to live in my brothers house as he is moving overseas for 18months. I will have a lot more to pay out then so the IPA will decrease accordingly.
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 September 2008 : 12:03:40
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Hi Dabshep,
Your IPA can be amended as your circumstances change. If (for example) you were to go and rent on your own, that would seriously reduce your disposable income, and therefore your IPA.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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DABSHEP
New Member
United Kingdom
54 Posts |
Posted - 23 September 2008 : 14:41:36
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Thanks Julian.
Thats my intention very soon! |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 September 2008 : 15:30:10
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Best of luck!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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not really better off!
