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monkey
Starting Member
15 Posts |
 Posted - 18 November 2008 : 17:29:39
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| Time limit on setting up an IPA. Hello. Is there a limit on how long the OR can take to set up an IPA? I'm thinking of going BR early next year, but from what I've read it may be several months before the IPA is set up. Now, my job contract finishes at the end of July, so would that mean the OR might not set up the IPA until he knew what my next employment situation was going to be? Given that I don't know what's going to happen work-wise after July, I could end up doing anything or nothing... I've heard that IPAs last for a fixed period of 3 years REGARDLESS of when they start. Does that mean the OR could wait for a year (or longer if I have a BRU) before setting up the IPA? Thanks. |
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John
New Member
United Kingdom
73 Posts |
Posted - 18 November 2008 : 17:43:26
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Hi
an IPA must be set up before your discharge which would normally be 12mths. That said, if a change of circumstance just prior to discharge means that the OR could apply one then he can delay discharge until it is in place which will last for 3 years.
Once discharged there is nothing the OR can do, BRU or not.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 18 November 2008 : 17:43:54
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Hi monkey,
The IPA has to be set up prior to discharge if they are going to set one up at all. However, once an IPA is set up, it can be 'suspended', so my guess would be that in your situation provided you have the £100 DI per month to warrant one, the OR would set up the IPA based on your income at the time, then suspend it if a time came that you were out of work. If you then became employed again and once again had enough DI, they would be able to reinstate the IPA at any point until the end of the 36 months after which the IPA was initially set up.
Hope that makes sense! -)
C. x |
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BankruptC
Senior Member
1030 Posts |
Posted - 18 November 2008 : 17:46:12
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Oops sorry John-we posted at the same time! :-)
C. x |
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Time limit on setting up an IPA.
