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mighty reds
New Member
United Kingdom
72 Posts |
 Posted - 02 May 2009 : 22:19:46
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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 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 02 May 2009 : 23:05:25
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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
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mighty reds
New Member
United Kingdom
72 Posts |
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shazzles
New Member
79 Posts |
Posted - 02 May 2009 : 23:49:49
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| So anything below £99 is disregarded then?? |
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shazzles
New Member
79 Posts |
Posted - 02 May 2009 : 23:54:05
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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. :) |
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mighty reds
New Member
United Kingdom
72 Posts |
Posted - 03 May 2009 : 00:34:09
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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
New Member
79 Posts |
Posted - 03 May 2009 : 00:38:10
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| 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 :) |
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mighty reds
New Member
United Kingdom
72 Posts |
Posted - 03 May 2009 : 00:43:07
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| 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! |
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mighty reds
New Member
United Kingdom
72 Posts |
Posted - 03 May 2009 : 00:45:16
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| 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 |
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Topic |
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Is the first £100 of your surplus disregarded with
