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nicky35
Starting Member
United Kingdom
27 Posts |
 Posted - 16 May 2009 : 00:33:08
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Hello Can anyone tell us how much we're looking at paying into a ipa if husband on £1.050 a month myself on benefits (incapacity and dla)£978 per month but total expenditure with mortgage and secured loan is £1964. a month also would husband have his tax altered on his pay to compensate this or not many thanks in advance |
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ripski
New Member
United Kingdom
90 Posts |
Posted - 16 May 2009 : 01:09:46
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I am a novice and others will advise but I think IPA will be Nil. I don't think you pay if on benefits
Work out your disposable income. It looks to me that you will only have approx £30 spare. The first £99.00 of disposable is not counted. Over this first £100, you then pay 50%
ripski1 |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 May 2009 : 01:25:28
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Hi
there would be no I&E based IPA as dla is not counted as income, assuming your expenditure claims are accepted. Although your husband's tax code would change to NT (Nil Tax).
This means he will see more money in his salary each month but the extra must be set aside for collection by the appointed collecting agent, probably Moonbeever). This is known as an NT IPA.
NT IPA's last until the end of the tax year in which bankruptcy was declared, end of March 2010, or if your husband were to change jobs before then the NT IPA would also end.
John White
England Jackman & Spacey |
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nicky35
Starting Member
United Kingdom
27 Posts |
Posted - 16 May 2009 : 08:57:57
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| thanks for your reply's another question though if my dla is not counted as income and i was too declare myself bankrupt what about the incapacity benefit is this counted as income then? also even if husbands tax code gets altered it would still leave us short of the £99 required disposable income so would we not have to pay anything(e.g. wage £1050 tax £185 incap £455 total £1690 short £274 each month) if this makes sense? oh and just another point we're in neg equity on property so theres no chance of releasing any cash there!! thanks for your info guys |
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John
New Member
United Kingdom
73 Posts |
Posted - 16 May 2009 : 15:07:45
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Hi
IB is counted as income, yes.
Do not confuse an I&E based IPA and an NT IPA, they are totally separate. In the first £100 DI per month is required for an IPA to be imposed from earned income. In the 2nd every penny that would have been paid in tax, but now isn't because of the NT tax code application, must be paid, irrespective of I&E.
You should also research allowable expenditures for you and your family, do not assume that as you know you have been truthful that all expenditure claimed will be allowed.
John White
England Jackman & Spacey |
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nicky35
Starting Member
United Kingdom
27 Posts |
Posted - 17 May 2009 : 13:04:22
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Thanks john, another stupid question now! Do i put the DLA and child benefit on the SOA section 6 (6.6) and also (6.8) as total household income or just the wage and incap benefit thanx in advance  |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 17 May 2009 : 13:51:28
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| You must put them down on the forms. Make sure you note what they are. |
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ipa question
