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pjm
Starting Member
United Kingdom
30 Posts |
 Posted - 01 June 2009 : 18:31:17
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Hi Forum,
I went BR in Nov 08 & went self employed again however struggling to make ends meet. However currenlty looking for employed work again, the jobs i am going for will attract a decent income (£40k-60K) however i am now wondering how long an IPA gets put in place for.
Thanks in advance for any help
Paul |
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beau
Starting Member
32 Posts |
Posted - 01 June 2009 : 18:46:21
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| hi an IPA is 4 3yrs and the OR has up until ur discharge date 2 giv u 1 and it is 3yrs from that date, if u get discharged and dont hav 1 you wont get 1 hope this makes sense. |
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pjm
Starting Member
United Kingdom
30 Posts |
Posted - 01 June 2009 : 19:21:39
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Thanks , so for clarification it can be as long as 3 years or 1 year, however if i get discharged & an IPA has not been put in place I will not get one. Currently i have not heard from the OR with regards this IPA, as the BR was caused because of a business failure & when the business failed it caused me to become unemployed.
However i assume if i was to get a job now i would need to inform the OR & then he would send me an expenditure form out, i assume then an IPA would be made. I take it from reading this forum they would take my wifes salary into account & leave you the bare minimun to live on. From my understanding of this it really does not pay to get a well paid job untill you have been discharged as i could be working all the hours for the next 3 years with no financial gain for my family.
quote:
Originally posted by beau
hi an IPA is 4 3yrs and the OR has up until ur discharge date 2 giv u 1 and it is 3yrs from that date, if u get discharged and dont hav 1 you wont get 1 hope this makes sense.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 01 June 2009 : 22:28:42
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An IPA lasts for 36 months from the date of your first payment, and can be put in place any time before you are discharged.
If you were to get a job now you would need to notify the OR, and they would send you an I & E to see if you have enough disposable income for an IPA.
If your wife isn't BR then her income won't be included in the IPA calculations. You will need to tell the OR how much she contributes to the household, but that's it.
You won't be left with the bare minimum to live on. You won't be rolling in money, but you should have enough to be comfortable. The OR doesn't take all your surplus income, just a percentage ranging from 50%-70%. If you have a look on my blog there is a table showing how much you would be expected to pay.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
23 IPA payments made, 13 to go - on the home straight! |
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Deedee
New Member
United Kingdom
60 Posts |
Posted - 07 June 2009 : 00:14:52
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| Don't forget if you get a job your expenditure will increase as well. You will have to pay extra for travel and a couple of other things. So if you do get a job put your SoA up on here and get the folk tocheck it over for you. |
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Topic |
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IPA
