when i have sorted out my income and expenses and the court decide what i have to pay will this change if my wages increase and do your payments continue for a full three years or can it be less
i am sure there will be a pro along to advise you soon but as far as i am aware an ipa lasts for three years any any change in income may affect this if income increases you will have to notify and if it decreases they can consider a decrease or stopping the ipa.
You will discuss the I&E with your OR during the interview that you will have shortly after being declared BR.
The payments last for 36 months and you will need to notify the OR of any changes (increases or decreases) to your income during this time. The IPA will go up and down depending upon your wages.
I believe the IPA can finish early if you pay off your creditors in full i.e. a lottery win, inheritance, etc.
i am sure there will be a pro along to advise you soon but as far as i am aware an ipa lasts for three years any any change in income may affect this if income increases you will have to notify and if it decreases they can consider a decrease or stopping the ipa.
If they are less than £15000 and you have no house or assest worth more than £300 and disposable income of less than £50 per month, then you could consider one of the new Debt Relief Orders which does not last as long as bankruptcy.
You would need to speak to CAB about it if it applied to you,
wages
Posted - 09 July 2009 : 18:26:10
