Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • makingamends
    • By makingamends 5th Dec 17, 5:52 PM
    • 1Posts
    • 0Thanks
    Living with an IPA/lump sum payment percentages
    • #1
    • 5th Dec 17, 5:52 PM
    Living with an IPA/lump sum payment percentages 5th Dec 17 at 5:52 PM
    Hey everyone! I am currently in an IPA which I think is reasonable given the circumstances behind my enforced BR and I have had a good read through this forum which I have gained some invaluable advice from.

    My income is occasionally variable by way of sales commissions. I know that I have to inform the OR within 21 days of receiving these payments. I have been trying to find out if the OR is likely to take 100% everytime I receive extra payments for the remaining period of my IPA or is it on a case by case basis. I have asked the OR a number of times but have had zero response to the direct question.

    The reason I ask is that I found an article online in the insolvencydirect bis gov uk technical manual website that states:

    (a) Where the bankrupt remains undischarged – the whole of the lump sum;
    (b) Where the bankrupt is discharged and the order or agreement has:-

    24-36 months remaining – 75% of the lump sum;
    12-24 months remaining – 50% of the lump sum;
    1-12 months remaining – 25% of the lump sum.

    However - there is a caveat to this - it talks specifically about pension lump sum payments, not payments received through work income. I totally appreciate this document could be (a) out date and (b) not applicable

    Is there anyone well into an IPA in a similar position who could share their experiences. I need to set my expectations for the remaining (pretty long) term left of my IPA IE is it likely that I will need to pay 100% of all my commission payments into my estate until the last payment date of my IPA.

    Thanks in advance everyone!
Page 1
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,439Posts Today

8,361Users online

Martin's Twitter