How likely is an IPA?
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xcrystal2003x
Posts: 14 Forumite
Hi folks
Can anyone tell me how likely an IPA is with bankruptcy? I am considering my options at the moment as was left high and dry by an ex and my situation has changed drastically for various reasons. I have a low income and am a single parent with 2 kids, I work in a professional occupation but i also attend college as I am trying to retrain due to the fact my current job is not family friendly and so I am unable to work many hours. My expenses involve 180 pounds per month college fees, which I am worried the OR will say is unnecessary. Also, 100 pounds towards pets (they are rescue animals and are not able to be rehomed as they have issues). I am terrified they will try and take this off me and put it into an IPA as they will say it's "unnecessary expenses". I have not yet sought debt advice formally, I just wanted to know if anyone had any advice as to how likely an IPA is because other wise I will maybe have to try for a DMP instead
Thanks
Can anyone tell me how likely an IPA is with bankruptcy? I am considering my options at the moment as was left high and dry by an ex and my situation has changed drastically for various reasons. I have a low income and am a single parent with 2 kids, I work in a professional occupation but i also attend college as I am trying to retrain due to the fact my current job is not family friendly and so I am unable to work many hours. My expenses involve 180 pounds per month college fees, which I am worried the OR will say is unnecessary. Also, 100 pounds towards pets (they are rescue animals and are not able to be rehomed as they have issues). I am terrified they will try and take this off me and put it into an IPA as they will say it's "unnecessary expenses". I have not yet sought debt advice formally, I just wanted to know if anyone had any advice as to how likely an IPA is because other wise I will maybe have to try for a DMP instead
Thanks
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Comments
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first and most importantly get free advice from CAB, national debtline or stepchange. I initially went through CAB and went through all my finanical issues with them, i told them all my outgoings and all my income from household (inc benefits), They then advised me what was the best course of action was. They have been fantastic , i would personally not be making any decisions yet until you have had advice from one of the free charities.
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Post up your soa and others will be able to help you out0
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Good advice from the others above, there may be another option for you, but to answer your specific question, if you have more than £20 left after all monthly expenses, you will get an IPA.
Information here, most things are acceptable to the OR if you have sufficient reason for the expense :
https://bankruptcyexpert.co.uk/how-to-go-bankrupt/bankruptcy-living-expenses-guideI’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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