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  • FIRST POST
    • Hull_BR2016
    • By Hull_BR2016 19th Jun 17, 8:52 PM
    • 16Posts
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    Hull_BR2016
    IPA Question
    • #1
    • 19th Jun 17, 8:52 PM
    IPA Question 19th Jun 17 at 8:52 PM
    Hi,
    Went bankrupt May 16th, interview was very straightforward and the lady was extremely understanding. She mentioned at the time that an IPA was unlikely.
    I received a letter today stating that an IPA is proposed for £106 a month, which is equivalent to the tax I would have paid on a normal tax code.
    Basically, the IPA states that is only until March 2018 (end of tax year) so does that mean when I'm discharged in May 2018, I will not have to worry about an IPA after that?
Page 1
    • peterkay369
    • By peterkay369 19th Jun 17, 9:18 PM
    • 161 Posts
    • 68 Thanks
    peterkay369
    • #2
    • 19th Jun 17, 9:18 PM
    • #2
    • 19th Jun 17, 9:18 PM
    Yes that's correct, if it's an NT IPA (where your tax is paid to your bankruptcy estate) it will only last for that tax year. You will not be liable for the full 3 year IPA unless your circumstances change.
    • TheGardener
    • By TheGardener 20th Jun 17, 4:49 PM
    • 2,167 Posts
    • 2,051 Thanks
    TheGardener
    • #3
    • 20th Jun 17, 4:49 PM
    • #3
    • 20th Jun 17, 4:49 PM
    ...so does that mean when I'm discharged in May 2018, I will not have to worry about an IPA after that?
    Originally posted by Hull_BR2016
    Yes - but only if your circumstance remain the same. However, if your circumstances change (better or worse) before then, then you must let the OR know within 21 days of the change actually happening. So, if your income rises or you win the lottery - you must inform the OR and they have a full 12 months from your date of BR to reassess/implement an IPA. Once you are AD you no longer have to notify them of any changes.
    Last edited by TheGardener; 20-06-2017 at 7:57 PM.
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