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  • FIRST POST
    • Naemoney
    • By Naemoney 8th Oct 17, 1:32 PM
    • 11Posts
    • 0Thanks
    Naemoney
    After Bankruptcy
    • #1
    • 8th Oct 17, 1:32 PM
    After Bankruptcy 8th Oct 17 at 1:32 PM
    Hi Forum,

    I've just been declared bankrupt so I've got 12 months to get through before discharge.

    My question is at the moment I'm not working so don't have to make contributions to my debt but even after discharge I will still be expected to pay something for 48 months if say I started working, does that come to an end after 48 months or do I have to keep paying until the debt is paid off?

    Thanks,

    Naemoney
Page 1
    • haggis0073
    • By haggis0073 8th Oct 17, 1:41 PM
    • 28 Posts
    • 7 Thanks
    haggis0073
    • #2
    • 8th Oct 17, 1:41 PM
    • #2
    • 8th Oct 17, 1:41 PM
    They can only set up an ipa/ipo within the 1 year of the date of bankruptcy. After that 1 year has passed then they can't. I am sure Someone will be along with a more definite answer soon though
    • TheGardener
    • By TheGardener 8th Oct 17, 1:44 PM
    • 2,155 Posts
    • 2,035 Thanks
    TheGardener
    • #3
    • 8th Oct 17, 1:44 PM
    • #3
    • 8th Oct 17, 1:44 PM
    They can only set up an ipa/ipo within the 1 year of the date of bankruptcy. After that 1 year has passed then they can't. I am sure Someone will be along with a more definite answer soon though
    Originally posted by haggis0073
    That's pretty much right. If the OR has not set an IPA by the time you are automatically discharged in 12 months - then no matter how much you earn after that - you will not be expected to pay anything. An IPA is for those who have 'surplus' income during the 1st 12 months. However, if an IPA was set within the 12moths and you subsequently lost your job, then the OR can come back and ask for contributions until you have made a total of 36 payments. IPA amounts can be varied depending on whether income rises or falls.
    • haggis0073
    • By haggis0073 8th Oct 17, 1:50 PM
    • 28 Posts
    • 7 Thanks
    haggis0073
    • #4
    • 8th Oct 17, 1:50 PM
    • #4
    • 8th Oct 17, 1:50 PM
    then the OR can come back and ask for contributions until you have made a total of 36 payments.
    Originally posted by TheGardener
    So in theory could that go on longer than 3 years?
    • debt doctor
    • By debt doctor 8th Oct 17, 2:34 PM
    • 4,135 Posts
    • 5,804 Thanks
    debt doctor
    • #5
    • 8th Oct 17, 2:34 PM
    • #5
    • 8th Oct 17, 2:34 PM
    So in theory could that go on longer than 3 years?
    Originally posted by haggis0073
    No. Any IPA that may start will run for 3 years. It may run at zero through a period of unemployment or low income. There is no catching up to do.
    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • rjwr
    • By rjwr 8th Oct 17, 7:04 PM
    • 289 Posts
    • 189 Thanks
    rjwr
    • #6
    • 8th Oct 17, 7:04 PM
    • #6
    • 8th Oct 17, 7:04 PM
    If you can avoid being in work for the next year it will save you having to have an IPA. I was fortunate enough to avoid an IPA.

    There are circumstances where IPA's can be extended. These are usually to do with fraudulent behaviour, although someone else with more knowledge of this maybe able to expand.
    But never spend money you don't have to buy things you don't want to impress people you don't like.
    .
    Originally posted by kidmugsy
    • Simon.G
    • By Simon.G 9th Oct 17, 10:55 AM
    • 47 Posts
    • 8 Thanks
    Simon.G
    • #7
    • 9th Oct 17, 10:55 AM
    • #7
    • 9th Oct 17, 10:55 AM
    I have a month left before I am released from BR and I have been working for most of it.

    My income is equal to more or less the total amount of my expenses and therefore I have no disposable income. Because of this, the OR has not been able to impose an IPA.
    Declared BR 08/11/2016
    • Naemoney
    • By Naemoney 9th Oct 17, 6:07 PM
    • 11 Posts
    • 0 Thanks
    Naemoney
    • #8
    • 9th Oct 17, 6:07 PM
    • #8
    • 9th Oct 17, 6:07 PM
    I have a month left before I am released from BR and I have been working for most of it.

    My income is equal to more or less the total amount of my expenses and therefore I have no disposable income. Because of this, the OR has not been able to impose an IPA.
    Originally posted by Simon.G
    Hi,

    Good to know about the work situation, As I've not been working for a while any job I got would be possibly minimum wage so I doubt I would have disposal income!
    But as I say it's something to keep in mind.

    Cheers,
    Naemoney
    • maxmycardagain
    • By maxmycardagain 11th Oct 17, 5:43 PM
    • 4,384 Posts
    • 3,672 Thanks
    maxmycardagain
    • #9
    • 11th Oct 17, 5:43 PM
    • #9
    • 11th Oct 17, 5:43 PM
    If you can avoid being in work for the next year it will save you having to have an IPA.
    Originally posted by rjwr

    HOLIDAY TIME!
    Instead of picking fault, pick up a life........ you might like it
    • fiveyearplan
    • By fiveyearplan 12th Oct 17, 3:39 PM
    • 10,064 Posts
    • 9,949 Thanks
    fiveyearplan
    I didn't get an IPA and I worked all through my bankruptcy. My outgoings were quite high though and I didn't even list all of my expenses.




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