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IPA question...

robinson79
robinson79 Posts: 237 Forumite
in Bankruptcy & living with it
Just got a letter from the OR saying i have an IPA....

However, having done some research, i believe I might not have to agree to it..

From Insolvency website...
An IPO/IPA will only be sought where the bankrupt can make a minimum payment of £50 per month. In cases where the payment would be below this amount it is deemed the cost of collecting would be more than the collection

My income after tax is £1096.50
Outgoings come to £946.00 (i.e. can make payment of £50 after £100 surplus)

However, I now have 2 prescriptions a month, thanks to getting one for nicotine patches (had 1 other prescription before) taking my outgoings to £953, therefore putting me below the £50 threshold...

Will the OR accept this? :confused:
Saving for a deposit: £11,000 / £50,000 (22%) :)

Comments

  • Purplekylie22
    Purplekylie22 Posts: 367 Forumite
    Bit confused.. accordingtomy calculations you have £143.50 surplus... so they could take a payment of 50 / 70 % of that, so £75 - £100 ish

    Did I get something wrong?
    Bankruptcy Supporters Club No.179
  • robinson79
    robinson79 Posts: 237 Forumite
    No, it's £150.50 surplus, minus my £100 extra allowed = £50.50
    Saving for a deposit: £11,000 / £50,000 (22%) :)
  • Purplekylie22
    Purplekylie22 Posts: 367 Forumite
    robinson79 wrote: »
    No, it's £150.50 surplus, minus my £100 extra allowed = £50.50
    I *think* that IF you have more than £100 surplus, they base the IPA on all the surplus, not just what is over the £100

    Someone shouldbe along soon who knows more than me!
    Bankruptcy Supporters Club No.179
  • dalip
    dalip Posts: 7,045 Forumite
    What £100 extra allowed? If you have a surplus of £99 no IPA, if you have a surplus of £100, £50 will be taken,unfair but thats how it works. Sorry.D
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • robinson79
    robinson79 Posts: 237 Forumite
    Oh right, !!!!!! in that case! Oh well, I didn't include dry cleaning or home insurance on my SOA, maybe i can tweak it a bit more :confused:
    Saving for a deposit: £11,000 / £50,000 (22%) :)
  • dalip
    dalip Posts: 7,045 Forumite
    Be prepared to back it up then,as if you are adding it now they may ask for proof.D
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • blind-as-a-bat_2
    blind-as-a-bat_2 Posts: 4,304 Forumite
    robinson79 your very borderline (ish), now i dont want to get your hopes up as your OR may have already been genourous but did you know they base there calculations on last years servey of living expenses?

    can i sugest posting what the OR has allowed for your I&E, if you know so we can see if he has allowed for this fact, if you dont know then ask for a breakdown before signing anything
    Thats it, i am done, Blind-as-a-Bat has left the forum, for good this time, there is no way I can recover this account, as the password was random, and not recorded, and the email used no longer exits, nor can be recovered to recover the account, goodbye all …………. :(
This discussion has been closed.
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