Anyone have experience of joint IPAs?

CG77

Hi all,

Both me and hubby are going BR mid-sept. As we have to file individually, and presumably will each be given an IPA if our DI allows, does that mean we would need to have a surplus of £99 EACH to warrant an IPA?

Thanks,

CG. x

RichOneday_2

It must do because BR is an individual process. If you were assessed on the same surplus your IPA would be between 100-140% of the DI. I would imagine you just have to allocate between you or the OR does it, not quite sure.

CG77

Thanks Rich,

So when we look at our I & E on our forms, as long as our joint surplus is less than £198 we won't pay an IPA?

CG. x

RichOneday_2

I've read through the IPA info from the IS and there's no mention.

Since this is a common occurrence I'm surprised nobody else has responded to your thread.

Bankruptcy is an individual process so nothing is joint. I would think you're on the right lines though, either splitting the I&E 50/50 or proportional to your individual incomes.

Somebody will know for sure....

CG77

Thanks Rich,

I hope someone knows too. As you said, lots of people must have had this same experience, so hopefully they'll let me know how it worked out for them.

Maybe they're all too excited waiting to watch the live Big Brother nominations in the next few minutes!!

Sad? Meeeeeeeee???!

Tee hee

CG. x

CG77

Any ideas please anyone?

Thanks,

CG. x

dalip

I never did a joint one but the way i think it works is. You both put the others contribution based on their own % of income. You put totals in for household exp,then you own seperate expenditure.
Do you both earn more or less the same amount after tax ect?. Are there any dependents?

CG77

Hi Dalip,

No, I work part time so earn roughly half of what hubby earns, and we have a 2 yr old little one.

CG. x

CG77

Sorry I should have added that we have been advised to put the same info in our SoA (ie do it as joint) and that because we'll have the same OR, (s)he'll pro-rata it for us and work it out that way.

What I'm not sure of is when looking at the I&E we need to try to get it down to £99 each or £99 between us not to pay an IPA.

Thanks again,

CG. x

dalip

If both of your i&e are going to be the same more or less then the -£99 suplus should be on each.Try posting them up here and get them checked over


If it was me i would total the household bills,then put your OH contribution as 3/4. Then for your OH put your contribution as 1/4 . Then add things individually like car expenses, health costs, holiday savings,Travel. Make sure you both have less than £99. Thats how it should be as bc is individual but not sure if the OR will look at it and say well you have £80 surplus your OH £90 so therefore £160 50% of which would be £80. Try Pm SCARLETT as they both went bc,as did MERRY. They might have more idea how it def works. Sorry:o

blind-as-a-bat_2

Both your I&E for outgoings should be the same for your househol;d expenditure.

Then you and your OH list all your own income on your own forms, and as dalip says the OH contribution based on what you contribute out of each of the opposites income.

Obviously the closer that is to 100% you get the less chance of an IPA;)

The spreadsheet the OR uses is here http://www.insolvency.gov.uk/DocumentLibrary/Policy/Excel/Income%20payment%20Calculator%20final%20nov%2006.xls if you have an XLS complient spreadsheet program like excel

so you can play around with the figures to show how the OR will see it regards to an IPA

Read the notes though for instructions/exeptions (pop up when you hover your cursor on the little red triangles in the program i use)