We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

How much and how long?

Options
Thinking seriously about going bankrupt

If I do how much of my wages do I have to pay, and for how long?

I heard it was 50% of disposible income over 3 years.

Is this correct?

Comments

  • philnicandamy
    philnicandamy Posts: 15,685 Forumite
    10,000 Posts Combo Breaker
    You only pay for 3yrs IF you have a surplus of at least £99 a month after all your household expenses are taken into account

    this is called an ipa and can be increased/decreased or frozen depending on how your financial circumstances change

    IPATable-small.gif

    You need to talk things over with one of the many free debt helplines mentioned in a sticky at the top of this forum...bankruptcy is a last resort and can have many implications
    We all die. The goal isn't to live forever, the goal is to create something that will
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.