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Understanding IPA

NC-Clio
Posts: 21 Forumite
Hi all, new to this forum, have pretty much decided it's time to take the first step on my journey to BR.
Been reading up as much as possible but havn't actually got round to speaking to CAB etc yet.
Just been looking on the planner thing in one of the stickys and the ipa that it said i would have setup for me would be 70% of my surplus, that's a hell of a lot isn't it?
Once declared BR my outgoings would be, 100 a month to my mum for rent, 40 a month phone credit, about 200 a month for my horse.
My monthly income is between £920 and £1200, my outgoings would be very low as above.
Just seems like i would really be stung for wanting to have a very simple existence.
Any Help have i misunderstood anything? or can i claim that i pay my mum more for rent?
Thanks.
Been reading up as much as possible but havn't actually got round to speaking to CAB etc yet.
Just been looking on the planner thing in one of the stickys and the ipa that it said i would have setup for me would be 70% of my surplus, that's a hell of a lot isn't it?
Once declared BR my outgoings would be, 100 a month to my mum for rent, 40 a month phone credit, about 200 a month for my horse.
My monthly income is between £920 and £1200, my outgoings would be very low as above.
Just seems like i would really be stung for wanting to have a very simple existence.
Any Help have i misunderstood anything? or can i claim that i pay my mum more for rent?
Thanks.
0
Comments
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Can you do a proper SOA for us.
http://www.makesenseofcards.com/soacalc.html
I am not a 100% sure how the OR will feel about a horse.Namaste DeeDee x0 -
You have to account for ALL your outgoings, you have an income so how do you travel to work? you need clothes, do you have a mobile? do you pay more to your mum for food? You need to include every expense on your forms.
If you have no other outgoings other than those you state why are you troubled at having to pay 70% into an IPA, you cannot go BR and expect to keep such a large surplus.Accept your past without regret, handle your present with confidence and face your future without fear0 -
You need to take some advice from one of the debt charities, CAB, CCCS, Debtline etc.
You also need to complete and I&E form go to
http://www.makesenseofcards.com
then paste it on here and people with experience with these will give you some good advice. Good Luck.0 -
You most definitely need to get in touch with one of the charities to find out if BR is the thing for you. How much are your debts? Are you absolutely positive you can't come to some sort of arrangement with your creditors, especially with such a simple existence? I'm not sure from reading your post whether you realise the long-term implications of going BR.Get free advice before embarking on bankruptcy: CCCS 0800 138 1111 National Debtline 0808 808 4000
Business Debt Line 0800 197 6026 CAB Insolvency Service- 0845 602 9848"He who laughs last didn't get it!" :rotfl:BSC 134
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Regarding the horse, if it is valuable then the OR might take this as an asset and sell it.
if not valuable, you will be expected to pay for costs out of your surplus, Or won't allow £200 a month for this,
Sorry - but better you know from the start.0 -
Thank you for replies, the horse i understand isn't necessity and will have to be payed for with surplus, it isn't strictly mine, so wouldn't be taken as an asset. It is my partners who does not live with me and is hers on paper, i merely pay for him.
I realise such a large surplus isn't needed, just was a bit surprised to find out. I now understand the situation and need to consult proffesionals on wether it is the best action for me to take.
I will get up some form of list of my outgoings etc.
At the moment i have about £50 a week after my rent to mum, loans, credit cards, phone contract, car finance and car insurance.
Was just looking forward to having a lot of surplus but i now reralise being bailed out should be appreciated and i cant expect it all on a plate without an IPA.0 -
If you do decide on BR, then put your SOA on here so we can give advise.
Even with an IPA (which don't forget can be varied up or down if your circumstances change) it's still better to have 36 regular payments and no hassle from creditors.0 -
Oh no doubt, i would love to hear the end of phone calls etc all day long.0
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The rent to your Mum is very, very low. For SOA purposes, up it to £400 as it includes all your food/accommodation/council tax. There is no way you would live in a private rent and pay all those items for £400 a month.
You can include life insurance, travel costs (you must get to work and back somehow), clothing, dry cleaning (to clean those clothes for work). Someone has posted a link to complete an SOA - fill that out and we can add stuff that you will have forgotten.
As you have mentioned, there is no way you will be allowed the money for the horse. Especially as its not even yours.0 -
The SOA in one of the above links, i am about to fill it in, but is it my expenses now, or what will be?0
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