Quick(ish) question

LilyBart

Hello everyone,

Firstly, apologies for not having been around much lately. I've lurked and skimmed recent posts - smurked? - but only chipped in when I felt I could actually be of use. (Galling to realise that was just once!)

Now to business: Billy has had his hours cut. I haven't done the maths yet but off the top of my head, I think it will leave us with a deficit. Either way, the reduced income will mean we can't continue with our IPAs and we'll have to let his OR (and my scary IP trustee) know.:eek:

Which brings me to today's question, which is, if the IPAs are suspended - as opposed to dissolved - can they kick back in after (a) automatic discharge, or (b) the end of what would have been the 36 month IPA period (ends Sept 2011)? The way things are going, it seems unlikely either of us will increase our earnings in the near future...

Many thanks
Lily

ps After filling in the mountains of forms for the IP back in November, I haven't heard a squeak from them and had been planning to lie low. All that's happened is I had to change the reference number on my payments to Moon Beever. Not looking forward to getting in touch with IP. Very scary.

Off to work now, hi ho. (Oops. Wrong film.)

fermi

LilyBart wrote: »

Which brings me to today's question, which is, if the IPAs are suspended - as opposed to dissolved - can they kick back in after

(a) automatic discharge, or: Yes
(b) the end of what would have been the 36 month IPA period (ends Sept 2011)? No.

Basically..................

LilyBart

Thanks Fermi. And less basically?

tigerfeet2006

LilyBart wrote: »

Hello everyone,

Firstly, apologies for not having been around much lately. I've lurked and skimmed recent posts - smurked? - but only chipped in when I felt I could actually be of use. (Galling to realise that was just once!)

Now to business: Billy has had his hours cut. I haven't done the maths yet but off the top of my head, I think it will leave us with a deficit. Either way, the reduced income will mean we can't continue with our IPAs and we'll have to let his OR (and my scary IP trustee) know.:eek:

Which brings me to today's question, which is, if the IPAs are suspended - as opposed to dissolved - can they kick back in after (a) automatic discharge, or (b) the end of what would have been the 36 month IPA period (ends Sept 2011)? The way things are going, it seems unlikely either of us will increase our earnings in the near future...

Many thanks
Lily

ps After filling in the mountains of forms for the IP back in November, I haven't heard a squeak from them and had been planning to lie low. All that's happened is I had to change the reference number on my payments to Moon Beever. Not looking forward to getting in touch with IP. Very scary.

Off to work now, hi ho. (Oops. Wrong film.)

If it is suspended, as seems likely then it will be until the end of the 36 payments ie: Sept 2011. if there is any change during this time then you must let them know but it will only be payable until Sept 2011.

Hope that makes sense.

fermi

An IPA can only run for a maximum of 3 years for the time it is agreed, suspended or not.

That is set down in law. The OR or IP doesn't have any choice in the matter.

DON79

:hello:Hi Lily, I can't advice on this subject but just wanted to say hello! :hello:

fermi

http://www.opsi.gov.uk/Acts/acts2002/ukpga_20020040_en_22#pt10-pb2-l1g260

(5) An income payments agreement must specify the period during which it is to have effect; and that period—

(a) may end after the discharge of the bankrupt, but

(b) may not end after the period of three years beginning with the date on which the agreement is made.

LilyBart

Thank you both! That's very good to know. I'm sure we'll figure a way through the immediate crisis but the thought of maybe - just maybe - managing to turn a profit in say, 2015, only to have this bite us on the bum again is just dismal!

And hello Donna! No idea how to put the little wavy-armed smiley on here but if I could, I would.

Urgh! Another thought: if things pick up again and the IPA resumes, does it continue until Sept 2011 as originally agreed, or continue until 36 months payments have been made?

philnicandamy

LilyBart wrote: »

Thank you both! That's very good to know. I'm sure we'll figure a way through the immediate crisis but the thought of maybe - just maybe - managing to turn a profit in say, 2015, only to have this bite us on the bum again is just dismal!

And hello Donna! No idea how to put the little wavy-armed smiley on here but if I could, I would.

fermi

Show off! :p

LilyBart

Please see last paragraph re continuation of IPA, Fermi? Tiger? Any ideas?