Quick(ish) question

fermi

LilyBart wrote: »

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?

The IPA runs for 3 years. End of. That includes any period during which it was suspended.

That is what part (b) above is saying. The IPA MUST end 3 years from the date it was agreed. There is nothing in the law that says that the period can be extended if the IPA is suspended.

LilyBart

Be patient with me, oh wise one. So the period is 36 months, come what may, even if only 5 or 12 or 24 payments have been made within that 36 months?

OK, just re-read, very slowly, moving lips. Many thanks Fermi. I think I've got it now. (By jove, she's got it. Oops. Wrong film again.)

tigerfeet2006

By jove I think she's got it

Sorry Lily couldn't resist.:o

fermi

LilyBart wrote: »

Be patient with me, oh wise one. So the period is 36 months, come what may, even if only 5 or 12 or 24 payments have been made within that 36 months?

Yes.

When an IPA is "suspended" it is effectively (and legally) "varied" to to a nil payment.

The agreement still continues to run.

Think of it that the payments to be made have been suspended, but the agreement still runs.

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part1/part1.htm

31.7.5 Period of the agreement

The agreement must be made prior to the bankrupt's discharge [note 13]. The IPA may end after the discharge of the bankrupt but may not end after the period of 3 years beginning with the date on which the agreement was made [note 14] (see also paragraph 31.7.2).

Variation of the agreement can be made after discharge [note 15] (see paragraph 31.7.52) but cannot extend any repayment agreement beyond a period of 3 years beginning with the date on which the agreement commenced. The period for which the IPA is to run must be specified in the agreement signed by the bankrupt and the trustee or official receiver.

LilyBart

Ha! Just had vision of Freddy Eynsford-Hill singing "The Street Where You Live" with a forest of weather-battered For Sale signs outside all those lovely Belgravia white-stucco buildings.