New onto an IPA

MoneylessMatt

Hi All

I am two months into my IPA after finding work, although at the time it was only temporary.

I have now started a six month contract with the company, but what I would like to know is what happens to the IPA after the six month contract runs out and I cannot find employment straight away.

Does the IPA run for 36 months from the first payment made, despite me possibly not working (hopefully not the case of not working) at some point within this period. Or will it be partially suspended whilst I am not working, and therefore could be extended beyound the original 36 months.

I am just concerned that if I am out of work at the end of the contract it could take me a lot longer than the original 36 months of the IPA.

Many thanks

Matt

sieve

It will run for 36 months from the date of the first payment. If it is suspended due to lack of surplus, these months still count towards the 36 so it won't extend past 36 months even if you are only able to make one or two payments.

MoneylessMatt

Thanks for that, will stop me worrying now. Going BR was hard enough, but the thought of have the IPA going on forever if I had trouble getting further employment made me very concerned.

philnicandamy

Just remember soon as you know when your finishing work let the OR know then the IPA can be suspended......(you have up to 21 days to inform them of financial changes in circumstances)