First IPA payment

iquit

Can anyone tell me roughly how long it is from OR interview to making your 1st IPA payment? Also am I correct in thinking that you the BR pay OR direct on a monthly basis. Thank you for the help, hope everyone is enjoying the lovely weather this bank holiday.

JCS1

OR will send you the paperwork to sign and return, there is then a 14 day cooling off period. Paperwork is send to OR's agents, Moon Beever, who will then contact you to arrange payments that are made to them. So it's not a quick process.

december

I went BR in May and didn't make my first IPA payment until August as it took the Inland Revenue time to apply the nil tax code. Once it was applied, I paid it directly to Clarke Wilmott each month.

iquit

Thank you for your answers guys. I wandered what happens to the excess (if you have any) for the months prior to IP being formalised? I anyone knows - thanks

fiveyearplan

I'd save it for now but I'm not sure if you have to pay it over to Moon Beaver - I think your IPA starts once that is in place hopefully someone better informed will confirm/correct me.

gettingoutofdebt

iquit wrote: »

Thank you for your answers guys. I wandered what happens to the excess (if you have any) for the months prior to IP being formalised? I anyone knows - thanks

You can keep the excess amount of your income until the IPA starts and then pay the IPA for 36 months.