Income Payment Agreement

crum

Hello again

Well I thought I wouldn't be back... but there you go... I am

Have received my income payment agreement to sign... estimated I need to pay £178pm...

does this mean it could increase or decease even after i have signed the 'binding document' ??

How long does it generally last for.... worrying myself again

thanksssssssssssssssss

Round_The_Bend

An IPA lasts for thirty-six months and is liable to change upwards or downwards, if and when your income changes. You are supposed to inform the OR within twenty-one days if your income changes. If appropriate, the OR can then adjust the IPA. Some ORs will tell you not to bother informing them if the increase is "minor", I suspect, because it entails too much hassle for them. My OR indicated that £50 per month was a minor increase but was not specific. Hope this helps.

tigerfeet2006

Were you expecting an IPA when you went BR? Has the OR disallowed some of your allowances or made any changes to the SoA? Has he sent a breakdown of what he has allowed you? If not before signing the form do ask him for a breakdown.

crum

yes that does help thank you RTB

Another thought that has popped to mind....

My house hasn't been sold yet so the negative equity could be alot more than stated on the SOA plus a figure for a loan was not included due to the company being ****'s and refusing to tell me haha! Does this mean the payment may increase? or will that already be the max he can take?

If I think the payment is too much, can I appeal?

Round_The_Bend

crum wrote: »

yes that does help thank you RTB

Another thought that has popped to mind....

My house hasn't been sold yet so the negative equity could be alot more than stated on the SOA plus a figure for a loan was not included due to the company being ****'s and refusing to tell me haha! Does this mean the payment may increase? or will that already be the max he can take? If I've understood correctly, it shouldn't affect your IPA since your debts will be included in the bankruptcy. You stop paying your debts once you become bankrupt.

If I think the payment is too much, can I appeal? Yes, but it's probably worth posting a SOA on here first, for further advice.

Keep posting with any further questions.

tigerfeet2006

tigerfeet2006 wrote: »

Were you expecting an IPA when you went BR? Has the OR disallowed some of your allowances or made any changes to the SoA? Has he sent a breakdown of what he has allowed you? If not before signing the form do ask him for a breakdown.

please can you answer these questions?

crum

I was expecting to repay something yes.
I haven't been given a breakdown, just an agreement with a posty on it saying please sign and return. I will ask for the breakdown then.
No mention of changes to it were said over the phone.

I did advise him that I would be moving in with new partner but he kind of just ignored that and carried on so I'm wondering if he has disallowed the car costs as I work and live in the same town, although as from mid next month i'll be a 20min drive away.

Thanks so so much all..... quick responses I'M IMPRESSED!

tigerfeet2006

No problem Crum. Let us have a look when you get the breakdown.

Round_The_Bend

Your OR will usually base his calculations upon the SOA on your bankruptcy petition and information that you provide during your phone interview. If there are any subsequent changes in your circumstances, let him know, as it could result in a reduction in your IPA if, for example as in your case, your travel costs have increased. The IPA should work both ways; increasing if your income goes up but decreasing if your disposable income is reduced.