We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Income Payment Agreement

script
script Posts: 718 Forumite
in Bankruptcy & living with it
If you petitioned for Bankruptcy and it's a 12 month B/R.

At the beginning there was no income surplus so no IPA.

But say 6 months later your income improved and the OR asked for an IPA.

Would the IPA last for 3 years from the date it started?

Comments

  • fiveyearplan
    fiveyearplan Posts: 10,145 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Yes, it will last 36 months from start date.

    Welcome to the forum!

    :j :j


  • script
    script Posts: 718 Forumite
    Thanks for the answer.

    And the welcome.
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Also be aware that an IPA can be altered if your circumstances change during it's lifetime. It can go up, down or even suspended and the suspended months count towards the 36 months.

    Also if you start work your SoA will alter as you will need to spend more money on some things so you could come on here and get advice on your new SoA for the OR
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • script
    script Posts: 718 Forumite
    Great answer - and great advice - thank you.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture