IPA / IPO length?

Maybeelady

Hello,

Can anyone tell me if IPA's/IPO's always last at least 3 years? Are they sometimes shorter? Or longer?

I am going to have an income surplus when I go BR but this may change as my job situation looks very shaky at the moment - if you are given an IPA/IPO then you lose your job, presumably this changes?

Many thanks!

philnicandamy

3yrs max and starts from the day the OR sets it up.......can be frozen if finances change & you fall below the £99 surplus...

Jlo_2

Hi,

As I understund the IPA/IPO is for 36 months.
It will be based on your Income and Expenses at the time of your Bankruptcy.
If during the 36 months your income drops or you lose your job, you should inform the OR who will stop or reduce the IPA.
Of course, if your income increases, then you should also inform the OR who will increase the IPA.

I hope it helps :beer:

Maybeelady

philnicandamy wrote: »

3yrs max and starts from the day the OR sets it up.......can be frozen if finances change & you fall below the £99 surplus...

So it can be less than 3 years then in some circumstances?

philnicandamy

It could IF your finances change & means you drop below the surplus....the IPA can be either reduced (if you still had surplus) increased (if your surplus got larger) or frozen (if you drop below the £99 surplus a month then if your finances did increase in 36mnths you would have to contact the OR & they would restart the IPA counting any months you had already paid)

Either way they usually run for 3yrs max...

tigerfeet2006

No, even if you are not earning and your IPA has been suspended if you start earning again you will have to pay into the IPA again. Untill the 36 months are up you syill have to inform the OR about your circumstances.

debtinfo

The other way that it can be shortned is if you come accross a lumpsum which pays the total IPA amount in full