anyone on a IPA / IPO

b-man

hi there,

is anyone actually on one of these?

how much of your salary did you have to hand over in the end?

cheers,

Bman

skylight

As with all IPA/O's you pay 50% (starting, up to 70%) of your surplus. Its not based on salary.

So you could be paying 10% of your salary if you have a low income and high living costs or 90% if you were earning more than plenty of money but lived rent free for example.

Reviva_UK

Hi

The contribution IPA depends upon the level of "disposable income" you have left at the end of the month after essential living costs have been paid.

If you have £99 or less per month then you will not get an IPA

If you have £100 disposable or more then you will get an IPA and the contributions will range from 50% to 70% of disposable and will last for 3 years.


The other IPA is where the Official Receivers agent ( Moon Beever ) collects your tax for the duration of the financial year.

b-man

cheers skyline - is there a guideline as to what is acceptable and what isnt for living costs. i mean i could spend a fortune on living costs if I ate better food, got the tube rather than cycling, bought new clothes, etc?

b-man

thanks Reviva - not herar of Moon beever before!


So is member of the board on one of these plans?

just wondering what "essential living costs" people are decalaring and whether this means they get an IPA or not ..

antarctica

Reviva_UK wrote: »

Hi
The other IPA is where the Official Receivers agent ( Moon Beever ) collects your tax for the duration of the financial year.

I always have the urge to sing "MooOooon Piiiiiiig dot com" when I hear the Moony Beavers mentioned

:rotfl:

skylight

Thats just it. You can get the tube and you are allowed new clothes and you are allowed real food and not beans on toast, a BR SOA is far more lenient than a DMP or IVA one. But there are no guidelines as such (the rough estimates are a bit out of date now but are listed on here somewhere). An SOA is looked at as a whole rather than trying to max out "allowances".

Some things are not allowed - like Sky or an emergency fund, but you can list a holiday fund, dry cleaning, travel costs etc.

antarctica

I like beans on toast, aren't we allowed it as bankrupts?

Ooops, had it for lunch the other day too

Reviva_UK

Sky tv is not allowed as it is a luxury, however monthly telephone costs are allowed at around £55 . If this incidentally covers broadband, telephone and tv that is ok.

you need to budget for all yuour expenses but don't be extravagent.

Thinmgs like haircuts happen so there ia a cost.
Food is generally £190 - £200 for an individual
utilities are what they are
clothes are likely to be £40 pm
opticians, prescriptions, travel, contents insurance, TV licence etc etc etc.

go through your list and then review it after a few days incase you have missed something

b-man

hi reviva - could you show me where you get the £55 from -

im not doubting you at all - just thinking that it might say what else is given a guide figure - i really need to get the correct facts for this

tigerfeet2006

That is the standard amount for a family for LL and mobile services, if you are single you will have to put a little less.

If you put up your SoA as it stands now some one can look at it as an OR may look at it. This is the template we use. Format it to MSE and copy it in a post.

http://www.makesenseofcards.co.uk/soacalc.html