IPA - Can you contest them taking 70% of surplus

Bevyh4525

Hi Guys and Girls,
Here's one for you.....

Do you have to accept the proposed IPA agreement set by your OR?

The girl that I am being OR'd by has requested 70% of my surplus which is £517. I am looking to do a new SOA as my boyfriend has asked me to move in with him. Should I contest it and submit a new SOA or should I just accept my fate at paying back £18,000 of my debt, hardly seems it was worth going BR after all that!!

Does anyone have any advice on where I go from here?

Thanks
Bev

skylight

Yes! IPA - A stands for agreement. You have to agree.

Firstly, have you asked for a full breakdown of how they have arrived at so much surplus? If not, do so today. That is a lot of surplus - high income or low outgoings then??

The IPA is also flexible. So once you have moved in with BF then submit a new IPA/SOA form and see what happens.

Youthiswastedontheyoung

I might be wrong but my understanding is that there is a scale of what they can take and if you don't agree to it they can get it changed to an order through court rather than an agreement. Someone more knowledgable will be along to answer in more detail
Good luck with the move

Rafter

You cannot dispute the 70% but you can contest how the surplus income has been calculated. Are you sure you put down all your bills and outgoings? Post it on this forum and someone will give you advice?

Without meaning to sound harsh, if you earn £800 a month more than your basic outgoings, why shouldn't your creditors receive most of that? Presumably £18,000 is a lot less than the debt that was included in your bankruptcy, otherwise the court would not have allowed it and your advisors would have recommended a less drastic debt solution?

Good luck

R.

maxmycardagain

Bevyh4525 wrote: »

Hi Guys and Girls,
Here's one for you.....

Do you have to accept the proposed IPA agreement set by your OR?

The girl that I am being OR'd by has requested 70% of my surplus which is £517. I am looking to do a new SOA as my boyfriend has asked me to move in with him. Should I contest it and submit a new SOA or should I just accept my fate at paying back £18,000 of my debt, hardly seems it was worth going BR after all that!!

Does anyone have any advice on where I go from here?

Thanks
Bev

how do you get £18,000?

is the £517 after the first (ignored) £100?

£517 x 70% x 36 months = £13,000
£417 x 70% x 36 months = £10,500

or is the OR asking for £517? (available to pay debts/surplus £738)

out_of_cash

i think its a fine line who gets what in the br process i spoke to the OR yesteday and was told the fees alone in br can go into thousands so the creds are likely to get a very small proportion.as for giving them back ipa,moral duty etc, that just makes me laugh has they have had more than their fare share from the debtor in the 1st place,especially where credit card debt is concerned.My circumstances were i found myself unemployed told one of my visa card companys about this straight away and they banged my rate up from 4.9% to 34.9% that really shows thei all heart i wouldnt shed a tear for any of them,they do not for 1 min take into acount a persons circumstances can change and do" i bet they are starting to understand and listen now though"

Bevyh4525

I received an original proposed IPA amount of £534 for 36 months, which was over 70% of my surplus of £684. The OR then recalculated it as £517 as I had spotted it was £56.00 over! I was expecting to be hit hard by an IPA but expected around £300-400. I have requested that the OR sends me her breakdown of what my surplus and allowances are...

I am not shirking my responsibilities at repaying the debt, but at the age of 30 to still be reliant on ones parents is quite frankly taking the proverbial!! I want to move out!! and repaying £517 per month, that's not going to happen anytime soon!!

peachyprice

maxmycardagain wrote: »

how do you get £18,000?

is the £517 after the first (ignored) £100?

£517 x 70% x 36 months = £13,000
£417 x 70% x 36 months = £10,500

or is the OR asking for £517? (available to pay debts/surplus £738)

Max, the first £100 isn't ignored.
Surplus of £99 = no IPA
Surplus if £101 = £50 IPA
You pay 50% of the £101, not 50% of the £1 over the £100.

debtinfo

As the others have said if the outgoings are correct and accounted for, you could dispute it and go to court but the judge will just make it an order for 70% which is much harder to change later.

With an IPA even if you start paying this amount now then when you move in with your partner it will be reassessed

delcon68

Hi you can still move out if that is what you are intending to do. You will just have to fill out a new form with your new expenditure. You only pay it IPA on your suplus after you have taken all your living expenese out so if your living expnese go up your ipa goes down. Good luck and dont give up if that is what you want.

Debbie

fatou256

out_of_cash wrote: »

i think its a fine line who gets what in the br process i spoke to the OR yesteday and was told the fees alone in br can go into thousands so the creds are likely to get a very small proportion.as for giving them back ipa,moral duty etc, that just makes me laugh has they have had more than their fare share from the debtor in the 1st place,especially where credit card debt is concerned.

the Or administration fee alone is just over 1700 pounds then you have to consider the fee ofr moon beaver also whcih are bet they are ferw thousand too .. so liek you creditor get very little if they do have something ... lol