IPA Help Please!!!!

squarebod

Hi all,

Please be patient as although this site has been my lifeline for the past four months during our bankruptcy I have never posted before!!!

My husband and I declared ourselves bankrupt in October 09, we moved out of the family home and into rented accommodation and although not a pleasant experience I can honestly say I would do it all again if for nothing else but the ability to have a decent nights sleep at last.:T
We are now debt free, have an IPA of £300 per month for the next 3 years, which I have to say is fantastic considering the mess we had got ourselves into.

I have a question that I hoping some kindly person can answer or at least give me an idea about.
My husband works full time and I part time, we have four children, I went back to work as we were in so much debt we needed another income.
My husband has since had a promotion and the increase in salary is more than my income per year, we have notified the OR and as soon as my hubby has a clear months payslip the OR will look at reassessing our IPA (increase), with all of the childcare issues etc I am considering giving up work and one again looking after the children and home (full time job in itself).
My question is if I gave up my job, would the OR still increase our IPA due to the increase in my husbands salary or will they take my decrease into account also. My hope is that my decrease and the increase will leave us in the same position or less IPA than we are paying now? I don't want to leave work and the OR take more IPA because I have left by choice.

Gosh sorry thats long winded! hope someone can help.

confused76

hi there and welcome
sounds like you have through it...
the OR will take the increase and decrease into account.

squarebod

Thanks for you quick reply and fr the kind welcome, that was what I had hoped I just wndered whether we would be penalised for voluntarily leaving employment as opposed to redundancy etc.

Thanks:)

sizzler

Hi there and welcome.

Not 100% sure but if you are basically working now to pay for childcare then I would think OR would be ok.

Especiallyas your OH has an increase in wages so IPA would not change really.

Good luck sizzler:j

PS I am glad you can sleep again, I used to stay upo all night aswell with the worry:mad:

motherb

hope you donot mind me asking but how much disposable income did you have to pay £300 on ipa,i am dreding this we have telephone interview with or on the 1st feb and we will have a disposable income of about £750 thanks

dojoman

motherb wrote: »

hope you donot mind me asking but how much disposable income did you have to pay £300 on ipa,i am dreding this we have telephone interview with or on the 1st feb and we will have a disposable income of about £750 thanks

If you have a DI of £750 then you will have to pay £525 (70%) this is the maximum amount they can take.

sizzler

I have nothing against IPAs, Part of our duty, But did not realise it went up to 70%:eek:

Thanks for info dojoman

sizzler

dojoman

sizzler wrote: »

I have nothing against IPAs, Part of our duty, But did not realise it went up to 70%:eek:

Thanks for info dojoman

sizzler

Hi Sizzler, here is the table the OR`s use.

The percentage the OR can take for an IPA depends upon the excess:

Between £100 and £249 = 50%
Between £250 and £349 = 60%
Between £350 and £499 = 66%
£500 or more = 70%

70% is the max the OR can take so even if you have £2000 DI the OR can only take 70%.

Still very favourable compared to an IVA!

sizzler

I know what you mean, I got turned down for IVA.

Just havent come across many people BR on board with more than a Basic wage or benefits etc.

Thanks for info:j

dojoman

sizzler wrote: »

I know what you mean, I got turned down for IVA.

Just havent come across many people BR on board with more than a Basic wage or benefits etc.

Thanks for info:j

There is quite a few if you look.:)

motherb

the only reason we have £750 disposable income is because i returned to full time work a few month ago , my oh is on benefits i only increased to try and get sorted but gave uptrying that is why we went br.:)