High IPA - is there an alternative

SteveJP

Hi folks,

Looks like my bankrupcy is finally going through and I've just had the letter through regarding my IPA. At the time I was on £28,000 per year and they have come back with an agreement of £477 month (they estimated it'd be £340). I have just changed jobs and am now on £32,000 but that will raise to £35,000 in the next couple of months. Needless to say my IPA will also rise.

My house was taken when I went bankrupt so all that's left is unsecure debt which I wouldn't imagine would come to much more than £20,000. Is there an alternative where I can cancel the bankrupcy and pay my debtors? It seems that over the next 3 years I'll be paying around £15,000 anyway so I may as well pay that withing the "bankrupt" tag.

Thanks
Steve

peachyprice

You can approach your OR about the possibility of a Fast Track IVA.

maxmycardagain

you wont have a choice once bankrupt, your U/S debts will be wiped, you will be totally debt free, so its your choice, 3 years IPA or overturn the bankruptcy dont go pay the debts, im confused by your conflicting comments tho...

Looks like my bankrupcy is finally going through

My house was taken when I went bankrupt

I've just had the letter through regarding my IPA

Bit late for an IVA if your already bankrupt, and by the way, and IVA gets registered on the IS website just like a bankruptcy, just for longer.....

peachyprice

Max, a FTIVA is completely different to an IVA, it's arranged after BR if you come into money you weren't expecting and is supervised by the OR, OP does have a choice.

Steve,
Have a read here.

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch13-24/Chapter20/part6/Part_6.htm

maxmycardagain

FTIVA or not, if you have £35K income and no debts then yes, you will get clobbered, which seems fair to some, if you coulda paid the debts you neednt have gone BR

simple

as the OPs house has been repo'd under his BR (and any shortfall included in the BR) he may be underestimating the debt total, (so all that's left is unsecure debt which I wouldn't imagine would come to much more than £20,000) if his mortgage lender got wind id guess they would want paying too......plus any debts secured on the property!

peachyprice

SteveJP wrote: »

My house was taken when I went bankrupt

maxmycardagain wrote: »

as the OPs house has been repo'd

There's nothing in OP's post to suggest repo, unless I've missed something.

maxmycardagain

SteveJP wrote: »

Hi folks,

Looks like my bankrupcy is finally going through and I've just had the letter through regarding my IPA. At the time I was on £28,000 per year and they have come back with an agreement of £477 month (they estimated it'd be £340). I have just changed jobs and am now on £32,000 but that will raise to £35,000 in the next couple of months. Needless to say my IPA will also rise.

My house was taken when I went bankrupt so all that's left is unsecure debt which I wouldn't imagine would come to much more than £20,000. Is there an alternative where I can cancel the bankrupcy and pay my debtors? It seems that over the next 3 years I'll be paying around £15,000 anyway so I may as well pay that withing the "bankrupt" tag.

Thanks
Steve

peachyprice get glasses.....

maxmycardagain

peachyprice wrote: »

There's nothing in OP's post to suggest repo, unless I've missed something.

there is and you did

nervousmother

SteveJP wrote: »

Hi folks,


My house was taken when I went bankrupt so all that's left is unsecure debt

Know where your coming from max, but could also be read as the OR has taken/sold the property.
Think the OP is a little short of details.

maxmycardagain

unless by "taken" he means alien abduction......

maxmycardagain

its not just details hes short of.............