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Ipa help
motherb
Posts: 239 Forumite
HI all or interview on monday dreading it, still cant get my head around ipa oh and myself both went bankrupt on the 15th jan he is on benefits and just a small pension and then i have my wage.I keep reading that they dont count certain benefits so would or still add everything together including benefits and work out ipa.:)
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hi, this is how the OR works out the IPA
http://www.insolvency.gov.uk/DocumentLibrary/Policy/Excel/Income%20payment%20Calculator%20final%20nov%2006.xls
Put all of your income plus your benefits in the top box, put your husbands income and his benefits in the second box (the whole amount, not his contribution). If you have joint benefits they go in your section only.
then fill in all the whole amounts for the joint expenditure (rent, food, bills etc) and put a Y next to them. Then put any personal expenditure in as well (without a Y). Your husbands personal expenditure is not put on this form.
it will then show an amount at the bottom which should be the IPAHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
If your income is totally from benefits then no IPA will be put in place. However if you have some other source of income, then the benefits are to added that and if enough surplus is left then you may get an IPA.:pB&SC No. 298
Life`s Tragedy is that we get OLD too soon
and WISE too late!0 -
Thanks for that :T0
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If only 1 person has gone BR do the benefits still all go into the top box ?
ThanksBankrupt 07/10/2009
Early Discharge 20/05/20100 -
the benefits assigned to you, or any joint ones, yes.
the idea of the calculator is to split the outgoings up fairly and and to proportion it against the bankrupts relative household incomeHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thanks for that.
Is this quite new as I thought that outgoings were generally split 50/50 ? unless income was massively different.Bankrupt 07/10/2009
Early Discharge 20/05/20100 -
Also (sorry for being thick) when you say jointly assigned to you do you mean only if you get paid them directly ? What happens if the non-bankruptee gets paid them but they are child benefit and tax credits for both parties ?#Bankrupt 07/10/2009
Early Discharge 20/05/20100 -
no it has been used for a long time, they only split them 50/50 if the partner is unwilling to disclose their incomeHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
normally the award letter will say who it is toHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Will let everyone know what happens on monday
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