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anyone paid6 months rent and had ipa because if it

MITZIW
Posts: 180 Forumite
just wondered if you do manage to save 6 months rent so you have spare money for 6 months do you get an ipa because of it?
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Comments
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New one to me.
It depends on where money came from, OR would definetly ask.
If you had that sort of spare money you would probably be paying an IPA.
If money was paid by relative and you did not have any, and you could prove to OR i think would be ok
sizzler:)0 -
cheers, i mean if you have a long time waiting for reposession so manage to save lots of rent (very unlikely for us lol) so you dont always have that spare cash just until you move into rented house. was just wondering about it.0
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Do you mean that once you are BR you stop paying the mortgage and put the money to one side for deposit and rent?
Or do you mean before you go BR you pay 6 months rent up front?Accept your past without regret, handle your present with confidence and face your future without fear0 -
before you go br and saving for rent and stop paying mortgage, then go br and they see you have paid 6 months rent upfront.0
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If when they llok at your case you are not paying rent because it is prepaid then you will have more surplus and so open to an IPA, at least for a few monthsHi, 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 -
You should be including your normal rent payment into your SOA, as otherwise after 6 months you'll have to amend your IPA. If you've prepaid it you've still paid it and are liable for it so you should include it in your SOA.Total 'Failed Business' Debt £29,043
Que sera, sera.0 -
got to disagree, if you are not going to be paying it for 6 months it should not be on the SOA at this time, when that changes in 6 months the OP should update the OR at that time, You cant have the money counted twice, the original lump sum is not available to the OR as it has been paid for in advance so the income coming in should be available to the OR, its one or the other not bothHi, 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 -
got to disagree, if you are not going to be paying it for 6 months it should not be on the SOA at this time, when that changes in 6 months the OP should update the OR at that time, You cant have the money counted twice, the original lump sum is not available to the OR as it has been paid for in advance so the income coming in should be available to the OR, its one or the other not both
Granted OR/trustees work in different ways so only way to know for sure would be to contact the court office involvedTotal 'Failed Business' Debt £29,043
Que sera, sera.0 -
but the money that paid it was not an income it was an asset, a lump sum or savings which you have denied the OR by putting it into pre paid rent (not saying this is wronag as required by landlord, just a statement of fact). If the OR did not take this stance what would stop a person who received say a large redundancy payment just before bankruptcy, from paying 3 years rent up front and then still claiming the rent each month on the SOA.
same principle applies the OP does not need to pay rent for the 6 months as it has been prepaid and so cannot be claimed on the SOA during that periodHi, 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 -
but the money that paid it was not an income it was an asset, a lump sum or savings which you have denied the OR by putting it into pre paid rent (not saying this is wronag as required by landlord, just a statement of fact). If the OR did not take this stance what would stop a person who received say a large redundancy payment just before bankruptcy, from paying 3 years rent up front and then still claiming the rent each month on the SOA.
same principle applies the OP does not need to pay rent for the 6 months as it has been prepaid and so cannot be claimed on the SOA during that periodTotal 'Failed Business' Debt £29,043
Que sera, sera.0
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