The june 2010 br club.

evenstar2009

i've got my IPO & IPA stuff back from the OR and the figure i have to pay back per month out of my so-called disposable income is higher than what i was originally paying in repayments which i failed to meet obviously hence the BR -this can't be right surely?!! Anyone else had an extremely high IPO/IPA back? Briefly, after outgoings have been taken from my incomings, i'm left with £150, OR calculated i had a disposable income of £489 (i wish!) and that it would be taken as a monthly payment along with the £411 income tax i pay so creditors are going to be getting a higher amount per month albeit for a shorter time.

Example from the Insolvency Leaflet about IPA:
Say you were made bankrupt on 15 September 2006 and after all spending is deducted you have real disposable income of £300 a month. It is likely you will have an IPA or IPO to pay £150 a month for 36 months.

So how come i'm being hit with a massive amount that i can't pay?

dojoman

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%

Post your SOA up on the forum and let us take a look at it.

evenstar2009

thanks yes will do its at home at the moment so will post up here tomorrow. Those %'s are interesting though - they say my disposable amount is £489 and they want 100% of it!

;0)

indebtinsussex

I keep tormenting myself and looking at the insolvency website to see my name

dojoman

evenstar2009

Here's my IPA information as given to the OR and a few workings out of my own!

Income £2083 the less tax £411 and NI £235 = £1437
Child benefit £81
Tax credit £380 (to cover 80% of childcare costs)

= £1898

outgoings

Childcare £481
Mortgage and rent £443
Secured loan repayments £190
Student loan repayments £141
Groceries £320
Petrol £100
Council tax £82
Gas & electric £61
Water £24
Clothing £50
Telephone £42 (incl broadband as sometimes i have to work at home)
TV Licence £14
Car insurance £33.38
Road tax & maintainance £48
Meals at work £25
Medical / dental £25

I make this to be a total of £2065.38 which is more than my current income.

However:
The OR calculated i had an income of £2083 from salary plus £464 from tax credits and benefits (= £2547).
They then calculated my outgoings at £1849 leaving a difference of £698 which they worked out 70% for BR repayments which equals £489.

They have not shown in my income any deduction for National Insurance and have listed childcare as only £210 - these 2 missed payments alone are nearly £500.

I'm not Carol Vorderman but i can work out that there is a massive discrepancy in what they have done and what is the actuality.
In addition to the above £489 they want me to pay they are also taking the £411 income payment direct from my pay.

dojoman

Last day of the month bump

IF

dojoman wrote: »

Last day of the month bump

Well done Dojo for this month lol x;)

wok_boy

Now wait for 11.59 for the last bump of the month

Needshelp_2

Was declared bankrupt on 1st June at 14.37. OR interview tomorrow at 9am, so a wait of a month, and am really not looking forward to it.