We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Question about bankruptcy and IPA
Ronnie_O
Posts: 48 Forumite
Hi all. Just a thought. If I'm working and have an IPA in place, loose my job (contact OR to update SOA) and then get discharged...I presume the OR wouldn't attempt to set up a new IPA once I start working again because I'm discharged. Could anyone shed any light on this please?
0
Comments
-
If you have an IPA in place, then it is usually suspended rather than cancelled.
In fact, when an IPA is suspended it is actually 'varied'. In other words, it is assessed that the amount to be paid under it per month is £0.
The IPA still exists, and if you again earn more, then can payments can be restarted.
A person or two here has been lucky enough to have the IPA formally cancelled, but that is the exception rather than the rule.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards