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

IPO's

mcajshaw
mcajshaw Posts: 130 Forumite
in Bankruptcy & living with it
Sorry to start a new thread but didn't seem to follow on from my previous one. In the case of IPO's how much discretion is decided by the O.R? Do they simply work to a percentage of your surplus income or do they analyse your case and circumstances etc, and see how responsible they think you were??

Are they always for 36 months or can this time frame vary? What are the factors that influence the decision on the severity of an IPO? Does everyone who has spare income get one?

Comments

  • mcajshaw
    mcajshaw Posts: 130 Forumite
    Sorry this should have read "IPA" - Income Payment Arrangement. Sorry it is getting late :mad:

    I will look for a reply in the morning - I am shattered :-D
  • bat-out-of-hell
    bat-out-of-hell Posts: 480 Forumite
    No, an IPA is fixed at 36 months from the date it is started, the amount can vary, or be suspended, but the IPA is for 36 months regardles.

    The only exeption is if you ask for any due payment to be deffered, and the OR agrees, rare, but has been known in exeptional situations.
  • beentheredonethatstilhere
    beentheredonethatstilhere Posts: 968 Forumite
    They look at how much surplus you have after agreed expenses have been taken into account and then it is a percentage of the surplus
    ipa_table.gif

    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.6K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.5K Spending & Discounts
  • 247.4K 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

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture