IPA & responsibilities after discharged

khanji17

Hi There,

My husband and I declared ourselves bankrupt in July this year. I wasn't given an IPA as Im not working at the moment and looking after my children, but husband was assigned an IPA of £100 per month.

I had some confusions.

1. if after being discharged from bankruptcy, I start working again, do I have to inform the OR? (bearing in my I don't have an IPA)

2. If my husband starts earning more or does some extra work after being discharged, does he have to inform OR and would his IPA fluctuate accordingly?

3. We get to keep our house as it is in negative equity. But we are only paying £270 per month as payment is interest only. I requested my OR if we can do a fixed rate deal with the mortgage company as the interest is low at the moment and hopefully when the market picks up the payment won't go too high, she did not allow it. Can I dispute that? The mortgage is in the joint names of myself and my husband.

Thank you in advance

dojoman

khanji17 wrote: »

Hi There,

My husband and I declared ourselves bankrupt in July this year. I wasn't given an IPA as Im not working at the moment and looking after my children, but husband was assigned an IPA of £100 per month.

I had some confusions.

1. if after being discharged from bankruptcy, I start working again, do I have to inform the OR? (bearing in my I don't have an IPA) No the IPA has to be in place before discharge.

2. If my husband starts earning more or does some extra work after being discharged, does he have to inform OR and would his IPA fluctuate accordingly? Yes and possibly, depends on the amounts and frequency you are talking about.

3. We get to keep our house as it is in negative equity. But we are only paying £270 per month as payment is interest only. I requested my OR if we can do a fixed rate deal with the mortgage company as the interest is low at the moment and hopefully when the market picks up the payment won't go too high, she did not allow it. Can I dispute that? The mortgage is in the joint names of myself and my husband.Not too sure but I didn`t think the OR could dictate what type of mortgage you had.

Thank you in advance

Hope this helps?

khanji17

Thanks dojoman,

The OR said that if my husband takes on extra work occassionly, we don't inform her about that. But if it becomes a regular thing then we have to tell them.

With the mortgage issue, we were told that if we settle for a fixed rate our repayment will go higher from £270 to somewhere in the region of £500. So, there won't be money left for an IPA. So the OR said that you can change your mortgage but use the disposable income to pay towards it and IPA will still be in place. whereas, if IPA is in place then we can't have a fixed deal on the mortgage.