another IPA question

pauleenbruce

to cut a long story short i was originally given an ipa i spoke to the or and was told that some of my expenses had been cut, got a copy of the calculator and altered it to include school diner money pet food optitions etc the or excepted this and said that if i didnt hear from her there would be no IPA however i am starting full time job on monday and my husband has worked a lot of overtime [we did tell the or this was going to happen] we were told to get back in touch when we get paid. so my question is this should we put the extra income to one side until they decide how much we have to pay or is the money ours until an IPA is set up.

IF

Hi pauleen, not 100% on this one.......just bumping you up the board.

Best wishes
If...x

pauleenbruce

anyone got any idea

confused76

i'm not sure, but if it was me i'd keep the extra to one side just in case. i'm pretty sure i've read that an IPA wouldn't be backdated, but personally i would hang on to it just in case.

NekoZombie

fairly sure the extra is yours until the IPA is set up (at least it was for me). The problem with an IPA is it will run for 36 months from when it is set up - so you will pay in full no matter what. Could be wrong, so double check with OR but that's how it worked for me.

pauleenbruce

I thought as much. I know that it runs for 36 months and it seems a shame when you are trying to better yourself instead of staying under the radar, maybe i am a bit bitter i dont mean to be but you see so often people getting early discharge then suddenly finding a job, its a bit wrong, i dont mind paying as i am looking at the bigger picture and trying to secure some kind of future for my family,sorry i am wittering,thanks again

NekoZombie

I know how you feel. Important thing to remember is that in the grand scheme of things, an IPA every month still leaves you better off than you were a few months ago before going BR. I'm just about to make my final IPA payment in a month. To be honest, the three years have raced by!

pauleenbruce

Thanks again NZ i know your right and i know i will be able to hold my head up in the knowledge that i am doing my bestand before you know it a will be free and able to enjoy life again.

ontheroad_2

the way I look at it pauleen, is my IPA figure is about one-tenth of the monthly figure I was scrabbling around trying to find at the height of our credit repayments, so for 3 years I can totally cope with that! Remember too that your finances may change in that 36 months, so your IPA may reduce.