Income Payment Agreement

jamesy1974

Hi guys, this is my first ever post on here, so hello!

Just wondered if anyone might be able to help on this. I was declared Bankrupt in June 2009, and I started a 3 year Income Payment Agreement from September 2009 to last for 3 years. Now I was discharged from Bankruptcy in January 2010. I still carry on paying the IPA till the end of the 3 years. Now my question, if i'm discharged from Bankruptcy do I need to declare my salary increase that i'm due to satrt getting from November 2010, because the wording i've is that I need to make them aware only during Bankruptcy? Can anyone help in this? Thanks so much.

IF

Hi James and welcome, If you have an IPA or IPO and you have a wage rise which is more than a few pounds a week. You have a duty to inform OR or trustee within 21 days. You signed to abide by this when your IPA was agreed.

http://www.insolvency.gov.uk/freedomofinformation/technical/casehelpmanual/I/IncomePaymentsAgreements.htm

Best wishes
If...x

jamesy1974

Thanks for the info, so with regards to the increase in salary would they take half of this?

IF

After your SOA expenses, these are the percentages the OR takes from your surplus.

The percentage the OR can take for an IPA :-



70% is the max the OR can take so even if you have £2000 DI the OR can only take 70%.

jamesy1974

Hey, so I currently pay £69 a month for my Ipa. I've just got an increase of £3000 a year which works out at £250 a month before tax n ni. So would they take 50% of the £250 after tax n ni? Sorry a little unsure of this part. Thanks for your help

debtinfo

They would look at your whole income and expenditure again, for instance you may have had increased expenses as well as increased income, you might not. but bascically you need to tell them and they will review the situation

jamesy1974

Thanks so much for your help