bankruptcy payment

duttski1983

was wondering if anyone can help me?
im currently bankrupt, untill the end of january but my monthly payment will continue for a further 2 years. my current earnings have been reduced due to a medical condition and untill my opperation and healing is finished. moon beever (the people who deal with the finacial side of the bankruptcy) have been notified of this and have informed me once certain forms have been filled in they will put the payment on hold. which brings me onto my question. What happens if i get kicked out of my parents house and have to rent myself, would they the payment on hold?????? or would they write it off all together??????

my brother was declared bankrupt but never had to make a payment because his out goings were as much as his income, he is free from bankruptcy now and never paid a penny back, so he kinda got off lightly in my eyes, where as im paying £198 at presant.
jon

skylight

It will always reflect your circumstances. If your outgoings change then inform them and this applies to whether your outgoings increase or decrease. Likewise for your income.

missyp123

from what i have read the payments are put on hold untill you are once again in a position to make repayments.

I hope someone corrects me if i am wrong but.... you can for e.g. have a gap of 2 years and then your income may increase and you will commence payments untill you have completed a total of 36 months worth of payments.

FuzzyCub

missyp123 wrote: »

from what i have read the payments are put on hold untill you are once again in a position to make repayments.

I hope someone corrects me if i am wrong but.... you can for e.g. have a gap of 2 years and then your income may increase and you will commence payments untill you have completed a total of 36 months worth of payments.

Yes you are wrong. An IPA/IPO runs for a total of 36 months and always reflects a % of your surplus income. Any months that your payment is suspended count towards the 36 month agreement.

IF

Hi Jon and welcome, hope this helps x

Taken from pdf guide.

If your trustee is satisfied that an IPAor IPO is no longer appropriate (for example because you have lost your job or your income has dropped considerably) your trustee will inform you that payments will be suspended or reduced until the situation improves. If this happens, you must tell your trustee if things improve before the term of the IPAor IPO ends. After suspending payments, if you can at any time restart the payments or increase them, the IPAor IPO will continue from that point. However, the arrangement or order will end on the original agreed date.

Click on blue link below:-

IPO / IPA (Income Payment Orders and Income Payment Agreements) (IS)

Best wishes
If...x

alastairq

untill you have completed a total of 36 months worth of payments.

not quite correct.....

if you can at any time restart the payments or increase them, the IPAor IPO will continue from that point. However, the arrangement or order will end on the original agreed date.

alastairq

my brother was declared bankrupt but never had to make a payment because his out goings were as much as his income, he is free from bankruptcy now and never paid a penny back, so he kinda got off lightly in my eyes, where as im paying £198 at presant.
jon

it is a pity you seem to see BR as a punishment for failures....

You wont pay 'a penny back' either.....


In most circumstances, IPA/IPO goes towards the costs of administering the BR.....with creditors getting little if any of what is left after the IS get their dues....

After all, administering one's financial estate truly costs.


Perhaps a better way of looking at things is to think how much better off you are compared to your brother, in that you have a superior income, with fewer outgoings?