Urgent news on IPA's - Changes for BRs after 01/12/2010

nilpennies

now wrote: »

I would have thought that you would have heard something by now as you must only have a few weeks to go, have you been contacted at all through the year re filling in thr paperwork for an IPA? when are you discharged?

We have 1 payment left on the BI and are expecting to hear from the OR once that has been payed

now

nilpennies wrote: »

We have 1 payment left on the BI and are expecting to hear from the OR once that has been payed

Is the last payment before or after you are AD, if ir is after then they cant ask for an IPa

nilpennies

We are ad Dec 22nd, so we have one last bi payment left. When I read about the changes on the 1st Dec, I am worried sick. My hubby earns £560 pm, I too pick up the odd shift and to think we have been to hell and back 2yrs previous to the br, a yr br then possibly a further 3yrs....You get less for murder nearly. I have a 15yr old thats in receipt of dla, even he cant go to half his clubs as we need it for the bi. Our car has been sat on the drive way for the past 8 days as we dont have money to put it in a garage, so its £20 in taxis to the other end of town to work a night shift....I think I will just give the lot up, not much more fight in me now to be honest.

Tupperware_Queen

IVA issue...being forced to remortgage to release equity in property is directly (in part, anyway) responsible for my current situation....mortgage at 95% of value in year 4 of IVA - house is now worth less (by almost 20,000) than it was on that date!!!!

fermi

Queen wrote: »

Hi, just read the changes me and hubby are into our 2nd yr of IPA, does this mean we will not be effected by the new changes, if we are does this mean they will re-look at amounts they will allow for instant gas and electric they would only allow £120 for both but we pay £106 for gas and £72 for electric we hardly have the heating on its an old property will they allow the full amount as we pay the difference out of the surplus, plus things like emergency fund in case anything goes wrong with the property or car we would never be able to sort these if we had not surplus at the moment we have £120 surplus after we pay IPA of £120 per month, this worries me that we are need to advise when our mortgage payment goes up they will apply the new changes :mad:.

According to the extract from the TN/whatever that debt doctor posted earlier, people who already have IPAs will have them continue to run and be assessed under the old guidelines.

kepar

This will probably upset a few posters on here, but you should stand back and read what you are writing.
In some cases posters are arguing that they would not have gone br if they might now get an IPA, you have had £000's written off and how else would you get by. Okay you may have to tighten the belt for 3 years if you get an IPA, surely a small price to pay. Agh you say I will take out an IVA , but what if that fails after say 4 years and all that living on tighter allowances than br is for nothing as you will still go br.
I admit the timing is bad, but we through one way in another have ended up in this position, thankfully through br my wife and I have had a chance to rebuild our lives. If we hadn't done it we would probably now be homeless , jobless and facing total despair. Br is not for everyone, but it has its benefits and complaining that you willnot have any spare money is a small price to pay.
Apart from credit how much spare money have you got now, NOTHING precisely that is why you are thinking of doing it.

debt_doctor

Hi,

I wish I had more info to give you - but I'm not supposed to have the info I already have!

The document released to all IS offices is 3 pages long and makes it very clear that this new ruling will ONLY affect the potential IPAs of those going BR AFTER Dec 1st 2010. Those who are currently under IPA agreements will continue to be assessed under existing rules. Those who are currently bankrupt and do not have an IPA will NOT be re assessed using the new rules.

DD

elliesmemory1

debt_doctor wrote: »

Hi,

I wish I had more info to give you - but I'm not supposed to have the info I already have!

The document released to all IS offices is 3 pages long and makes it very clear that this new ruling will ONLY affect the potential IPAs of those going BR AFTER Dec 1st 2010. Those who are currently under IPA agreements will continue to be assessed under existing rules. Those who are currently bankrupt and do not have an IPA will NOT be re assessed using the new rules.

DD

Thanks very much for that, I hope it puts peoples minds at rest. Im sorry for those about to go br though its hard enough as it is.

Tupperware_Queen

thank you DD.

I kind of agree with you Kepar - I really didn't have any other choice than the BR, and I know that once it is all done and dusted I will be able to make a new start without the baggage of a failed marriage and the debt which accompanied it. Maybe the point of the change is to make those who have an alternative to BR to really consider it. I don't have any problem with making payments, I know that the debt built up over several years and recent circumstances made it impossible to resolve. My concern is that I'll get asked to make payments I can't afford - and from what DD and others have said, this won't happen. I think that this will maybe stop people working overtime or going for promotions etc, as they will not really benefit from the additional income, whereas previously they could have at least kept some of it.

Does that make sense or am I waffling....been a long day at work and my brain is frazzled!!

WLITC

debt_doctor wrote: »

Hi,

I wish I had more info to give you - but I'm not supposed to have the info I already have!

The document released to all IS offices is 3 pages long and makes it very clear that this new ruling will ONLY affect the potential IPAs of those going BR AFTER Dec 1st 2010. Those who are currently under IPA agreements will continue to be assessed under existing rules. Those who are currently bankrupt and do not have an IPA will NOT be re assessed using the new rules.

DD

Thanks DD, appreciate you making it clear. I was getting myself all stressed out. Still not nice for those going BR next week tho. Most will have booked their court dates weeks ago and the first they'll hear about this is when they get their OR interview. The IS really should be given more notice before bringing this in, at the very least it should have been 1st of Jan 2011 not next week.