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

FuzzyCub

Windsurf wrote: »

Does anyone know where people can find the maximum allowances to put on the SOA or IPOQ forms as this may help people in the future reduce surplus?

This is an example of how these new guidelines will affect future BRs.

People will feel pressured to manipulate their SOAs/I&Es to provide a safety net for themselves and their families, coupled with a disincentive to increase your income through pay rises or career progression etc as all but £20 surplus would benefit the IS but have no benefit to the BR. I feel people will be less honest with their OR than has been the case.

BR was a total lifeline for me, and will remain so for many in the future I'm sure. These new guidelines are scary nevertheless. :eek:

Windsurf

I'm glad this does not affect me, but i feel so sorry for the future BR's as even being left with a £99 surplus each month for emergiences etc is not great. Even if i was fit and well enougth to work I would definatly stay on benifits until my BR was through and I am sure others will do the same, even deliberatly getting fired from jobs to enable them to get benifit whilst going bankrupt.

My personal optionion is that this move is to deter people from going bankrupt and to keep on struggling on and living in debt paying the banks massive fees which only the rich will benifit from.

live'n'learn

Hi guys,

i am a real dummy when it comes to all of this stuff so can someone out there please put this into laymans terms please?

I am about to declare myself bankrupt but surely its too late for me to do this before Dec 1st and how will this effect me after Dec 1st?

Thanks

J

dojoman

If my memory serves me right, there was talk of bringing BR onto a similar level as IVA`s, regarding surplus cash well before this government was elected.

the_bright_side

Dangit my court case is on the 4th January

live'n'learn

Does this last for the one year of the Bankrupcy or 3 years or am i way of track?

confused76

keysey wrote: »

Hi guys,

i am a real dummy when it comes to all of this stuff so can someone out there please put this into laymans terms please?

I am about to declare myself bankrupt but surely its too late for me to do this before Dec 1st and how will this effect me after Dec 1st?

Thanks

J

keysey wrote: »

Does this last for the one year of the Bankrupcy or 3 years or am i way of track?

hi keysey, i will try..part of the bankruptcy forms is an income and expenditure form for completion. they allow basic living expenses and previously if you had up to £99 a month after these basic living expenses you could keep it. if you had £100 or more left, then the official receiver would claim a percentage of this.

as far as i can tell (please correct me anyone if i have this wrong) you still complete the income expenditure, and are allowed a surplus of up to £20 to keep. anything over this would be claimed in FULL by the receiver.

bankruptcy usually lasts for up to one year, these payments (IPA) last for 3 years

i hope this helps

live'n'learn

confused76 wrote: »

hi keysey, i will try..part of the bankruptcy forms is an income and expenditure form for completion. they allow basic living expenses and previously if you had up to £99 a month after these basic living expenses you could keep it. if you had £100 or more left, then the official receiver would claim a percentage of this.

as far as i can tell (please correct me anyone if i have this wrong) you still complete the income expenditure, and are allowed a surplus of up to £20 to keep. anything over this would be claimed in FULL by the receiver.

bankruptcy usually lasts for up to one year, these payments (IPA) last for 3 years

i hope this helps

Thanks for your help.I find it like most people do very daunting and scary but i have made the first step of contacting cccs!!

My wife works earns just £160 month part time but its probably not going to be worth it if we were over the allowed amount.

Thanks again

confused76

keysey wrote: »

Thanks for your help.I find it like most people do very daunting and scary but i have made the first step of contacting cccs!!

My wife works earns just £160 month part time but its probably not going to be worth it if we were over the allowed amount.

Thanks again

well done on contacting the cccs....it's good to know what you're dealing with...it is daunting at first but it gets better
good luck x

Poppylachops

My husband and I went BR yesterday we saw the OR yesterday and our phonecall is next Thursday (2nd Dec) I just want someone to confirm that as we went BR before the 1st Dec we should be ok?

We're just starting to get over yesterday when I read this :eek: