No IPA - What If Situation Changes?

BaldEagle

Final question for the night. Sorry to bombard you all but, as I'm sure you appreciate, taking this step is a massive one and I'm trying to make sure I'm covering all my bases.

My SOA is likely to show no disposable income. Certainly not the £20 per month that would invoke an IPA so my question is:

If no IPA is put in place once I am declared bankrupt and my income were to increase, what would happen?

Given the fact that my income hasn't increased for years, it's unlikely but what would happen if I suddenly found a new job that took me into IPA territory?

ton1

BaldEagle wrote: »

Final question for the night. Sorry to bombard you all but, as I'm sure you appreciate, taking this step is a massive one and I'm trying to make sure I'm covering all my bases.

My SOA is likely to show no disposable income. Certainly not the £20 per month that would invoke an IPA so my question is:

If no IPA is put in place once I am declared bankrupt and my income were to increase, what would happen?

Given the fact that my income hasn't increased for years, it's unlikely but what would happen if I suddenly found a new job that took me into IPA territory?

If your circumstances change, you could get an IPA anytime until being discharged.

BaldEagle

And would it still last for 3 years? So if, for example, I got a new job 11 months in, would it be 25 months or three years?

ton1

BaldEagle wrote: »

And would it still last for 3 years? So if, for example, I got a new job 11 months in, would it be 25 months or three years?

My understanding is that once implemented it will run for a full 3 years but I am open to correction.

mrcurious_2

I understand it's 3 years also from when implemented - good luck

tigerfeet2006

The guys are correct, it runs for 36 months from the first payment. But it can be altered if your circumstances change and they are quite ameinable if you have a large bill to you not paying one month and adding it on.

If your circumstances change at any point you let them know with in 21 days and they will alter it up, down or suspend it if needed, the suspended months count towards the 36 months.

BaldEagle

Thanks everyone for the responses. As I say, it's unlikely but nice to know what would happen.

You guys are great!