Change of income after IPA issued?

PippaGirl_2

Never heard of that, who told you that and what was their information source? I just googled and found an interesting thread from someone who had been told the same. The concensus of the board members was that the IPA lasts 3 years and even if the OR did accept a lump sum, the IPA is still in place and if your income were to rise you would still need to declare this and set up a new payment as you would still be liable for any increases. But at the end of that thread it seemed impossible anyway.

tigerfeet2006

How soon will this change to your income happen?

Finallysorted

Pippa - it was a friend's friend who has gone BR before and she said she had heard of somebody paying a lump sum. I know you can with an IVA as just googled that....now am worried I should have gone down that route instead of BR :-(

I dont know yet TigerFeet, possibly could see the income change in my end of September pay packet but I doubt before then.

tigerfeet2006

Hmm! May be worth a call to the OR and explaining what has happened and when the reduced hours start and when you get your first reduced pay packet. He may say sign the forms and send them in or he may say don't bother. It is always worth a punt.

sniggings

Maybe you heard about an IVA not an IPA being paid off early with a lump sum?

debtinfo

When you say you think your hours are going to be cut, have you been officially informed that they will?

iamnotapanda

Hi Finallysorted. I share your frustrations, I wasn't told about the IPA taking 100% of what was left of my wages after bills. So i too feel like my fresh start is 3 years away. My IPA hasnt been set up yet, have they taken everything from you which wasnt in the SOA? I can't believe that 2 years ago it was 50-70% and now its 100%.

Well, I can... introduction of student loans, stamp duties... I always seem to be out of pocket by changes to legislation! Born at the wrong time!

Finallysorted

Hi guys sorry for the delay have had another rather stressful week but staying strong & positive! Dont want to go into it too much as know it will just further stress me but basically my job is no more as of the end of this month so wont be on the same money as is stated on my SOA but am still in the IPA as OR told me that my circumstances are currently still the same, so I had to send the signed agreement back today so am officially tied in for 36 months now! Oh well at least I know when I will be able to start my life afresh again.

It is very frustrating but I do understand the creditors are entitled to some of their money back - I just truly wish I had been given the correct advice about being tied into letting the OR know my income/home changes over 36 months even after being discharged....I was so looking forward to a fresh start in a year's time but guess its just the price I have to pay (pardon the pun lol) for getting into so much debt in the first place.

My OR has told me to contact MoonBeaver about any changes made next month when I have left my job - is this normal?

debtinfo

Yes thats normal, Moonbeever are the firm that administrates the IPA's on behalf of the OR