Insolvency service

greycat_2

Please can anyone help me, I was declared bankrupt in December 2012 after saving and saving to finally feel some relief. I didn't think that would be it but when contacted by the insolvency service they want to take all of my excess income for me to pay towards my bankruptcy for the next three years.after speaking with debt counsellors etc this was not explained to me and when talking to Thera some have said this shouldn't be the case as bankruptcy has to be a form of a fresh start so you remain out of debt. I don't know what is correct or not and could really do with some guidance

fermi

They are referring to an Income Payment Agreement.

See this link: http://www.bis.gov.uk/insolvency/personal-insolvency/income-payments-orders-and-agreements

Whoever advised you should have told you this might be the case. :huh:

PippaGirl_2

greycat, the info on IPA's was included in the link that Tigerfeet posted on your thread that you started last January.

Bankruptcy has two purposes, one to enable you to have a fresh start and draw a line under the debt but also aims to gather as much as possible from your estate or income to pay towards your debt.

It would be a good idea to put up your SOA here on the board and we can advise you as to whether your figures are reasonable or could be adjusted at all. Lots of people do that before going BR to help them prepare.

fermi

Who were the "councillors" if you don't mind me asking?