Tomorrow is my final IPA payment :-)

jpr_74

Tomorrow I will make my final payment on my IPA after 3 years!

Just thought I would share the good news.....another weight lifted from my shoulders, and can be so much more relaxed about my finances! :j

Only another 3 years to go and then things will be much more in my control.......

iquit

Congratulations. It really is a moment worth celebrating. Wishing all the best with your future.

Overstretched

Hi, and congrats on gerting tomthe end
Of your IPA. We are just starting the process and as a mother to three dependants the IPA is my biggest fear. I have no
Issues paying back towards my debts and know
We will get one, but just wondered how you
Had managed and how you have found it. I am
Scared of the impact on the children mostly as I am
Happy to go without to get out of this mess. Thanks

jpr_74

Hi there Overstretched, all I can say is that I was lucky as my BR and IPA started prior to the new guidelines in 2010:

"In all cases from DEC 1st 2010, the FULL amount of surplus income above £20 should be sought via an IPA."

If my BR had been after this date, I really don't know how I would have lived, coped, or even felt clear of anything. I guess I was just lucky in my situation, if I think positive of the situation.

Just take each month as it comes and slowly but surely you will get through it - first thing to do is get the first year out the way and then keep going.

Good luck!

wharty

jpr_74 wrote: »

Hi there Overstretched, all I can say is that I was lucky as my BR and IPA started prior to the new guidelines in 2010:

"In all cases from DEC 1st 2010, the FULL amount of surplus income above £20 should be sought via an IPA."

If my BR had been after this date, I really don't know how I would have lived, coped, or even felt clear of anything. I guess I was just lucky in my situation, if I think positive of the situation.

Just take each month as it comes and slowly but surely you will get through it - first thing to do is get the first year out the way and then keep going.

Good luck!

Out of interest, what were the rules before 2010?

jpr_74

Check out this thread:

https://forums.moneysavingexpert.com/discussion/2878200

mattannar

Nice one, that extra income will feel like a tax free pay rise.