money order

cancatsdance

i imaging after i go BR soon i will end up paying spare cash for the next few years. i earn a good amount and worked out it will be maybe £200 a month left over.

is there away to offer the OR an amount to save waiting 3 years as my parents may help. my job is not going to change or my wages for the next 10 years

alastairq

The OR can be approached to agree a settlement figure.

However, I would ask the question, 'why?'

For the first 12 months, until AD you would be under the restrictions of Bankruptcy, anyway.

Once your surplus income has been agreed, the IPA payments last but 3 years......however, consider this?

You seem absolutely certain that over the next decade, nothing about your life will change one iota?

{something most BR's would have imagined too?}

Loss of income, injury, disability, change of domestic circumstances, all sorts of things can impact on your future life.

Whilst paying a surplus-based IPA, any changes in your circumstances over the 3 year period, once reported to the OR, can result in changes to the amount you pay into that IPA [the IPA isn't a 'fixed' figure.....but reflects the surplus income at that particular time]

Even to the extent of ceasing payments altogether.

Of course, the OR might be happy to receive one massive lump sum! If only for the reasons stated above?

However, paying off an IPA in one go won't make the BR disappear from your life.

It will remain in place to blight your credit-worthiness, regardless.