Income payment order

Jamtoe

I have recently been declared bankrupt and my discharge date is in November. The question I have is my income payment order is for 3years and an agreed figure has been reached I have been told that after November my figure cannot be changed even if my circumstances change for the better or worse does anyone know if this is true.

Thank you

luvchocolate

who told you that?
if your income changes in any way you have to inform the O.R and payments can bu changed or suspended.
read the section on ipa on the insolvency service website....it will explain all

alastairq

The OP may have uttered a glitch, but, an IPO is mentioned [as distinct from an IPA]


Since an IPO is ordered by the Court, any changes in circumstance would require a re-visit to Court to obtain a variation on an IPO....

Unlike with an IPA....

fermi

Either way, can certainly be varied up or down by one method or another.

IPA = variation by agreement, or you or the OR can apply to the court for a variation. For example if your circumstances change and the OR refuses to reduce the IPA, you can sidestep the OR and go to the court.

IPO = same thing, but variation by either side must be by application to the court.

fermi

Long and short of it though, no that is not true.