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IPA - quick question
skippy176
Posts: 1 Newbie
Hi there everyone,
I have a quick question about an IPA which I can't seem to be able to find an answer to in the Technical Manual of the Insolvency Service.
Due to past business failure and resulting tax debt, I am probably looking at bankruptcy in the near future. I have been through the Expenditure spreadsheet and calculated that I have about approx £100 per month over my reasonable costs, given my current income.
If, having gone bankrupt and receiving an IPA for that amount - is it possible for a friend to pay the 3 year's worth of IPA payments as a lump sum and end my IPA arrangement ??
I assume not as it could be that my income during the 3 years of IPA could increase (and therefore my IPA payments would increase).
Does anyone have the quick answer to this as I couldn't find any reference to it in the Technical Manual.
Many thanks
I have a quick question about an IPA which I can't seem to be able to find an answer to in the Technical Manual of the Insolvency Service.
Due to past business failure and resulting tax debt, I am probably looking at bankruptcy in the near future. I have been through the Expenditure spreadsheet and calculated that I have about approx £100 per month over my reasonable costs, given my current income.
If, having gone bankrupt and receiving an IPA for that amount - is it possible for a friend to pay the 3 year's worth of IPA payments as a lump sum and end my IPA arrangement ??
I assume not as it could be that my income during the 3 years of IPA could increase (and therefore my IPA payments would increase).
Does anyone have the quick answer to this as I couldn't find any reference to it in the Technical Manual.
Many thanks
0
Comments
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The quick answer NO0
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You are correct to assume that you can't do this. It isn't like an IVA where you can make an offer to your creditors that they may accept.0
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I agree with those above.
You could decide that it is perfectly reasonable for a BR to have a spare £20 pw in their back pocket, and not sign the IPA?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0
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