Who got an ipa/ipo

didsy1

I want to hear from people who got an income payment order or agreement. I am waiting to hear from the OR and I think i understand it on paper but would like to hear some real life stories for example
What happens when your washing machine breaks or the cooker and you cannot cook a hot meal for your child or your battered motor is no longer safe to drive?,
if your unemployed OH unsecured debt was included on your ipo/ipa?
I

SteveABC

I know how worrying it can be.

My IPA was reasonable and was actually reduced when I said I could not afford the first figure.

Just needs careful budgeting and the 36 months fly by. If your circumstances change, the OR will recalculate - it's an agreement.

Three payments left for me now!!

:T

didsy1

do your wages fluctuate up and down?
something that scares me

tigerfeet2006

If you have and unexpected big expense then you contact the OR and ask if he will allow a variance. Most a pretty good and allow you not to pay for a month or two and put it on the end of your IPA.

Don't forget you will be allowed a small emergency fund, usually £10 per person which you can put aside each month.

tiggerbodhi

Hi,
Still in my IPA, as said it is an agreement and if things change you contact the OR or the Sub Contractor administering it to change it, this can be if your wages go up or down, you have a new expense long term or an emergency, or your expenses reduce by a considerable amount for some reason.


To be honest the allowable expenses are good and you can "rob Peter to pay Paul" IMHO you should find you are more in control of your money once BR, try to save up a "buffer" in your bank account for the surprises in life The big worry is a big bill arriving that you cannot pay, so try to mitigate these by taking out cover for your central heating, insure any pets, keep an eye on your car, check the levels etc every week, and if you can learn to repair things yourself or swap "favours" with friends, being BR does tend to move you back to "old School" way of living.


The IPA is only 36 months and compare it to how long your debts would have taken to pay off it is a moment in time.