How soon does IPA start?

100things

Hi
I went bankrupt last week and have my telephone interview this coming Tuesday with he OR to go through my SOA.

Could anyone tell me from their experience how soon the first payment is due? Will it be this month? If not, will it be back dated ?

Thanks in advance for any advice!

All the best

100 things

TheGardener

It depends how busy your OR is really. You don't pay anything until you get the letter saying how much your IPA will be - remember its an agreement and if you think it is unreasonable you can go back to the OR and ask to negotiate (but to be honest most are about right) and then you will be given a date for when you start to pay. If you have an NT code, it will depend on how quickly HMRC tell your employer and once you stop paying tax (and get it in your take home pay)then you must put it to one side because the agent will want it. The OR will have an agent who collects - its usually a company called Clarke Wilmott. It isn't back dated.

22bear

I went bankrupt beginning of May 2013, first IPA payment 2 months later in July (end of the month). No back payment, payment schedule: 36 months from July 2013-June 2016

fermi

When they get around to it basically. They are not backdated, as can only be effective from income received AFTER you agree.

100things

Thanks everyone for your replies.

I was just asking as I was wondering what I should do with this month's wages!

Thanks again

100

Teen_the_Drama_Queen

I went BR in April 2011 and my IPA started in the July...... they take a little while to get moving.

With regards to this month's wages? I would stash away as much as you can, so that if something crops up, say your car needs a new tyre or something similar, you can cope with it. (Yes I know that your SOA allowed for incidents like this, but having just finished my IPA, I found that life doesn't always work out so 'neat' (if you see what I mean), yup you might not need the dental/opticians/hairdresser amounts you had allocated for, but to buy a new tyre in one go (or in my case, two at the same time were needed!), far outweighs your monthly allocations (remember you have no credit cards to 'fall back' on).

National_Debtline

100things wrote: »

Thanks everyone for your replies.

I was just asking as I was wondering what I should do with this month's wages!

Thanks again

100

Hi there

Presumably the bulk of your wage is already allocated towards normal living expenses, like those you will have listed in your statement of affairs. I'm guessing any remainder won't be huge (though perhaps this will be the first month in a while wheer you haven't paid anything towards debts!). As teen says above, good idea to put aside whatever spare few £ you can - you may have precious little chance to do so once the IPA is underway.

Regards

Dennis
@natdebtline