Query

tateandsmile

Ok so I'm due automatic discharge soon. I haven't had to pay an IPA but have had to make a one off payment from a bonus received. I am due another bonus 8 days before I'm due to be discharged as well as potentially receiving a pay rise too. So unfortunately it looks like I won't get to keep my bonus but if my pay rise takes me above what I'm allowed budget wise, how will it work with any future bonus payments and pay rises? Say I'm asked to pay £30 a month for 36 months. Is that all it will be or can it be reassessed with any future pay rise, which would also mean losing my bonus? In a nutshell would £1080 be the final figure and it be paid off in a few lumps (minus monthly payments) or can it alter?

Sorry for rambling and thanks.

TheGardener

It sounds like timing could be crucial. How close to AD are you? Once you are AD and if there is no IPA, then you don't have to inform the OR if any change in circumstances...You are obliged to inform the OR within 21 days of change while undischarged.

tateandsmile

I'm due my potential pay rise and bonus on the 29th and AD is 6th.

fermi

An IPA must be agreed before you are discharge, or an application for an IPO put into the court by then.

You have to notify the OR within 21 days of becoming "aware of the relevant facts" of any increase in income or property.

Some would argue that you are "aware" now.

Some would argue that in cases where you have not started receiving any potential increase the 21 days don't start until then. Especially in cases where it's not even certain what increase of payments you will get, or if there will actually be any at all.

I've had completely contradictory opinions on that from both examiners and the Insolvency Service technical section, so in the end it is your own common sense interpretation on the info you have been given that is the way to go I think?

The pack you were sent out by the OR at the beginning of you BR has a couple of pages on your legal obligations, and that is all most people will ever have to refer to on the subject.

tateandsmile

I'm merely going on how things typically work as I won't officially know till I'm told and that usually is on the day I get paid. As you put it I am not currently aware as I don't actually know if if I have received any bonus or pay rise yet. What would people recommend I do?

Noodles78

fermi wrote: »

You have to notify the OR within 21 days of becoming "aware of the relevant facts" of any increase in income or property.

As you'll be still an Undischarged Bankrupt when/if you receive this bonus & pay rise you will still have to inform the OR of this I believe.
As you have 21days to do this. I can't see why your OR can't be told after 8days (Your AD) as you are still abiding by "The Rules" is what I think you want to hear?!!

I'm not sure but the OR may make a claim for the Bonus off you as it was acquired while you was an "Undischarged" Bankrupt but an IPA can't be then sort for as you will have been Discharged!

fermi

Yes, I was mostly addressing the ongoing IPA issue, rather than whether the bonus could be claimed.

tateandsmile

Thanks for the help.