Ipa

worried123

Hi - I hope that all are doing okay.

Can I ask what anybody thinks concerning an IPA please......I did not have a proper interview with the OR - I spoke to him briefly and it was followed by many e-mails where I submitted information etc......He told me last week that my information had been sufficient to dispense with the interview.....I did not want to actually mention the IPA to him....(a bit like - not tempting fate) I did ask him via e-mail whether he required anything else from me and he said there was nothing he could think of at the moment.....he said that I was free to ring for information, clarification etc as I wished - he did mention that I should inform them if my income increases....and also I have signed something to say that I will be paying all of my income tax to the official receiver. I also have to pay a backdated claim for something to them for my estate - also my bank charges if they are ever paid to me should the OFT win their case against the banks.........Does it sound to you as though I actually do not have to pay an IPA (there was nothing surplus to be honest in my income versus expenses list). It does seem as though I am not expected to pay this but wondered whether they come back to you at a later date - after the interview......Also, I do not get the same, regular wage each month.....The OR did ask for a breakdown of gross and nett wages for the past three years at the beginning......do they decide on the whole year`s income in instances like this....for instance, I sometimes get a bonus twice a year which would make my wage for the month it is paid to me much higher than usual but then I might have a really slack month following.....I do not want to ask him too much.....I suppose that I am just trying to get away with a lucky escape..........Also, something else that I am unclear about......I understand that IPAs are paid for three years - BUT - we could be discharged - possibly - in 6 months......If after 6 months - for instance - I suddenly land a fab job and earn a much bigger wage (highly unlikely by the way) would they put an IPA in place then?
I suppose that I just need clarity really.....Does it sound to you as though the OR has decided that I do not have to pay something each month?

Many thanks - apologies for such a long post.

tigerfeet2006

As far as I recall an IPA cannot be put in force after you are dischrged whether it is early or not.

As for the rest I guess they would add your wages up for the year and divide by twelve, getting an average. Not sure how long it would take the OR to sort out whether you were to have an IPA or not. I'm sure one of the guys will be along in the morning to give you more definate advice.

NekoZombie

It should be relatively easy for you to predict the likelihood of an IPA based on your income and expenditure and any surplus you may have. If you're willing to, post your details up on here and we can give you an indication of what to expect. Fermi will no doubt be along at some point with the sliding scale used to calculate IPA payments.

As tigerfeet says, an IPA cannot be put into effect once you are discharged.

rog2

Hi worried - If no IPA/IPO is in force at the date of your discharge, whether early or not, then no IPA/IPO can, or will, be imposed after that.
You are most unlikely to be given an IPA/IPO if there is no surplus income or if your income is made up, either fully or not, of benefits.

fermi

As everyone says, if an IPA has not been put in place by the time you are discharged you will never get one. That is specified in the insolvency legislation.:D

From the attitude of your OR, it doesn't sound very likely that they are considering an IPA just yet. However, without knowing your I&E it's hard to know for certain. With your variable income they are probably still pondering what to do.

If an IPA is set up it can always be changed to fit your income later, so it not a huge deal (although very nice if you don't get one).

You can read a bit more about IPA's here:

http://bankruptcy.informe.com/viewtopic.php?t=18

fermi

NekoZombie wrote: »

Fermi will no doubt be along at some point with the sliding scale used to calculate IPA payments.

Missed that bit.:o:D

In case it is useful, here goes: (thanks to DQ forum and others)

This is a table of IPA percentages that you can expect to pay on any surplus income:

1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME


50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70

worried123

Thanks everybody - really good of you........Fermi, I have just looked at the link you posted....I actually think that I will not have to pay anything from my income to the OR - I do not think there is sufficient/if any surplus in my wage each month....and I think the OR would have mentioned it by now. He has sent me something to sign agreeing to pay all of my income tax to them and I do not have to have a `proper` interview....

Many thanks again for all of your help. It certainly does not seem - from the list of figures you have shown - advantageous to be in a well paid job at the time of bankruptcy. When I asked the OR via e-mail whether he required anything more from me....he did say - `nothing I can think of for now....you must inform us if your income increases`.....and I think on that message that I can safely feel that he does not intend me paying anything each month.....strangely, today, I did look at a job paying more money....perhaps I should hang on and not change jobs until I am discharged!.

Thanks again - much appreciated

JCS1

it sounds like yours was a straightforward case, the OR can choose not to do a face to face or telephone interview in these cases but may make contact by phone/letter/email with any queries they may have,