Pay rise and IPA

Bolitho1792

Hi All

Im 6 months in to the BR now everything has settled down we have money in our pockets again and both my wife and I feel back in control of our lives again this was helped by all the great advice from contributers to this forum thank you!

I have an IPA of £45 per month payable to Clarke Wilmott and I have just been awarded a £700 pay rise from work. I understand I will have to declare this but to whom the OR or Clarke wilmott?

Will I have to submit another SOA? I could just use a bit of advice as to what usually happens around a change of cIrcumstances although £700 minus tax and NI is not a lot of money I would expect they might want some of it.

Any advice is most welcome guys

Johnsmith2016

I would just call or email your official receiver to make them aware - they will advise the next steps and who to contact and if you need to fill in a new SOA.

If for example you didnt tell the OR how would they ever know? Not that I am advocating that but I just wonder/dont know what checks they actually to and with whom to see if you are earning the £700, surely many must not tell the OR of slight changes like this. But I imagine they check with HRMC each month or something

But best bet call the OR monday morning, least then you have done your bit and advised them of any changes, up to them what they do then.

luvchocolate

When you declared B.R one of the forms was to inform the O.R of any changes within 21 days, this is a legal requirement and as such it is your responsibility to do so.
If you have to do a revised S.O.A look to see if any of your expenses have increased, its a small price to pay to move on with your life debt free.
Good look

tigerfeet2006

HMRC and the IS do talk to each other and they let them know what you have earned in a year.

Also as Luv points out you have a legal obligation to infom the OR of any change within 21 days of the change and you signed the papers to say you would obey the court and do so and could be prosecuted for not doing so. Not that I think you won't in anycase just re-iterating for any lurkers.

elljay

When something similar happened to me, I emailed my OR and told her. She gave me the details of the Insolvency's Service's bank for me to pay any backpay into immediately. I was then sent a new SOA by Grant Thornton to completely redo, and as at any other time the surplus went into my IPA.

At the very beginning you sign something that gives HMRC and the OR permission to notify each other of any changes in circumstances so you can assume they do this. The other thing is that for about 3 months (maybe more) I had to email copies of my payslips.

Conversely when I lost one of my sources of income, I let her know, had a new SOA to complete and my IPA was reduced.

Bolitho1792

Many thanks for all the replies and advice guys I will drop the OR office an email today I suspected i would have to fill in another SOA its no issue with me im not trying to hide anything I was dealt with in my opinion in a fair way on BR. Does the OR take into account the increases in cost of living every April ie water rate and rent and council tax rises? Do they expect you to live on the same income for three years form the start of BR handing over any increases? And if I fill in another SOA and they change any allowed amounts from the first BR SOA can I disagree or do I just have to accept it?

philnicandevan

Bolitho1792 wrote: »

And if I fill in another SOA and they change any allowed amounts from the first BR SOA can I disagree or do I just have to accept it?

You can....ask for a breakdown as well if they change figures etc, never known OR's follow living rises etc IPAs can be reviewed simply enough

Mollie_Guinness15

I've varied my IPA a few times due to increases in expenses and also increases in income. My IPA payments were adjusted to nil for over 6 months. Ive found that if you're prompt at keeping Clarke Wilmott informed, who will contact the OR to make any decision and don't take the mickey they are more than fair.