In shock

Brandnewstart79

Had a letter yesterday from Clarke Willmot saying that after my assessment of my income and expenditure my trustee has confirmed that I do not have surplus funds to continue with my IPA. I thought I had a bit to be honest so I'm in shock!

I'm due to be discharged in August 2016 and I just got off the phone with my IP and she confirmed this is the case and that my account will be closed with them so had to re-check with her again as the coffee hadn't kicked in yet and she said that they will have a meeting with my creditors to tell them this and that will be that.

The letter does say that the trustee can require me to re-start my IPA if my circumstances change within 21 days up until 22 September 2018.

Should I know be jumping for joy or should I be preparing myself for something bad in the future?

Regards

tiggerbodhi

Hi,
basically your IPA has been reduced to 0, but if your circumstances change anytime up to 22 September 2018 the IPA can be re-started, so keep an eye on your incomings and outgoings, if you get a payrise/win the lottery etc you will have to inform the OR or Clarke Wilmott within 21 days so they can re-calculate your IPA.


But if nothing changes you will be fine with a 0 IPA, but there is a chance that Clarke Wilmott will ask for bank statements/payslips and an updated SOA every so often, so keep this in mind.

Brandnewstart79

I'm really confused how this has happened and I have even spoken with Grant Thornton and they said they're closing my case.

I just done a Income & Expenditure recently after a pay rise but a massive raise in travel expenses and I have £320 disposable income. My original IPA was for £370 so for this to happen is weird.

Could they have made a mistake?

safc88

they should be claiming that really - sounds like you've dropped on to a lazy IP!


The recommended minimum is c£50/70 I believe

Brandnewstart79

safc88 wrote: »

they should be claiming that really - sounds like you've dropped on to a lazy IP!


The recommended minimum is c£50/70 I believe

I know that's what I think but what do I do?

Should i say I think you've made a mistake or just stay quiet until I either have a payrise or they contact me again?

safc88

Keep quiet.


You have declared your I&E to your Trustee which is all that you have to do - the onus is then on them to request that you make payments via an IPA/O. If they haven't done so then you're one of the lucky ones!

National_Debtline

Hi Brandnewstart79


It certainly sounds unusual, but if they have had all the information they require from you and this is the decision they have made, I don't see that there is anything else for you to do.


Dennis
@natdebtline

Fabio79

I'm due for a promotion with work in November so once I get my pay rise should i contact them and tell them to go through another I&E?

National_Debtline

Fabio79 wrote: »

I'm due for a promotion with work in November so once I get my pay rise should i contact them and tell them to go through another I&E?

Hi Fabio


If the pay rise kicks in before your discharge then yes, you must notify the trustee. They will then decide whether an increase in any existing Income Payments Agreement is appropriate.


Dennis
@natdebtline

Brandnewstart79

National_Debtline wrote: »

Hi Fabio


If the pay rise kicks in before your discharge then yes, you must notify the trustee. They will then decide whether an increase in any existing Income Payments Agreement is appropriate.


Dennis
@natdebtline

Hi Dennis,

Is this my discharge of Bankruptcy or when my IPA was meant to finish?

Brandnewstart79

My discharge is August 2016 and my IPA was meant to finish on September 2018.