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A Final Meeting of Creditors letter

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Comments

  • Brandnewstart79
    Brandnewstart79 Posts: 171 Forumite
    Hi guys,

    I've just been promoted with work and I've had a £2000 a year payrise. I've had my IPA suspended as my wife is off work and is 7 months pregnant.

    I have been released by Grant Thornton in September but Clarke Wilmott was in charge of my IPA. Who should I contact to discuss my wage increase and my wages looking after my wife and the imminent birth of my first child?

    Regards
  • NotEvanAPot
    NotEvanAPot Posts: 216 Forumite
    Look at it as a £130 per month after tax rise, Christmas and a new arrival to plan for. Declare to OR if undischarged (haven't read entire thread).
  • Brandnewstart79
    Brandnewstart79 Posts: 171 Forumite
    NotEvanAPot wrote: »
    Look at it as a £130 per month after tax rise, Christmas and a new arrival to plan for. Declare to OR if undischarged (haven't read entire thread).

    Been discharged since August and been released by Grant Thornton so wondering what is the best course of action?
  • NotEvanAPot
    NotEvanAPot Posts: 216 Forumite
    Nothing, no action required.
  • Brandnewstart79
    Brandnewstart79 Posts: 171 Forumite
    Is that correct? Even though I'm tied into an IPA for 3 years since BR but have been discharged, released by IP and have this pay rise?
  • NotEvanAPot
    NotEvanAPot Posts: 216 Forumite
    Can you post the terms of your IPA? Was this just for income tax?
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If it is a surplus income IPA then you need to get in touch with Clarke Wilmot and let them know your new circumstances. If you need help with the SoA then just pop it up.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • Brandnewstart79
    Brandnewstart79 Posts: 171 Forumite
    tigerfeet2006 wrote: »
    If it is a surplus income IPA then you need to get in touch with Clarke Wilmot and let them know your new circumstances. If you need help with the SoA then just pop it up.

    Hi it's not surplus income as my wife is on maternity leave and with her being 7 months pregnant I'm having to get stuff ready for the baby.

    Should I still speak to Clarke Wilmott to be on the safe side?
  • dojoman
    dojoman Posts: 12,027 Forumite
    Brandnewstart79 wrote: »
    Hi it's not surplus income as my wife is on maternity leave and with her being 7 months pregnant I'm having to get stuff ready for the baby.

    Should I still speak to Clarke Wilmott to be on the safe side?

    Yes, you have to inform them of your change in circumstance. Nil tax IPA`s are only for the financial year of the year you are declared BR, not 3 years, and you are tied in to a normal IPA.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
This discussion has been closed.
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