Ipa dread

Legacy_user

Ive been avoiding br for 6 years and now finally ready to press go on the application. However the thing im losing sleep on is the ipa payments. We scrimp by as it is and im worried they will force ipa payments that we will struggle with. Any advice? What sort of budget do they seem fit to for a family of 4 to live from? Any input appreciated. Thanks in advance! Im a newbie! :j:j

Oliver2809006

Hi - if you haven't a surplus of more than £20 a month after all your outgoings you won't have to do a IPA plan.

The OR is fairly generous on what you can claim and if things are that tight sounds like you won't have to do one.

Apparently most bankrupts 80% don't enter the IPA repayments

System

Is there a guide out there to help with the budget? To what is acceptable to put etc?

MovingForwards

If you put up a statement of affairs we can say where you are putting yourself short.

System

Ok will post when finished thank you

TheGardener

Complete the SoA here http://www.stoozing.com/calculator/soa.php. At the end there is a button to format it to post on this board.
Give a true snapshot of your finances. Once you post it - we can guide on what is realistic - or not.

elljay

I was sooo much better - or at least comfortably off - after my br even though I had a reasonably large IPA. Before that I had been using every spare penny to pay bills, doing without for myself so I could buy dog food, working every hour I could just to keep from drowning, borrowing from the gas to pay the electric and so on.

Once the br was over and the IP set up I knew where I was, could afford to eat, take a holiday (what's that?) have a haircut, feed the dog and the cat and so on. The 'allowances' are very flexible and my OR generous I thought, though everyone's experience is different and every OR seems to have a great deal of independent decision making authority. For example, I had been spending just over £20 for food/household etc a week and the OR allowed £50 a week!

As there are no longer publicly available allowances then as has been said, pop your SoA up here and everyone can comment from their own experience. And also don't forget the IPA is an agreement, so if you don't agree with a figure the OR suggests you can discuss it. Mine increased things right left and centre.

....and finally, it's a flexible agreement, if your circumstances change during the 3 years the IPA runs for, then it can be changed, changed and changed again.

Good luck

EJ