Coronavirus 12 March 2020 at 4:41PM edited 12 March 2020 at 4:48PM in Bankruptcy & living with it 13 replies 1.6K views

Mrhuk

Hi everyone
I'm currently paying an IPA, with the threat of school/education closures my wife is likely to be unpaid for that period as works in a private nursery, this would likely cripple us, is there likely to be something in place from insolvency service, for example relief for a month but for the month to be added on the end of the ipa? 

I'm guessing there'll be some other people in a similar situation

mwarby

At a minimum it should be treated as a change of circumstances (same as if you had lost job, or had a baby say). I'd imagine there will be some measure put in place if the numbers are high enough (there's only so many staff to process such things)

Rachfarn

i was wondering exactly the same as we will be on drastically less money if we go on lockdown and my IPA will still be due. 

Mrhuk

I contacted my OR and they have said they
will give me a grace period while this is going on, I just need to confirm what's happening with wife's hours and then contact them again, but it's highly likely she'll be without work for time being.

Singlemumm

Grace period? is that mean you will have to pay “missed “payments later? 
I thought it should be as change circumstances and could lower payments to even zero 

Mrhuk

Sorry, after reading the response from OR properly it states that the grace period would be for self isolation, so guessing for the school closures and not being able to work it'll be a change of circumstances like you said, I have contacted my OR as the wife is having to take unpaid leave now

Mrhuk

With the chancellor's new pay retention thing, things have changed now, I wonder if OR will do change of circumstances now or just reduce wife's salary by 20%, I'm guessing they might be inundated with requests 

Galloglass

Some useful advice from Debt Camel

https://debtcamel.co.uk/coronavirus-can-you-pay-debts/

mwarby

What rules are you thinking of ?

Singlemumm

my partner lost the job due to covid 19 from end of March and I have to pay whole rent rather than my share, I have informed my OR immediately. so OR has confirmed 3 months payments holidays have been given even I didn’t ask for it, I just said atm I will need to pay double amount of rent.
Im under impression they will not ask to pay these money after my IPA finished?

mwarby

I'm not sure about the payment holiday, but Corona virus or not if your partner loses thier job and that causes your share of bills to go up, your IPA should go down, of course when your partner can contribute again your IPA should go back up