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Bankruptcy / IPA Question
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david385uk
Posts: 9 Forumite
To be brief, I'm going bankrupt next month. Most of my debts are credit cards, one loan, and one overdraft.
I was self-employed but my income has dried up recently so I have applied for universal credit. From what i've read, i will not be given an IPA because my sole income is benefits...but i was wondering - does this decision stand for the 12 months regardless. If I become employed after this pandemic, can the OR give me an IPA for 3 years?
I was self-employed but my income has dried up recently so I have applied for universal credit. From what i've read, i will not be given an IPA because my sole income is benefits...but i was wondering - does this decision stand for the 12 months regardless. If I become employed after this pandemic, can the OR give me an IPA for 3 years?
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Comments
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An IPA must be set up during the first year..before your discharge.
If your income is solely from benefits during this period then no IPA.
If you start working during the first year then your income will be looked at.
Please remember to get a basic bank account away from any debts you may have.
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I guess i'll be staying on the dole for 12 months to save myself 3 years of pain
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Just a heads up.. depending on expenses, if I was to earn 2200 take home, my personal IPA would be 400..
I'm happy with that.. was a mammoth debt.0
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