IPA

sarahpertwee

I’m just wondering what’s the most the official receiver could take from your wages ? I currently earn 2,500 pound after tax and I owe roughly 25k , what would my IPA be ? 

luvchocolate

It totally depends on your outgoings...complete a SOA and we'll have a look at it. 
Basically anything spare after all essential living costs over £20 surplus can be taking in an IPA 

sarahpertwee

luvchocolate said:

It totally depends on your outgoings...complete a SOA and we'll have a look at it. 
Basically anything spare after all essential living costs over £20 surplus can be taking in an IPA 

So if they took a thousand pound a month off me that would be more then what I owe after 3 years, is there no upper limit ? Surely they can only take what you owe over the 3 years 

luvchocolate

The OR fees get paid first and these can be substantial. 
If you have so much spare cash contact your creditors to ask for a payment plan instead of going BR.
Please contact one of the debt free charities for advice 

John_

sarahpertwee said:

luvchocolate said:

It totally depends on your outgoings...complete a SOA and we'll have a look at it. 
Basically anything spare after all essential living costs over £20 surplus can be taking in an IPA 

So if they took a thousand pound a month off me that would be more then what I owe after 3 years, is there no upper limit ? Surely they can only take what you owe over the 3 years 

No, as above, it’s what you owe plus fees.

sarahpertwee

John_ said:

sarahpertwee said:

luvchocolate said:

It totally depends on your outgoings...complete a SOA and we'll have a look at it. 
Basically anything spare after all essential living costs over £20 surplus can be taking in an IPA 

So if they took a thousand pound a month off me that would be more then what I owe after 3 years, is there no upper limit ? Surely they can only take what you owe over the 3 years 

No, as above, it’s what you owe plus fees.

Bit baffled so would they do the 25k plus fees and share it by 36 months ? I lost my job and went bankrupt I’ve fell on my feet after two months and got a well paid job after tax I will be getting 2500 pound I’d be happy to pay a 1000 will they take more off me if they did it would be a lot more than I owed, would they not just be happy if I agreed to pay a 1000 pound a month until all was paid back , and the 1500 left was for me to do with whatever I wanted 

luvchocolate

You need to contact one of the debt free charities as I said before. 
It maybe BR is not your best option. 
What you are suggesting is not the way an IPA works 

luvchocolate

So you went BR 2 months ago?
Sorry your post is unclear 

Minkym00

OP states she is already bankrupt. Have you informed your OR and been sent a new income and expenditure form? If not, you need to do that. Then put your information on here for advice about allowable expenditure before returning it. It’s expected that your expenses will increase if you find work so you need to do your whole statement of affairs again. 

sarahpertwee

luvchocolate said:

So you went BR 2 months ago?
Sorry your post is unclear 

I lost my job in October I had few loans never missed a payment I was out of work from October and debt got to 25k I declared bankrupt in February didn’t think I was going to get a job with current climate especially a well paid one , so from February I was declared bankrupt now yesterday I’ve just been offered a well paid job 2500 pound after tax , I’m wanting to know if there is an upper limit for the amount they take off me for the amount I owe for example if my outgoings are 900 pound are they going to take 1600 pound off me a month for 36 months that would be way to much couldn’t I just say I’ll pay 1000 a month till it’s paid off that would be well in the 36 months 

sammy32683

They will take all surplus income until fees and debts are cleared. They will not take a lower amount, if you have £100 spare they will take it if you have £2000 spare they will take it. However it should only be until everything is cleared. If you do end up overpaying at all they will refund you.

I would suggest looking at all upcoming expenses. Meals at work, travel, car if you need one, insurance, pension etc. If you have so much left over and are living at home offer to pay parents rent/bills. Just submit everything but you only have to do this after the change has happened so once you receive your first pay I would then get all info together and submit it to OR. No point in notifying them until you are getting paid as things can change and then you can realistically see what extra expenses you have.