IPA

debt_doctor

Hi,
An IPA does not work as you describe. No one can tell you there is an upper limit because there isn't one. You will pay all of your surplus after your reasonable domestic needs have been met. It is also not simply a case if IPA collected monies equals total bankruptcy debt then that's the end of it - fees to the Insolvency Service, The Secretary of State and others put huge costs on to bankruptcy.
The only way to mitigate the amount of IPA you pay is to put up your SOA on here so that we can advise of your reasonable expense allowances. You might be surprised to know what you can claim for.
DD

sarahpertwee

sammy32683 said:

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. 

Could you give me an example of SOA they will be things that I forget to put down , if I start renting and need every house item going how would that work surely they let you have more than 20 pound a month , how much are you allowed for car repairs , xmas presents birthday presents Theys nothing out there to advise me , what a depressing life 

luvchocolate

The amounts you can claim are a closely guarded secret...however 
Debt doctor has the means to advise. So please put up your SOA showing all your costs and he or others will advise

luvchocolate

There is a link to the SOA on the thread that starts...considering bankruptcy...close to your thread. 
Complete this and you will find help 

sarahpertwee

luvchocolate said:

There is a link to the SOA on the thread that starts...considering bankruptcy...close to your thread. 
Complete this and you will find help 

Its worse then when I was in debt , I’ve been living on couch at my friends for 3 months eating tons of beans , how the hell am I supposed to rent my own place and buy everyday items like hoovers kettles irons plates cups knives and forks it all adds up , bed sheets covers etc could go on can’t buy any of that for 20 pound what about a telly ? So basically they want you to work your !!!!!! off go to work come home eat go to bed go to work come home eat 

sarahpertwee

luvchocolate said:

There is a link to the SOA on the thread that starts...considering bankruptcy...close to your thread. 
Complete this and you will find help 

Hi sorry to be a pain again , with my current job and been able to pay a 1000 pound a month would it be best to cancel bankruptcy and apply for a IVA 

luvchocolate

To the best of my knowledge you can't cancel a bankruptcy. 

Minkym00

You can't cancel a bankruptcy, but you can annul one. As you have stated, even after bankruptcy, you can still ask your creditors to agree to an IVA. However you still have to pay the OR's full fees (around £9k).

If you are sofa surfing at the moment then you are effectively homeless.It is not unreasonable for you to want your own place, however this could be very difficult as you won't pass any credit check.

Please, just put up your SOA for advice. There will be expenses you haven't thought of as you've not been able to afford them. Plus you spend more money when you're working (think work clothes, dry cleaning, more haircuts, travel, lunches as work etc).

sarahpertwee

Ok all per month 
rent 600.                   
council tax 110 
water 25
 Electric 75
heating 75
car loan 170 
car fuel 300
food 300 
hair cut 20 
dentist 12 
car tax 2
car insurance 75
mobile phone 30 
window cleaning 20 
dry cleaning 30 
clothes 50 
car repairs maintenance 40 
broadband tv 40 
gym membership 5-aside 40 
Emergency fund 20
xmas/ birthday savings per month 50
meals at work 36
   

Total 2136 can anyone think of anything I have missed off thanks 

sarahpertwee

Minkym00 said:

You can't cancel a bankruptcy, but you can annul one. As you have stated, even after bankruptcy, you can still ask your creditors to agree to an IVA. However you still have to pay the OR's full fees (around £9k).

If you are sofa surfing at the moment then you are effectively homeless.It is not unreasonable for you to want your own place, however this could be very difficult as you won't pass any credit check.

Please, just put up your SOA for advice. There will be expenses you haven't thought of as you've not been able to afford them. Plus you spend more money when you're working (think work clothes, dry cleaning, more haircuts, travel, lunches as work etc).

Theys my soa can you think of anything else , what about money for meals out cinema , toiletries can come to 30 pound a month