IPA

janinemann

How is an IPA worked out?
I am about to submit and have just had a pay rise earlier than expected. Do they take what is left after your outgoings plus what you would pay for debt and take what is remaining or do they take what is left after the outgoing only?

Morfx

If you could post you SOA this would help.

But any expendable income you can expect the OR to take. (Remember you will have to show wage slips)

luvchocolate

Any surplus over £20 an IPA can be set that's why its important to get you SOA right. 
There are no allowances as such but trigger amounts which are not public knowledge but we are very lucky on here with posters in the know

ToxtethO'Grady

The IPA is from the money that's left after your living expenses (reasonable domestic needs of the bankrupt and their family), no debt repayments are included and that includes arrears payments to priority debts that are written off in insolvency. 

For instance you need to plan for the year ahead so there should some provision in your budget for annual costs - car MOT and service only happens once a year so you are expected to plan for this and put in a monthly amount (example £200 for a service that's £17pcm) you can't plan for emergencies but you should have a savings pot for that. However some costs are considered unallowable as they are not reasonale needs - smoking, alcohol, private education fees unless your child is taking exams, high mobile costs etc.

I'd suggest posting your SOA so forumites can have a look over it and give advice about it making sure you are providing for you and your family during the bankruptcy as you'll have very limited access to credit, only £500, during the bankruptcy.

https://www.stoozing.com/soa.php