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Advice needed on IPA reduction
GeminiMoon13
Posts: 5 Forumite
Hi all,
I am 3yrs and 4mo into my bankruptcy. I have been paying £120pm during this time but now find myself in a position whereby I will be losing £400pm in income. What will the process be if I ask for an iva reduction, will my or require bank statements and marital status etc. Any knowledge you can share with me is deeply appreciated, thank you in advance.
I am 3yrs and 4mo into my bankruptcy. I have been paying £120pm during this time but now find myself in a position whereby I will be losing £400pm in income. What will the process be if I ask for an iva reduction, will my or require bank statements and marital status etc. Any knowledge you can share with me is deeply appreciated, thank you in advance.
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Comments
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Well first off, are you bankrupt or are you in an IVA, as you mention both so which is it ?
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
I've been bankrupt since 2017 but was ordered to pay £120pm thereafter for 4yrs.0
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My mistake, I don't pay an iva. I was assessed by my income during the bankruptcy process and pay a contribution.0
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Ah, sorry, your referring to an IPA, this will rise and fall as your income does, just inform your OR of the change in circumstance.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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An ipa, thanks for clearing that up. Might I be facing negative consequences for not having declared my house move and change of job?0
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An IPA runs for 3 years and can be higher or lowered depending on circumstances.
You are legally required to inform your OR within 21 days of change0 -
GeminiMoon13, you're in Scotland right?
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Hi, yes that's correct.
Side note; sorry for the misleading thread title, newbie here. I'll figure out how to amend it.0
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