Try to avoid IPA if you expect lifestyle changes.

tom9112

Hi all,

I've been discharged 2 years ago and my IPA file was closed few months back.

My personal advice would be to try avoid IPA as much as you can as it's essentially a contract for 3 years where someone can access all your financial and personal issues at all time during this period. To me personally it was incredibly invasive as I was in my early 20s when I applied and tried to focus on developing my skills and moving on the ladder it holds you back a lot, knowing, that there will be questions asked. For me personally it was very hard emotionally as I did get a good pay increases and changed job twice, however, my expenses have also increased which my OR would question in a very significant detail.

Sometimes I would have to argue about buying a car to do my work (never owned one before bankruptcy), to which my OR would question how am I gonna get one (saving for a car while during IPA is a no no) and had to quit a job as I couldn't do the job without a car.

If you expect to have a significant career/life changes during your IPA, consider to avoid bankruptcy and IPA. Your life changes might end up with a dent in your Credit Rating from which you will recover but 3 years of IPA and very poor credit report after this period will not help you in long term.

sourcrates

Goes without saying really, well done on your discharge.

tonymcp86

At the same time, you've spent the money (as did I) and wanted to try and make a clean break.
I'm currently 17 months into my IPA and i've just taken on an MD role with a fairly decent pay increase. I mean i've got some new additions to my expenses but i'll expect to pay more of course when the IPOC is through and reviewed. But I couldn't press pause on my career for 3 years, if i didnt go BKT and face the consequences , i'd have no career because i'd likely be 6 foot under.
Don't let the possibles or the uncontrollable elements question your decisions is my best advice.

fatbelly

Remember you can always discuss things with the Official Receiver. Ultimately if you couldn't agree they would have to apply to the courts for an IPO, which they do not want to do.

Obvs be polite and reasonable but you don't have to accept the first figure they suggest if you think it is unfair.