Bankruptcy & IPA Advice Please. 14 January 2021 at 7:22PM in Bankruptcy & living with it 9 replies 131 views

StuartLincoln

Hi, I have a temp job that is only for the next few weeks. I am going bankrupt next week and trying to sort out details for the IPA. I have been offered overtime now and need to earn the money and but have been saying no because of the interview to come and it affecting me for maybe the next 3 years. Advice please? 

Also I have put together family outgoings. Any chance of some feedback please. Would be much appreciated.

Desc	Monthly Amount
Water	£20.22
Repair	£64.50
Energy	£108.00
Council Tax	£245.00
Garden Bin	£4.30
Food	£528.00
Toiletries	£50.00
Clothes & Shoes	£86.00
Dental	£24.00
Medical	£30.00
Optician	£25.00
Meals At School	£133.33
Hairdressing	£30.00
Pets x 1	£30.00
Pets x Additional 2 ??	£30.00
Sports/Hobbies	£45.00
TV License	£12.08
Kids Mobiles	£13.00
Internet/tv	£66.00
House Ins	£31.59
House Alarm	£5.00
Pet Ins	£9.40
House Ins	£31.59
Phone Bill	£8.00
Car Ins	£25.00
Emergency Allowance	£40.00
Kids Sports	£15.00
Kids School Books Pens	£5.00
Xmas	£20.00
Birthdays	£20.00
Kids pocket Money	£21.50
School Trips	£40.00
Holiday	£100.00
Child 1 Virtual Lessons	£180.00
Child 2 Virtual Lesson	£100.00
Child 1 Sports	£50.00
Child 2 Sports	£40.00
MY Car
Car Tax	£0.00
Car Maintenance	£100.00
Car Fuel	£150.00
Car Insurance	£25.00
Partners Car
Car Lease	£259.00
Car Lump Per Month	£65.00
Car Insurance	£27.51
Fuel	£80.00
Partner Other
Prof Work Fees	£16.40
Phone	£12.00
Total	£3,021.42

luvchocolate

How many children and ages...some very high amounts there

Morfx

I'm not familiar IPA limits, but is just for yourself or is your partner going bankrupt too?

StuartLincoln

luvchocolate said:

How many children and ages...some very high amounts there

Two teenage children. 14 & 15.

StuartLincoln

Morfx said:

I'm not familiar IPA limits, but is just for yourself or is your partner going bankrupt too?

It is just myself going bankrupt. Not my partner.

JCS1

If the examiner does mention an IPA then these are not set as one amount for 3 years, they can vary if income or expenses change.

JCS1

In order to review your SOA, need income details between you and your partner.  Also I see there are vehicles, what is the value of yours and is there any finance outstanding on it (if yes, what type of finance).

StuartLincoln

JCS1 said:

If the examiner does mention an IPA then these are not set as one amount for 3 years, they can vary if income or expenses change.

thank you for your reply.
Do you know how long it takes for them to give a figure through an IPA and is it backdated to the start of the bankruptcy?

StuartLincoln

JCS1 said:

In order to review your SOA, need income details between you and your partner.  Also I see there are vehicles, what is the value of yours and is there any finance outstanding on it (if yes, what type of finance).

Ok. Thank you.
My partner has an income of £2000 and my income is £1400.
My car has been valued at £600 with no finance outstanding.

Appreciate your comments. 

JCS1

StuartLincoln said:

JCS1 said:

If the examiner does mention an IPA then these are not set as one amount for 3 years, they can vary if income or expenses change.

thank you for your reply.
Do you know how long it takes for them to give a figure through an IPA and is it backdated to the start of the bankruptcy?

It's not backdated, it used to be a figure was given during interview, but you may wish to state that it is temporary job and that the overtime is temporary.  It's many years since I used to see bankruptcy paperwork (and then they were handwritten ones!), so if there is a comments section on the online version it might be worth adding a note there.  Even if a figure is given, it's an agreement, you can discuss it.