Can I appeal IPA Amount

Mart7379
Mart7379 Posts: 207
First Anniversary First Post Name Dropper
Forumite
edited 9 July 2021 at 4:42PM in Bankruptcy & living with it
Guys, 
I was declared bankrupt at the end of April, I have only just been contacted to be informed I need to pay into an IPA which I fully expected and accepted. 

However I do not agree with the amount they worked out which does not include allowances for savings for my children’s Xmas and Birthday presents. I thought this was something they allowed for as well. The amount was not a substantial amount. 

Can I appeal the IPA amount being demanded ? I was also informed once I sign the agreement (which I haven’t done yet) I will be contacted within 4-6 weeks to make payment arrangements with a Collection agent. When they contact me am I expected to pay a full months payment immediately or can I enter into a weekly agreement, essentially meaning I make 4 weekly payments of the IPA with the full months balance being paid by the end of the calendar month. 

Alternatively is entering into an IVA an option. I’ll be the 1st person to admit I felt Bankruptcy was the best option for me going forward, however I’m now really not sure, as I am worse off now than I was before. 

Comments

  • JCS1
    JCS1 Posts: 5,276
    Photogenic Name Dropper First Anniversary First Post
    Forumite
    IVA payments tend to be for 60 months, so not sure you would be better off compared to 36 month IPA.

    Have you ever posted your SOA as would be good to see in context.


    It is an Agreement so you can discuss with them. They do however have the option of going to court for an IPO where a judge would decide the amount. But that is a long way off.
  • Mart7379
    Mart7379 Posts: 207
    First Anniversary First Post Name Dropper
    Forumite
    Sorry just ignore me, I’ve been looking at the figures for the IPA wrong. 😳 

    I spoke to them last Wednesday, should I expect any more contact from them once the agreement is signed off. Or just a case of awaiting contact from the collection agent 
  • flipflopflo
    flipflopflo Posts: 485
    First Anniversary First Post Name Dropper
    Forumite
    As said it’s an Agreement and if you don’t agree then don’t sign and email the OR and say you don’t and you feel that you should have a presents budget as your children shouldn’t suffer because of your problems. 

    How much had you put down?
  • Mart7379
    Mart7379 Posts: 207
    First Anniversary First Post Name Dropper
    Forumite
    edited 10 July 2021 at 5:14PM
    The amount i included was a household cost £195 per month based on 3 kids, so  bday x3 and obviously Xmas x 3. 
  • luvchocolate
    luvchocolate Posts: 3,241
    First Anniversary Name Dropper First Post Home Insurance Hacker!
    Forumite
    £2340 a year is quite a large amount to be honest 
  • Mart7379
    Mart7379 Posts: 207
    First Anniversary First Post Name Dropper
    Forumite
    Fair enough. 
    Will get the paperwork signed at some point before the deadline. 

    In terms of any further correspondence, should I expect any further contact from the official receiver? Or is that it once the docs are signed and the IPA is set up? 
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards