IPA

tt345

Hi, last month I declared myself bankrupt and today I had my first interview with OR.
The question is how will they decide for how long will I be on IPA? I can't really find an answer to that anywhere.
Is there anything that I can do to get 12 months of IPA instead of 36?
Many thanks in advance 

Morfx

Nope, it's a standard 36 month.

Minkym00

It’s a maximum of 36 months. It can be suspended if your income drops and you don’t have more than £20 excess per month.

TinyPomegranate

Minkym00 said:

It’s a maximum of 36 months. It can be suspended if your income drops and you don’t have more than £20 excess per month.

Not my thread, but just wondering after what you said. Can it be reinstated if your income goes back up?

emmajones1976

TinyPomegranate said:

Minkym00 said:

It’s a maximum of 36 months. It can be suspended if your income drops and you don’t have more than £20 excess per month.

Not my thread, but just wondering after what you said. Can it be reinstated if your income goes back up?

Yes, you are meant to inform them if your situation changes, this includes both losses and gains of income.

It will only ever run for a period of 36 months though regardless - if there is a 10 month gap in the middle where your income was poor they wont extend it for 10 months if it goes back up.

TinyPomegranate

emmajones1976 said:

Yes, you are meant to inform them if your situation changes, this includes both losses and gains of income.

It will only ever run for a period of 36 months though regardless - if there is a 10 month gap in the middle where your income was poor they wont extend it for 10 months if it goes back up.

Thanks, that's good to know. I always had in mind I might get a 36 month one, but I always knew even that was better than the 5 year IVA malarkey!

Mckenna

Going through similar, as I understand it if your income increases at any point in the 36 months you are legally bound to inform them and they will gobble up the increase because it’s above what your expenses are