We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bankruptcy or IVA - Advice Please!!
Comments
-
I was told that they only look at your finances once at the start and not again. Currently my income is the same as my outgoings, so the OR wouldn’t expect me to pay anything back monthly.0
-
In bankruptcy a 3-year Income Payments Arrangement can be set up at any time in the first year, before you are discharged. And during that year, you have to report changes in income to the OR, so if you can get through the first year, you are safe from an IPA0
-
This is absolutely how it works I had to through my SOA towards the end of the first year and of course you have to report any changes during that first year.ManyWays said:In bankruptcy a 3-year Income Payments Arrangement can be set up at any time in the first year, before you are discharged. And during that year, you have to report changes in income to the OR, so if you can get through the first year, you are safe from an IPA0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards