is it worth changing job to avoid IPA

southernbouy

Hey guys went BR a couple of months ago now and have been told to expect an IPA in the region of £400!!!!!!

This I think is an absolute joke in my reckoning as the reason for going BR is to wipe the slate clean not be shackeld with a £160 comitment for the next three years...

so was wondering if I was to change jobs to one were I did not have much surplus income would the proposed IPA fail to get processed and be amended on my new income....

If I have to live frugally untill I come out of bankrupcy maybe for 10 months to avoid £160 x 36 months that surely would make more sense....does any one have any experiance or advice please!!!

CCCS_Matthew

Hi there,

I think before making any rash decisions, it might be worth putting up a copy of the income and expenditure sheet you presented to the OR when you went bankrupt.

The friendly folk on here can take a look to see whether the figures you presented are realistic, there might be a possibility that you have underestimated some costs for your priorities. If that is the case you can go back to the OR to get the IPA reassessed if your budget has changed.

Hope this helps
CCCS

Praxis99

I can sympathise with your position Southernbouy since IPA's are not an aspect of going BR that you tend to think about or even realise they exist until you look at things in more detail.

I have to say that my personal solution has been take a part job until discharge (i was unemployed at the time I went BR) that will not leave me subject to an IPA, turning down a full time job - in the same industry - that would have seen me pay literally thousands over the period an IPA would have run had I accepted it.

Clearly some people feel an IPA is an opportunity to pay back at least some of what you owe and I can understand that point of view, however I - like yourself - wanted a fresh financial start and to be able to quickly build a large financial cushion once discharged.

That said your position is different to my own and I think in the first case you should post as CCCS_Mathew suggested your I&E since it may be there are other things you can claim that will change your current position for the better somewhat. Also I think that since you have been made subject to an IPA reducing your income may only help in the short term to reduce or nullify it, with it been re-imposed when your income goes up again (however I may be wrong in this assumption). Hopefully someone can clarify if this is the case since I am sure that will also help with your decision making in this regard.

LesleyL_2

I was wondering......

would there also be an issue for OR with leaving a well paying job to avoid an IPA, would it look odd if you left just after BR and then got the IPA reassessed?
but would they consider that or are my thoughts just a little more paranoid than I realised? :eek:

southernbouy

Also I think that since you have been made subject to an IPA reducing your income may only help in the short term to reduce or nullify it, with it been re-imposed when your income goes up again (however I may be wrong in this assumption). Hopefully someone can clarify if this is the c ase since I am sure that will also help with your decision making in this regard.

Thanks for your response Praxis but i haven't been subjected to anything yet, I have sent 2 income and expenditure forms in but thats about it, the whole thing that that i don't like about IPA's is that after bankrupcy I am still subject to having my financial affairs watched for a further 2 years, I have no problem in paying the IPA for the time of bankrupcy and even 2 years after but if i get a wage rise or come into any money within my IPA time they there are going to want 50% of this...........

This by the way i have found out dosen't even go to my creditors.

watched for a further 2 years

fermi

Someone had a similar idea in the thread below, although that was going back to Uni to lower the income and avoid an IPA.

payment order ipo/a ? education fees - studying for mba?

Apparently a very bad idea.

Broken_hearted

southernbouy wrote: »

Hey guys went BR a couple of months ago now and have been told to expect an IPA in the region of £400!!!!!!

This I think is an absolute joke in my reckoning as the reason for going BR is to wipe the slate clean not be shackeld with a £160 comitment for the next three years...
!

I dojn't see the problem you used the rules to go bR now the rules say pay back SOME of the money.

southernbouy

I think bitter and !!!!!y comments like the one above from faint hearted are why at the top of these boards there are comments about not judging people!!!!!

you do not know what my situation is and no nothing about my circumstances so keep your childish comments out of a mature conversation dipstick

sorry guys but back to business! no-one seems to know a difinitive answer so maybe time to seek professional advice as this could save me to the tune of £5700........

Broken_hearted

If you change jobs then never get back to where you started it could end up costing you a lot more over the years

Richard_S

fermi wrote: »

Someone had a similar idea in the thread below, although that was going back to Uni to lower the income and avoid an IPA.

payment order ipo/a ? education fees - studying for mba?

Apparently a very bad idea.

Hi fermi,

When I read that guy's post from your link, my understanding was that he was going to enrol on the MBA course and thereby increase his expenditure and reduce his disposable income, and avoid the IPA. I'm fairly certain that MBA's are not usually a full time course. That was an unequivocally bad idea, given its transparency.

The O.P is proposing taking a lesser paid job, which he could quite legitimately argue was due to not being able to stand the pressure and/or stress of his current job, and I would have thought there was very little the O.R could do.

One of the very first conversations I had on here was about the benefits of taking part time employment, or not looking for a job in the case of people who'd had their own businesses. The rationale being it would allow time to address the problems of bankruptcy, and reduce the chances of having to pay an IPA.

I tend to think if the O.P is struggling with the demands of his current job, then a 12 month "sabbatical" on something more rewarding, but less well paid would have some merit.

Regards

Richard

tight_jock

1. If possible, why don`t you ask for your hours at work to be reduced whilst you go through this stressful time!!
2. Also, as uggested, post up your figures to make sure you are using all of the areas allowed for ex`s.
3. Take no notice of BH!!

I sat on my hands for the duration and came out clear without IPA. I stayed home and looked after the kids.