Bankrupsy Question

cuddlymarm

Hi

I'm sure I read somewhere that after the OR has agreed your outgoings list he can claim between 20 and 80% of whats left of your wages to go to your creditors but I can't find the post now. So can anyone tell me how is it decided how much? And for how long?

Thanks in advance for any help.

claireabelle_2

Hi cuddlymarm!
The bankruptcy board will be best to help, they are on a sub-board at the top of the forum...

fermi

It is between 50-70%



The % of a surplus is claimed under an Income Payment Agreement/Order which runs for 36 months.

An IPA/O can only be made is you have sufficient surplus income after "reasonable" living expenses, and can only be started while you are undischared. If throughout the period of a bankruptcy you do not have sufficient surplus income, an IPA/O will not be made.

See link: IPO / IPA (Income Payment Orders and Income Payment Agreements)

fermi

Forgot. The bankruptcy board is here:

Link: Bankruptcy & Living With It

SLEEPSATNIGHT

cuddlymarm wrote: »

Hi

I'm sure I read somewhere that after the OR has agreed your outgoings list he can claim between 20 and 80% of whats left of your wages to go to your creditors but I can't find the post now. So can anyone tell me how is it decided how much? And for how long?

Thanks in advance for any help.

HI, I WAS TOLD 50% OF WHAT EVER INCOME IS LEFT OVER AFTER PAYING BILLS. EARN £2000.00 BILLS TOTAL £1500.00 THEY WANT £250.00 BUT NOBODY EVER CHASED ME FOR WHAT I WAS EARNING. GOOD LUCK

fermi

Nope. The percentage of surplus income now claimed under an Income Payments Agreement/Order would be 70% for a surplus of £500 per month. So £350.

Perhaps you were either very lucky or didn't have enough surplus while you were discharged.