IPA query

Bald_Runner

I earn a reasonable amount and expect to have to pay an IPA/IPO for three years. However, I could if I wished retire in less than three years and at that time I will receive a pension. Would the OR allow me to pay a 'full and final' payment after 2 1/2 years do you think? Additionally, we really need to keep our current car for medical reasons. It is worth about £3000 (according to Parker's guide). Could I offer a sum of cash at the end of the IPO in order to keep the car?

Thanks

Richard_S

Bald_Runner wrote: »

I earn a reasonable amount and expect to have to pay an IPA/IPO for three years. However, I could if I wished retire in less than three years and at that time I will receive a pension. Would the OR allow me to pay a 'full and final' payment after 2 1/2 years do you think? Additionally, we really need to keep our current car for medical reasons. It is worth about £3000 (according to Parker's guide). Could I offer a sum of cash at the end of the IPO in order to keep the car?

Thanks

Hi Bald Runner,

If you retire before the IPA finishes then the O.R will review your change of circumstances and either adjust or suspend your IPA accordingly. I've never heard of anybody offering a full and final payment for an IPA, or whether the O.R would accept it.

As for the car, I don't think the O.R would enter into an agreement like that, but it's always worth a go. If you can make a convincing enough argument on medical grounds you may get to keep the car anyway.

Regards

Richard