I can live with having no bank accounts

fermi

renegadefm wrote: »

Thanks fermi, that has reasured me somehow;)

You should be (I hope). A lot of people get very worried about getting an IPA, but if it's genuinely affordable (as it should be) then it's not any great hardship.

maxmycardagain

90 = Nil IPA
100 = 50 for you 50 for the IPA

doesnt that mean the extra tenner COST you £50?...hardly encouragement to find work is it

fermi

maxmycardagain wrote: »

doesnt that mean the extra tenner COST you £50?......hardly encouragement to find work is it

Yep. I must admit I find that bit totally daft. :rotfl::rotfl:

That is the system. What you do is up to you.

peachyprice

maxmycardagain wrote: »

90 = Nil IPA
100 = 50 for you 50 for the IPA

doesnt that mean the extra tenner COST you £50?...hardly encouragement to find work is it

I guess that's why, if you put stuff like hair cuts, birthdays etc in you SOA the OR cuts them down to get you well over the threshold.

HEADACHE

What annoys me is that it gives no incentive to work hard for 3 years,it goes against the principles of work hard-play hard.70% of surplus!!!!!

The OR told me what I could and couldnt have on my outgoings,so lets say I work hard and earn money? Your life has to be put on hold for 3 years.
Here's why.If I work hard and have a surplus of £500 per month then I get to keep £150! whoopey doo!!!!

In my OR interview the woman told me what was allowed,it's total crap.When you're single and middle aged,how the bloody hell can you plan for the future? you can't,it's a complete con.3 years is a long time and I sometimes wonder if Im better off taking state benefits and just giving up.

The OR woman treated me like a little kid,I wasnt allowed any money for emergencies,or a small inexpensive holiday,nothing.I reckon prisoners are better off.

Being BR is a poverty trap,and keeps us as goverment slaves.The OR takes a percentage of the repayments so the creditor gets even less,and we're bound over for 3 years not to make any money.

I'm sick of this bloody crap.Its ok if you have a partner as you can still have a normal life by being subsidised.

I really dont think I can stick to a silly budget.What if I meet a nice girl? 'oh sorry we can't go out as im up to budget on food and drink,oh and you can pick one item from Poundland for your birthday present'.

What a load of pony this all is.

HEADACHE

Peachy price is right!!!! you go in with you I/E,thinking whats reasonable then they cut you down saying you can have £5 for a haircut etc,so they get a surplus and can then get a repayment figure from you.You cant really argue it as youve written down the figures yourself and they just throw them back at you!!

Then they think that you're going to earn the same for the next 3 years!!! how bloody daft! being a BR,in a forthcoming recession,with rising cost of living,no 10p tax,they're so wide of the mark!

fermi

An IPA is an agreement that can be varied if your expenditure or income changes.

And it is voluntary. If you don't like it then let the court decide on an IPO.:rolleyes:

HEADACHE

But it's still a very high figure which takes away all incentive to work and get back on your feet financially.I'd like to be cryogenically frozen for 3 years.

fermi

It's only a high figure if you have a big surplus. It's 50% up to £250 surplus a month.

The idea is to to pay something back towards the costs of the bankruptcy and the creditors if you can afford too. Considering that most people will have just been relieved of 10's of thousands of pounds in debt, then it doesn't seem that unreasonable.

It's certainly a damn site better than the hopeless position most people find themselves in before bankruptcy.

EDIT: And weren't you in an IVA?

That is ALL your surplus income for FIVE years, plus sometimes any equity in your house.

And (in general) they are much tighter on your I&E in an IVA than in an IPA.

betterlatethannever

Personally i'm quite happy to be held ransom for 3-6 years.

It beats being held ransom for many, many more years than that at the hands of the CC companies.

I went into BR with my eyes wide open, which, thanks to this site, has helped me deal with BR.