bankruptcy iva
pippajimbo
Posts: 8 Forumite
Hi all, i went bankrupt in 2015, and i had an iva put in place which i started to pay, my circumstances then changed (wife left me with 2 kids etc 
....) now a few years later i am being contacted by the OR solicitors to start paying again. Basically how long will this go on for? Will they always be able to just ask for more money. I have finally sorted mine and my kids life out and we are doing well. I have an average income and do have surplus. From what i read the OR now can take away all that surplus? Will there come a point in time when they will not be able to ask for money?
Hope this makes sense its just that to be fair i had completely forgotten about the bankruptcy order and its brought back horrible memories and a lot of worry.
Thanks
....) now a few years later i am being contacted by the OR solicitors to start paying again. Basically how long will this go on for? Will they always be able to just ask for more money. I have finally sorted mine and my kids life out and we are doing well. I have an average income and do have surplus. From what i read the OR now can take away all that surplus? Will there come a point in time when they will not be able to ask for money?Hope this makes sense its just that to be fair i had completely forgotten about the bankruptcy order and its brought back horrible memories and a lot of worry.
Thanks
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Comments
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Hi,
Why did you need an IVA if you went bankrupt ?
Do you mean IPA (income payment arrangement) ?
If so they run for 3 years max.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Hi
Do you mean an IPA rather than an IVA?
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
If you mean IPA (Income Payments Agreement) then once an IPA starts it runs for 3 years - even at nil rate in the background.
If it is now near your 3 year IPA anniversary, then this may be their last contact before closing your account with them.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0 -
hi sry yes it was an ipa, so i know this sounds terrible but i have had a surplus since january, but from what your saying after 3 years it is no longer valid anyway? So say i paid for the first year, then had nil payment until now, but now they want to check up on me and i have not replied. If my ipa runs out soon will that be the end of it all. I realise people will think im trying to dodge my debts but i have worked hard for me and my kids to get where we are today, and really worry at the thought that the Or will take away our current living standards. (school trips, days out, kids clubs etc etc) So if it only lasts 3 years i suppose i should find out when exactly the ipa started?
thanks for all your replies.0 -
It's possible they have checked your bank account and found you are receiving a higher income than you were before. Send them an updated SOA and they will tell you how much money they want you to pay. IF you agree with the amount you then you will give them any excess that you earn up until your IPA ends. If for example your IPA started in September 2015 it will end at the end of August 2018. All money you after this point is yours to spend as you wish.
Be aware that during your IPA period you are obligated to inform the OR of any changes to your financial position, be it up or down, so that they can decide whether or not to decrease or increase your IPA payments. If you haven't done this and they find out you have received excess money they could claw it back, even if you've already spent it because technically it wasn't yours to spend.0 -
Thank you that makes sense to me now, I will get onto them and sort it out
Thanks for all your help0 -
hi again i have just found out my ipa started on the 15th of march 2015, so surely this has now ended? They are asking for bank statements back to july last year? Would this mean they will check how much surplus i had and ask for it all back to that date? Is it now to late for them to start hounding me again?
thanks again.0 -
You have to inform the O.R within 21 days of any changes is circumstances, as you had an I.P.A running did you not notify them?
Some one else will be along with more experience but I would think they could claim any surplus you had up until the end of the 3 years.
The fact they have asked for bank statements seems to back this up.0 -
Thanks, unfortunately no i did not notify them afraid ive been busy and happy with the kids that i completely forgot all about it. Doesn't sound like much of an excuse but true none the less. 0
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hi anyone else got any ideas ? has the ipa run out now and what can they do?
thanks0
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