bankruptcy questions

[anais743]

Im aware of the possibilty of an IPA and the changes since Dec 2010 to bankruptcy's but could somebody clarify these points?

1) Do you have to pay over 100% of DI over £20?

2) Do you have to pay 100% of any payrise annualy for the 3 years?

3) Are the income and expenditure guidlines the same as in protocol compliant IVA's?

4) Do you have to hand over any extra earned in overtime like in IVA?

thankyou!

[kallis3]

Hi,

If you have DI over £20 then you have to pay across 100%, including the £20.

I believe you will have to pay across your payrises but not sure of the amount.

The allowances are totally different from those in an IVA

I assume that you will have to pay across overtime as well.

The OR is the one to speak to about this.

[Broke of London]

Hi Doc...are you thinking about BR from a standing start or switching from an iva? If you aren't in any form of debt solution yet, you could take advice from a couple of the firms listed on www.iva.com. Their advice is free and impartial and they will discuss all options with you. If you are in a debt solution, the best person to advise is the person overseeing your current arrangement. x

[MelanieGiles]

In my experience, once an IPA or IPO is set they are rarely amended although you are informed that you need to submit revised figures each year, and have a duty to advise of all material changes to your circumstances throughout the period of the agreement or order.

[anais743]

Thanks for you replies.

Ok so I can understand this. Is the IPA a set figure each month for 3 years (so if you earn overtime or have pay rises you dont hand this over?)

thanks

[Skippy]

The IPA can change up or down depending on your circumstances - you would need to notify the OR of any changes for the 36 months.