www.iva.co.uk

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!

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.

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

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.

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

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.