Issues and questions that come up during your bankruptcy period

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Byjax
#209257 Hey people.

I declared myself bankrupt in October 07 and I've just been told by the company managing my IPA (Clarke Wilmott) that I have a fixed amount I need to pay back which was based on 36 payments of my original IPA order. Is this right??

I have since moved jobs and counties therefore my I&E has gone up and down in relation to this. Currently I am on half the salary I was in October 2007 (moved out of London) and I still have approx the same outgoings - I can't see how this is fair that I have to pay back over the 36 months the original amount - which was 36 x £275 = £9900. I've paid off about £3000 so far so at the moment with my current IPA payment (that they agreed to) of £100 per month - I'll be paying my IPA for another 69 months!??

Surely this can't be right?!?

Any help much appreciated.
Confused Jax
ByCrunchynut
#209258 No, it would be a fixed amount whilst your I & E was constant. When your situation changes, you should supply them with a new I & E and the IPA payment will be adjusted accordingly.
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ByRansid
#209259 As Crunchynut says just ask for it to be adjusted and supply evidence of current I+E.

IPA's can only be taken from surplus income - if you don't ahve any or it's less than before then it should be adapted to your current circs.

That's the whole point of an IPA rather than an Income Payments Order (ie via the courts). Any adjustments for IPO's need a court hearing whereas IPA's can be adjusted simply by agreement ni writing
Byjax
#209291 phew - that's a relief. So when I did adjust my monthly IPA amount by filling in the I&E forms etc does it reboot itself back to a 36 month payment of that or is it just 36 payments of X% of your income that is agreed by them?

I can't believe I'm telling people at Clarke Wilmott the rules....FFS!
ByCrunchynut
#209294 AFAIK it's 36 months period, regardless of the amount you end up paying back. If your next job paid you 25% more than you are on now, for example, it would still be the same length of time.
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