HELP! - Cannot afford IPA

[pm.e]

Hello,

I have receieved through the post this morning my IPA from the OR.

When I originally completed the questionnaire, no surplus income was available.

The OR has now decided to 'loose' over £600 from my secured loan on my house which ultimately means I have £300 per month available for a IPA for 3 years.

This cannot be correct, as I simply cannot cap my mortgage payments as what has been applied in the calculation sheets?????

The mortgage in the OR figures have been reduced by this vast amount, and I dont know anyone or any lender that will do this at the moment, regardless of credit history, let alone bankrupts.

Would it be possible for my mum and dad to pay up front the IPA in full?? or a settlement amount???

Any help would be appreciated.

Many thanks,

[MelanieGiles]

Why has the OR reduced your mortgage payment? That does not make sense unless they are suggesting that you have to move to a cheaper property or go into rented accomodation.

[pm.e]

Hi Melanie,

I havent got a clue,

My mortgage payement is £1000, plus there is secured charge of £420 which has now been removed by the OR.

The letter (which I had today), says that there are a number of payments that seem unreasonably high.

My mortgage has been reduced by the OR to £1000, with telephone,mobile, clothing, all increasing.

They have said in previous correspondence that they no longer have any interest in our home, but now they are saying (I think) that I am paying too much for my mortgage?

I think it may help to post the opening paragraph:

"I have now reviewed your income and the payments that you make each month. There are a number of payments that seem unreasonably high. Therefore I have shown what I would consider reasonable expenditure to be included in the calculation for disposable income. This does not mean that you are prevented from paying these expenses but should do so from your proportion of the disposable income."

I really havnt got £300 per month to pay.

What happens if I quit my job, find another with £300 less pay per month???

Please can you help?
Many thanks,

[pm.e]

Can anyone help???

[lily]

I cant help but it seems so desperate for you and I cant think of anything than to go back to the OR and say this is not possible, your mortgage payments are just that. Its not flexible like clothing etc. £300 pounds per month is not a small amount is it??? You must be feeling like youre back at square one.

I do hope that you get this sorted, I suppose these people can make mistakes. Could you not just ask and say, I cannot afford this, what then can I do??? Perhaps they may have an answer/spot the mistake.

Good luck

[pm.e]

Thanks Lily for your reply,

Yes - another nightmare.

On one hand they say the house is safe yet they have come back and given me a right big right hand in the face.

I dont know what they are playing at?

I did ring them today, and the examiner just said that it came from the Assistant Receiver.

From what she tried to tell me was that rentals in the area for my type of house was a £1000 per month, so thats what Im allowed.

Totally barking, I know especially as I tried to explain that the secured loan and mortgage is non-negotiable.

I then asked what happens if my income reduced by £300 and she said that they would have to review the calculations.

I havent a clue other than to go bakc to them and tell them that I simply havnt got £300 per month.

I am not signing the IPA for this amount, they will have to take me to court - is the way im feeling at the moment.

[lily]

Youre welcome, I am so sorry I cant help. Its a ridiculus situation. How can they say rentals in the area????? Youre not renting, if they want you to rent then why say they have no interest in the house. Its must be such a stress for you when you thought you were closing the door on all this. It must feel like its really neverending.

You said your parents are able to offer something???? Could they pay off the secured loan to reduce the mortgage to 1000 pounds per month and then you could pay them back when the IPA is over. Just a thought and only if youre deffo keeping the house in BR.
I wouldnt sign the form either, its about as clear as mud, so you need to know what youre signing for..... If the debt was impossible to manage the solution seems even more so.............

[MelanieGiles]

I would not pay and let them take you to Court and se whether a judge orders you to pay those payments. If they do, then you may have no choice but to sell up and move into rented.

[lily]

It would be such a shame if it came to this though, wouldnt it????

All you really want to do is to put this behind you, the uncertainty of court action and the posibility of losing the roof over your head is the very last thing you must be needing right now. I hope you manage to settle the matter with your OR very soon and can close the book on this and look forward to the future.

The bery best of luck pm e

[pm.e]

Im goinna email them and ask for further clarification.

There is no way Im going to sign for this, I wish I had £300 disposable income!!

What about these options if they insist on £300 per month contribution:

1) What happens if I quit my job, no income and my parents pay the mortgage?
2) Can my parents offer a lump sum say 50/75% of the total amounts of contributions of what they are asking for? If so, how much would you offer? (total contibutions would be £10,800 over 3 years)
3)What about finding a job that pays me £300 per month less per month, thus no contributions??

And there's me thinking the OR were fair and reasonable!........

What a joke.