IPA orders

[janderson]

Hi all

I am asking this question on here as for some reason I am uanbale to log on to the BR site. Can anyone answer what circumstances you would have to be in to have an IPO order on you if you went Banckrupt. If you had a low income and no assets such as a house or car would you just have the 12 months to do or is the system more complex.



thanks



John

[MelanieGiles]

It is fine to ask bankruptcy related questions on this forum, as the professional experts here are also bankruptcy experts as well - and a number of the forum posters have been through the bankruptcy process to give good guidance as well.

An IPO is only granted if you cannot reach agreement with your Trustee as to the amount payable under an IPA (Income Payments Agreement). The payment terms for both methods is three years, but this would not effect you being discharged after one year, so long as there was no application to suspend this.

[Jinx]

I so should have gone brankrupt!

[MelanieGiles]

You still can Jinx!

[janderson]

Hi Again

How are you assessed to see if you will have an IPA order attached to your application.



Thanks


john

[Viki.W]

Hey john, it's all to do with your disposable income. Have a look at Skippy's blog, scroll down and she has put in a table to show what you would expect to pay. http://skippy13.blogs.iva.co.uk/

[Jinx]

I know I could but I'm three years into my IVA now so it wouldn't be worth while.

Had I have taken proper advice before I entered into it it may have been my best option but as I understand it, I would probably be discharged in 12 months but payments would continue for approx three years so I would benefit nothing. As I own no realised assets & am not nor plan to be the director of a company when I started in 2005 it probably would have been for the best.