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Posted: Fri Feb 06, 2009 8:18 am
by JB1520
Is it true that you still have to pay back money per month for several months if you go bankrupt. I thought once you went "bump" then you didnt owe anything?
Posted: Fri Feb 06, 2009 8:23 am
by David Mond
Depending on your disposable income the OR or your Trustee can insist on an Income Payments Agreement for up to 3 years. Could be between 30% and 50% of your disposable income.
Posted: Fri Feb 06, 2009 8:30 am
by JB1520
Thanks David, was just curious.
Anyway back to reality, I posted my Completion Certificate off to the three credit agencies yesterday so its onwards and upwards.
JB
Posted: Fri Feb 06, 2009 8:35 am
by David Mond
Good luck - I am sure things will settle down. Keep budgeting!
Posted: Fri Feb 06, 2009 8:47 am
by Skippy
An IPA is for between 50% and 75% of your disposable income, and if you have a look at my blog there is a table showing how much you could expect to pay. It lasts for 36 months and you have £100 or more disposable income before the OR will seek one.
Posted: Fri Feb 06, 2009 8:50 am
by David Mond
Thanks Skippy - I should have known that!