www.iva.co.uk

Hi,

IS it possible to offer a full and final settlement on an agreed Income Payment Agreement made following bankruptcy?

If so, when can it be done?

A family member has offered to pay the outstanding amount to help out with monthly I&E.

thanks

An interesting question, and one to which I do not know the answer! Commercially I would say that this is possible, but I will check this out tomorrow and come back to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

We should give andymac a prize for stumping the great Melanie !!

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I think (although I'm not sure) that it is possible to do, but only after discharge.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi Just a thought does your I & E for your IPA change during the 3 years you have to inform you OR, so what happens if something in the 3 years changes for eg. you have a payrise or you loose you job would it not be difficult to determine that the IPA would stay the same for 3 years. So techinically you could end up paying more than you should have or less. Just wondering really.

We are made wise not by the recollection of our past, but by the responsibility for our future.

You are entitled to ask the OR the reassess an IPA at any time, just as they are entitled to ask you for updated I & E figures. There are 2 sets of wording regarding pay increases / change in circumstances - the old wording (which I have) states that you must inform the OR of any increase up until discharge from bankruptcy, whereas the new one states that you must inform them up until the end of the IPA.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

I am aware that RTLU in Swansea do accept a payment in full on an IPA as long as it comes from third party funds. Their opinion is that as long as they get all the money they should they don't mind how quickly it comes in, just that any lump sums are from third party funds and not additional income of the bankrupt.

Queenie