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Income Payment Agreements or Income Payment Orders (156)
In January I went bankrupt due to not being able to keep up payments on my mortgage and all the other loans I had. I handed the keys back to the bank and just moved on with my life. I had a phone conversation with the receiver who is handling my bankruptcy and they informed me I will need to pay £190 to them each month for the next few years. How can this be? I went bankrupt and cannot afford to pay anything.
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Income Payment Agreements or Income Payment Orders
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I went bankrupt last month and have been contacted by the receiver stating I am to pay £125 to them each month for 3 years. How did they come to this figure?
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How do I know if I'll be ordered to make payments to my bankruptcy?
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I am in the process of completing my bankruptcy forms and am wondering what is acceptable to put down for food costs and other expenses listed on the income and expense form? I was told that any money I had left ove would be taken for the bankruptcy and I want to make sure I can keep as much as I can.
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I am about to go bankrupt and do have a small surplus of income after my expenses, so I am assuming I will be required to pay into the bankruptcy. My concerns are that my job is due to change in 4 months and my income will be reduced. Will I still be required to pay into the bankruptcy?
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How do they calculate the amount of payment I will make into a bankruptcy? I am struggling now to make payments on my accounts as it is costing me more and more to heat my flat and put petrol in my car. Will bankruptcy help make all this easier?
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I have gone bankrupt and now been told I have to pay £150 a month for the next 3 years to my bankruptcy. Why do I have to pay as that is why I went bankrupt due to struggling to make payments on my accounts?
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Monday, 03 December 2012 13:57
Will They Take Any Surplus Income I have In Bankruptcy?
Written by Jon
I am in the process of completing my bankruptcy forms and on my income and expense sheet I have £150 left over after all my bills. Will they take this for the bankruptcy?
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Tuesday, 25 September 2012 14:06
Will My Income Be Taken Into Account For My Partner's IPA?
Written by Jon
My partner was declared bankrupt yesterday. Mortgage shortfall with his ex wife was reason for bankruptcy. We now live together.
Yourquestion: Will my income be taken into account when calculating his IPA?
Yourquestion: Will my income be taken into account when calculating his IPA?
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Sunday, 02 September 2012 09:02
How Will The Receiver Calculate My Bankruptcy Payments?
Written by Jon
Thinking of going bankrupt
Yourquestion: I am a sales person with a basic of £10,000 a year and a company car meaning I have a tax code of 408L (meaning i pick up £734.75 per month) however I do get commision, over the last 18 months in the job I find I have a good month and then a bad month or a really good month and a few bad months, but I put money aside in my good months to pay bills in my bad months and just about break even. I have been told that they look at your previous 3 months payslips which puts me on an avereage of £1470 per month and my outgoings are £1550. Would the OR take my surplus income from my good months? I am really worried about this.
Yourquestion: I am a sales person with a basic of £10,000 a year and a company car meaning I have a tax code of 408L (meaning i pick up £734.75 per month) however I do get commision, over the last 18 months in the job I find I have a good month and then a bad month or a really good month and a few bad months, but I put money aside in my good months to pay bills in my bad months and just about break even. I have been told that they look at your previous 3 months payslips which puts me on an avereage of £1470 per month and my outgoings are £1550. Would the OR take my surplus income from my good months? I am really worried about this.
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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.
Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.
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