New CAB Bankruptcy Tool

[Wintry]

Hi

 

Useful new information resource here from Citizens Advice on bankruptcy Income Payment Agreements & Orders that includes a user friendly guide calculator.

 

http://mymoney.nedcab.org.uk/moneyadvice/ipaipo.asp

 

http://mymoney.nedcab.org.uk/moneyadvice/bankruptcypoc.asp

[Bandit127]

Well spotted. Thanks for posting it up.

[Wintry]

Well spotted. Thanks for posting it up.

 

Hi & thanks

 

IPAs & IPOs are a part of bankruptcy where debtors can sometimes feel alone so to speak (especially the most vulnerable) and maybe do not get as much independent after support from advice agencies as they perhaps should do, this can be due to funding restraints and time amongst other things.

 

To start with I think one of the most important points people have to understand is that the O/R and their examiners are NOT the law and if they feel that a proposed IPA is unreasonable then it can be challenged as they are being on a regular basis.

 

It is my experience that the O/R front line examiners are polite, can negotiate so to speak but do not make any final decisions, they usually have to pass the case to someone higher in the organisation.

 

It is important to get any IPA right early on as this saves hassle and time for all concerned including ending up at court with a proposed IPO, with the whole point of bankruptcy being to allow people a fresh start and not to get into futher debt.

 

In the case of any change in circumstances then - for example a reduction in disposable income which unfortunately for many people and their families is now becoming an all to common occurence then this could be cause for requesting a review of payments into any existing IPA or IPO (of course it can work the other way if their is an increase in disposable income etc)

 

People may also feel that they cannot manage on an existing IPA due to maybe underscoring their expenditure at the start of the IPA - this can be easy done (more so perhaps due to previously struggling with debts) when basically putting figures down on paper only to find later that they dont really add up, especially where children are concerned - again here asking for a review maybe be relevant.

 

Reasonable living costs is what it is all about and like the link says somewhere, reasonable does not mean basic.

 

Anyone who is not sure about IPAs & IPOs should always get proper FREE independent advice & assistance where possible as they have rights and they and their families should not really have to suffer unecessary hardship.

 

Maybe it would be an idea to start a thread dedicated to IPAs & IPOs

 

Wintrys views as always:)

 

All comments welcome

Edited October 18, 2012 by Wintry