I have completed an income and expenditure and have a surplus of £373 – is it likely that all of this will be used as part of the IPA? Do you know how this is calculated?
Yes, we know exactly how it is calculated. Assuming you have claimed everything in line with the accepted limits, the entire surplus will be claimed in an Income Payments Agreement or IPA. This takes the form of a monthly payment to the state for 36 months and is used to a) cover the state’s administration costs and b) to distribute among your creditors. It is administered by the state’s solicitors viz. Moon Beaver and everything will be explained to you.
The income and expenditure is the single most important part of the service we offer, as it can affect your life for some time to come. Under the new online system, applicants are invited to claim expenses for many non-allowable things e.g. entertainment, alcohol, tobacco, books, magazines, etc. and if you blundered into any of these traps, you would be in trouble. We know exactly what may be claimed and for how much, and you would be well advised to give us a call.
Bankruptcy UK has been helping people with bankruptcy since 1998 and will guide you through the process step by step. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.