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Income Payments Agreement - my income might increase - should I tell the OR? - Bankruptcy UK

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Income Payments Agreement – my income might increase – should I tell the OR?

I have an Income Payments Agreement and am about to be discharged – do I need to notify the OR of any increases in income?

For the benefit of our readers, discharge usually takes place 12 months after commencing the bankruptcy, whereas an IPA last for 36 months thus surviving the discharge by two years. You have an obligation to notify the Official Receiver of any changes in circumstances, but we have found that people are often no better off after an increase, as their expenses have also increased or they have gone into a different tax band.
If you call us, we will run through your income and expenditure in line with the latest guidelines and see if you are any better off. At this stage, you will no longer be dealing with the Official Receiver but with a state appointed Solicitor, possibly Moon Beaver.

 

 

Bankruptcy UK

Bankruptcy UK