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Moon Beaver Archives - Bankruptcy UK

OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

Will the Official Receiver take all my surplus income in an IPA?

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 arranged through 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 illegal things e.g. entertainment, alcohol, tobacco, 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.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page. Court appearances are no longer required for bankruptcy as everything is processed online.

 

I’m still paying my Income Payments Agreement after three years – why is this?

My 3 year income payments agreement (IPA) ended a few months ago yet I’m still paying the monthly agreed fee and I haven’t heard anything from them.

You need to contact the Insolvency Services’ solicitors viz. Moon Beaver and have this IPA cancelled. Please understand that there are literally thousands of people in these arrangements and the completion of one is easily overlooked.

Avoiding an IPA or monthly payment to the Insolvency Service is one of our strong points. We have an extensive knowledge of the allowable limits for expenses in bankruptcy, whereas members of the public do not. Avoiding even a modest IPA of £100pm will save you £3600 over three years, a good reason to seek professional help.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

 

 

Bankruptcy UK

Bankruptcy UK