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An Income Payments Agreement (IPA) occurs when the Official Receiver dealing with your bankruptcy determines that you have surplus monthly income and places you in a payment plan for 36 months.
The agreement will continue regardless of you having been discharged from bankruptcy. Important: You do not have to sign and agree to an Income payments Agreement. If you feel you have been mistreated, the matter will be referred to a Judge who will decide how much you should contribute and his / her decision is final, as an Income Payments Order.
OPTION 1: Have you entered bankruptcy and received a request for an Income Payments Agreement which you consider unreasonable?
We will undertake to complete a fresh financial review of your circumstances detailing all of your legitimate household expenses, including an explanation of an offer which is affordable and sustainable according to your means. You need to remember that the ability to have a Fresh Start is actually stated in the Insolvency Services’ Technical Manual and the Official Receiver has to act accordingly.
OPTION 2: Have you refused an Income Payments Agreement and are now facing a Income Payment Order court hearing?
We will undertake to complete a fresh financial review of your circumstances detailing all your legitimate household expenses. We will provide you with the documentation required to submit a challenge to the Insolvency Service in order that they can reconsider the proposed IPA. This will take into account all of your circumstances and abilities in respect of an agreement being reached. An amended version of this document will be forwarded to the County Court which will be hearing the application. In this manner, when you attend the hearing you can be assured that your circumstances have been explained and that the court will be able to determine a fair and reasonable level of order. This will be based on you having the means to sustain such an agreement.
OPTION 3: Have you already agreed to an IPA and found that your circumstances have changed and can no longer afford the payments?
We will undertake to complete a fresh financial review of your circumstances detailing all your household legitimate expenses, and an explanation of how your circumstances have changed which in turn will notify all parties namely the Insolvency Service and their appointed legal representatives.