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A good starting point for bankruptcy questions
By kjmc1957
Hi All

I hope that you are all well.

I have a couple more questions that I'm not sure about.

I received a letter from the solicitors acting on behalf of the OR telling me that I had £ xxxx amount to pay, I understood that the payment was what I could afford and had agreed with the OR for the 36 months, in the past when I spoke to the OR they were at pains to say that there was no set amount, so who is right, the OR or the solicitor.

This leads me on to my next question, I took an agreed 3 month payment break to buy a car to stay at work to pay the OR..etc. The solicitors have told me that I must maintain payments an extra 3 months but the OR has told me that my payments end at 36 months. Again who is right and who is wrong?

Confused? I am.
By Melissa S
Hi there kjmc1957
As far as I am aware if an amount has been agreed based on what you can afford this is the payment, however, the OR maybe reluctant to say these are fixed as if you income goes up or down your payments will be reviewed and could change.

As far as extending your payments due to a payment holiday, this is usual practice. Have you spoken directly to your OR about this. I would if you can
Hope this helps and let us know how you get on
User avatar
By Hayden
Hi there Kevin. Good to hear from you again :)

It is the OR who decides whether or not you will have to make a payment from your income and how much that will be. I assume you were you given a specific figure that you would have to pay by the OR when your IPA started? The amount that the OR set is always exactly the same as the amount you have been asked to pay by the solicitor (I assume that this is Moonbeaver?). The solicitor has no say in how much the payment will be they just process the payment on behalf of the OR.

As Melissa has said once an Income Payment Agreement is set up it is possible for the payment you make to change if your circumstances either improve or get worse. If this happens you first need to inform your OR and discuss this with them.

In terms of the payment break you have taken the missed payments will always have to be made up at the end. The OR will have told you that your payments will last for 36 months which is absolutely correct. However if you miss any you still have to pay the full 36 which will mean the overall time it takes you to make these payments will be slightly longer than 3 years.