Considering offering lumpsum to OA opinion needed

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Going forward

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I like many others are counting down the days to July 29th. Paying income payment agreement since I was declared a bankrupt and into my 3rd year of same.

I would like to ask for help on if at this point I could offer a lumpsum on the remaining term of my agreement for a little less than i would have to pay over the 12 months. A family member has offered to gift me cash if this would be possible for me to move forward.

I would be grateful for opinions please and good luck to everyone on the 29th.
 
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Good luck to you too. Hard to believe it's less than a month!
I don't think the OA will be able to enforce the IPA once you are discharged.

Even if they could, I find it unlikely that they would accept. The IPA should be under review. If they accepted your offer you would be free to earn as little or as much as you like.

I would suggest seeking advice as to whether the IPA will be enforceable if the OA don't have an IPO against you. Forget about the lump sum, it'll be unnecessary hassle and raise suspicions.
 
Hi Matthew. Thanks for you reply. So if i don't consent to a further years IPO before July 29th can the OA take me to court and push for it. Have been paying a pretty steep IPA for 2 years.

Do you think i should sit tight for the moment.
 
Going forward said:
Hi Matthew. Thanks for you reply. So if i don't consent to a further years IPO before July 29th can the OA take me to court and push for it. Have been paying a pretty steep IPA for 2 years.

Do you think i should sit tight for the moment.
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This is my understanding but you should definitely seek professional advice.

An Income Payment Agreement (IPA) is an agreement between you and the OA to pay a set amount. This is informal and non binding.
If you choose not to pay this, the OA can go to court and get an Income Payment Order (IPO).

As the IPA is informal, once you are discharged on the 29th, you could ignore the OA and any further requests for money. He could avoid this by taking you to court before the 29th and seeking a IPO. Failure to pay this, even after discharge, would have legal consequences.
 
I have been given a court date before the 29th for the OA to put in place an IPO for a further year. If i consent to this im locked into it and nothng can go wrong in any way out of the rle guidelines.

Im thinking of appeared in court and see what the judge says. If he says pay the IPO i will but would like a chance to ask if i can pay a lumpsum for a smaller amount if im gifted cash from a family member.

I would appreciate your advice. I have only been given 3 days to get back to them on what way im proceeding with this.

Thanks to everyone for their help and advice. Im confused over this.
 
Hi everyone,

Does anyone know if there is a cut off point on how much you pay back in total on an IPA/IPO for your duration of bankruptcy or is there even such a thing as a cut off point. Grateful for any advice given.
 
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