Author Topic: IPA - is this just a loan??  (Read 1688 times)

jaxsta

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IPA - is this just a loan??
« on: Feb 03, 2009, 10:52:47 PM »
Hey people.

I declared myself bankrupt in October 07 and I've just been told by the company managing my IPA that I have a fixed amount I need to pay back which was based on 36 payments of my original IPA order. Is this right??

I have since moved jobs and counties therefore my I&E has gone up and down in relation to this. Currently I am on half the salary I was in October 2007 (moved out of London) and I still have approx the same outgoings - I can't see how this is fair that I have to pay back over the 36 months the original amount - which was 36 x £275  = £9900. I've paid off about £3000 so far so at the moment with my current IPA payment (that they agreed to) of £100 per month - I'll be paying my IPA for another 69 months!??

Surely this can't be right?!?

Any help much appreciated.
Confused Jaxsta