Where do I make IPA payments?
The OR employs a company of solicitors to operate IPAs. You usually make payments to them.
How long do I pay an IPA?
An IPA is set for a maximum of 3 years.
It can start any time in the first 12 months following your bankruptcy.
This means the latest your final IPA payment could be is just under four years after your bankruptcy order.
What happens to the money?
Your payments cover:
- Payments to the people you owe
- Some of the costs of administering your bankruptcy
The people you owe usually get a small portion of their debt repaid this way.