The legislation around IPOs is very prescriptive, and the OA has little latitude. if your income increases after you have exited bankruptcy then you have to notify the OA who will increase the amount you have to pay.
You cannot "buy out" an IPO.
I suggest that you contact the OA directly for guidance. In practice, the staff are very helpful and will guide you through the process. They will simply follow the legislation.
Jim Stafford
Are you sure on that Jim?
I was actually asking on behalf of a family member. She also got professional advice from a solicitor specialising in insolvency who guided her through bankruptcy (although my trust in that 'expert' is reducing)
According to him, once you are out of bankruptcy, the IPO for the additional 2 years is maxed at that amount when you exited bankruptcy.
So what you are saying - effectively if you have an IPO for the additional 2 years, then you are in the claws of the OA for 3 years in total yes? As good as bankrupt for 3 years really to all intents and purposes in most peoples books in terms of disposable income.
It seems very harsh.
For example - in my sisters situation she had a slight increase towards the end of her bankruptcy meaning she was ever so slightly above the RLE. She revealed this to the OA at the time and paid out the surplus for the final 2 months of her bankruptcy. (It was something like €100 a month for 2 months i.e €200 in total)
SO you are saying now that every penny income is under the microscope for 2 more years because of this ? (As it happens her salary has increased quite a bit since exiting bankruptcy - she is of the belief that this has no need to tell the OA about this)
So presumably if she wins the proverbial lottery over the next 2 years that will all go to the OA also yes?
It certainly does not encourage people to come clean about any change in their circumstances while bankrupt.