Income Payment Agreement Template for England and Wales

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Income Payment Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Income Payment Agreement

"I need an Income Payment Agreement for a bankrupt individual with variable monthly income between £3,000-£4,500, including provisions for quarterly bonus payments, with the agreement to commence from March 2025."

Document background
Income Payment Agreements (IPAs) are crucial documents in bankruptcy proceedings within England and Wales, typically implemented when a bankrupt individual has surplus income above their reasonable domestic needs. The agreement details the amount, frequency, and duration of payments, usually lasting up to three years from the date of signing. It provides a structured approach to contributing to the bankruptcy estate while ensuring the debtor maintains a reasonable standard of living. The document must comply with the Insolvency Act 1986 and related regulations, and can be varied if the debtor's circumstances change significantly.
Suggested Sections

1. Parties: Details of the debtor and the Official Receiver/Trustee in Bankruptcy

2. Background: Context of bankruptcy and basis for the IPA

3. Definitions: Key terms used throughout the agreement

4. Payment Terms: Specific amounts, frequency, and duration of payments

5. Payment Mechanism: Method and process for making payments

6. Duration: Term of the agreement (typically up to 3 years)

7. Variation Provisions: Circumstances under which payments can be adjusted

Optional Sections

1. Third Party Payments: Additional provisions for when payments are made directly by an employer or other third party

2. Additional Income Provisions: Specific provisions for treatment of bonuses, commissions or variable income

3. Hardship Provisions: Process and conditions for temporary payment reductions in case of financial hardship

Suggested Schedules

1. Income and Expenditure Schedule: Detailed breakdown of debtor's income and expenses

2. Payment Schedule: Detailed schedule of payment amounts and dates

3. Supporting Documentation: Appendix containing copies of relevant income evidence or court orders

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries
Relevant Teams
Relevant Roles
Industries

Insolvency Act 1986: Primary legislation governing Income Payment Agreements, particularly sections 310-310A which specifically deal with IPAs, their establishment, and enforcement

Enterprise Act 2002: Key legislation that amended parts of the Insolvency Act, introducing important modifications to personal insolvency procedures

Consumer Credit Act 1974: Legislation that may apply if the Income Payment Agreement contains elements of consumer credit arrangements

Insolvency Rules 2016: Secondary legislation providing detailed procedural rules for implementing insolvency processes including IPAs

Insolvency (England and Wales) Rules 2016: Specific regional rules governing insolvency procedures in England and Wales, including detailed provisions for IPAs

FCA Regulations: Financial Conduct Authority regulations that may apply if the agreement involves regulated financial activities

Data Protection Act 2018: Legislation governing the handling and protection of personal data within the agreement

UK GDPR: Post-Brexit data protection regulations that must be considered when handling personal information in the agreement

Money Laundering Regulations 2017: Regulations that may need to be considered if the IPA involves significant financial transactions

Contract Law Principles: Common law principles governing contract formation, validity, and enforcement

Doctrine of Consideration: Common law principle requiring that agreements must be supported by consideration to be legally binding

Insolvency Service Technical Manual: Practical guidance document providing detailed information on implementing insolvency procedures including IPAs

Practice Direction on Insolvency Proceedings: Court guidance document providing procedural instructions for handling insolvency matters including IPAs

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Tenant Payment Plan Agreement

find out more

Installment Agreement For Business

find out more

Debt Payment Plan Agreement

find out more

Car Purchase Installment Agreement

find out more

Car Installment Agreement

find out more

Electronic Payment Agreement

A contract governing electronic payment processing services under English and Welsh law, establishing terms for secure transaction processing and regulatory compliance.

find out more

Individual Payment Agreement

A legally binding agreement under English and Welsh law that establishes terms and conditions for payments between parties.

find out more

Bill Payment Agreement

A legal agreement under English and Welsh law establishing terms for processing bill payments between service providers and clients.

find out more

Income Payment Agreement

A formal agreement under English and Welsh law between a bankrupt individual and their trustee/official receiver for making regular payments from income to the bankruptcy estate.

find out more

Debt Payment Agreement Form

A formal agreement under English and Welsh law documenting debt repayment terms between creditor and debtor.

find out more

Repayment Plan Agreement

An English law agreement establishing terms for structured debt repayment between creditor and debtor.

find out more

Private Car Sale Installment Agreement

An English law agreement governing the sale of a private vehicle through installment payments.

find out more

Car Sale Installment Agreement

An English law agreement enabling vehicle purchase through structured installment payments, outlining sale terms and protecting both parties' interests.

find out more

Patient Payment Agreement Form

A legally binding agreement under English and Welsh law that establishes payment terms between healthcare providers and patients for medical services.

find out more

Installment Agreement Form

A legally binding document under English and Welsh law that structures debt repayment through scheduled installments.

find out more

Installment Payment Agreement

A contract governed by English and Welsh law that establishes terms for paying a sum in regular installments.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.