| T O P I C R E V I E W |
| HairyBear |
Posted - 21 August 2011 : 09:37:52
Hi,
I am going bankrupt soon and have a few questions;
-Lloyds are in the process of taking out a CCJ against me. Will bankruptcy supercede any agreement made?
-I have a car on a HP agreement that is valued at approx 5k. As I don't own the vehicle, what would happen. I understand that if it was on a loan I would have got £2000 to purchase a new one. Would they let me keep paying for it as I need a car to get to work 40 miles away.
-I have read some info regarding income and expenditure but read that there were changes made December 2010. Is all 'spare' money now taken and if this is the case, can additional things be included that weren't previously considered such as a contingency ?
Many Thanks in advance for your replies. |
| 11 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 21 August 2011 : 20:01:22
No prob john, of course it never harms to ask, the or is there to make judgement calls not just to blindly follow a set of rules so if the bankrupt thinks they can make a convincing argument then it is worth putting it forward |
| Niobe |
Posted - 21 August 2011 : 17:33:01
It would still be good to have someone from the OR office to post on here, as there are experts from various IVA companies who post on the sister forum.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| Blackie |
Posted - 21 August 2011 : 17:26:48
Interesting Debtinfo and thanks.
John Blackadder
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
| debtinfo |
Posted - 21 August 2011 : 17:22:52
I can guarantee that all they would say is that it depends on the individual circumstances of the case :-) |
| Niobe |
Posted - 21 August 2011 : 17:18:07
Pity we can't have anyone from the OR department to post on here with up to date information about things,
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| debtinfo |
Posted - 21 August 2011 : 16:11:31
No it has been like that for a long time, certainly whilst I was an examiner, obviously certain offices may do things differently in different areas but every examiner I have met did not.
Although it wasnot so noticeable in the past when only part of the surplus was taken, some people still had enough spare to carry on the payments.
One. thing we used to do in this circumstance is that we often delayed the start of the ipa by 3-6 months to allow the bankrupt T9 buy a cheap runabout
Also should add there is an exception to the above where the HP vehicle is actually used during employment rather than just getting to it, a self employed plumber for instance or a taxi driver |
| Blackie |
Posted - 21 August 2011 : 15:22:25
I don't really want to get off the thread but is this a new money spinner for the OR to not allow HP payments on financed vehicles?
John Blackadder
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
| debtinfo |
Posted - 21 August 2011 : 10:51:52
On the HP most or's won't allow the HP payments, so if possible it is better to stop paying and get a cheap replacement before the bankruptcy, this is because you are allowed money to maintain and run a car but not to purchase one.
A contingency. Is now allowed at £10 per person in the house per month |
| Viki.W |
Posted - 21 August 2011 : 10:49:14
Just to add, you would need to speak to the HP company to see if they are willing to let you carry on with the agreement as they may want to terminate the agreement and reposses the car as soon as you are bankrupt.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Blackie |
Posted - 21 August 2011 : 10:33:03
Hi HairyBear
On bankruptcy, all legal action ceases. It therefore does not really matter whether a CCJ has been registered or not. It cannot be enforced.
As your car is on finance, and you probably owe more than the car is worth, you should be allowed to keep it unless the monthly repayments are excessive and then you would be expected to downsize. The fact that you need the car for work will be taken into account.
As Kallis has pointed out, the rules regarding DI changed at Christmas and you would expect the OR to want all of any DI for three years or until your circumstances change.
The forum experts and members would be happy to help with your I & E if you wish to further post.
Regards
John Blackadder
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
| Niobe |
Posted - 21 August 2011 : 09:50:44
Hi and welcome.
Not sure about the car or the CCJ, hopefully one of the professionals can help with that.
As regards your DI, if you have anything over £20 once your priority payments have been made then the whole lot will be taken.
You will submit and income and expenditure and there are allowances for various things but this will have to be discussed with the OR.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
