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lesley 2
Starting Member
2 Posts |
 Posted - 29 June 2010 : 22:32:38
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Hello, just found this site and thought I might ask for advice.
I went BR in Dec 2009, owing just under 25k.I am now fortunate enough to be in a position to pay back my debt, and I have been told by the OR that they need to take DOUBLE the amount that I owe, and they will then return any money due to me after they have deducted costs, these may be up to 10k! They have mentioned something called realisation costs,admin fees(£1,750!) and then there may be a further 8% added. Can they do this?
Also, they let it slip today that only 1 of my 6 creditors has let them know how much I owe, sorry can't remember the term she used,they were all notified on the 27th Jan of my BR.Any help will me very much appreciated. Another scary thing was that the OR wanted to meet me at my bank to take the money off me.
I have sought some advice from the people who helped with our BR, they have told me not to hand over nay cash till I have had a detailed breakdown of all costs, and even then, the OR does sometimes try it on and you can get them to reduce costs if you don't let them bully you is this true?
Thanks again |
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debtinfo
forum expert
2826 Posts |
Posted - 29 June 2010 : 22:42:15
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| Where has the source of the money come from |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 June 2010 : 22:46:10
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Hi Lesley
can i suggest speaking directly to one of the experts, i recomend Paul and his team at Reviva.
yes a bankruptcy can be annulled but i thought that their was a time frame.
yes the OR does try it on but the OR is running your estate and can take the money to pay your creditors and if not enough money they will not release you from your bankruptcy.
sorry for blunt answer speak to an expert asap
Richard
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 30 June 2010 : 09:37:06
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Hi Lesley
There are a number of costs and fees that the OR has to include in a calculation for full settlement - including statutory interest on creditor claims at 8% per annum and a realisation fee charged by the Insolvency Services Account at 17% on all realisations over £2,000 (the fee structure has changed now)
Obviously this massively increases the amount required to clear the claims and costs - in addition it appears that a number of your creditors have not yet confirmed their claims so any amount suggested by the OR can only be an estimate
If you speak to an expert ASAP they should be able to find ways of reducing this amount substantially
And under no circumstances should you meet the OR (or anyone else!) at a bank to handover the cash - I am astonished that the OR's office would suggest that!
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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lesley 2
Starting Member
2 Posts |
Posted - 30 June 2010 : 16:59:19
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Thanks for all your promt answers everyone.
I have had no settlement figures confirmed,just been told verbally of a ball park sort of figure,20% for realisation costs,their fees and the 8% interest they have been very vague indeed.I have sought some advice and they too were shocked that the OR wanted to take me to the bank and they have also told not to hand over any money yet.
will know more tommorow, just got to stay strong, I cant believe that doing the honest thing has created so much upset, worse than the bancruptcy.
Thanks all. |
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