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carl
Junior Member
115 Posts |
 Posted - 21 September 2010 : 10:31:32
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Hello all
I'm wondering if anyone can tell me basically what happens next following my OR's telephone interview in August?
Basically interview went well with no problems and the OR said that my case appeared to be pretty straight forward. She said the only creditor that she anticipated a problem with was my Egg Visa Creditcard (anyone any ideas why??)
I was told that I would be allowed to keep my vehicle becuase it is only valued at £1000 and is needed for work - how long following my interview does it take to receive confrmation of this?
I was told that I shouldn't receive an IPO but this all depends on if the OR will allow my Income Payment Protection policy to cover my mortgage and secured loan if I am made redundant. (I work for my Local Council and it is looking quite bad at the minute). What is the he process the OR will now go through in deciding if I will get an IPO and how long does it usually take for them to let me know?
My property is in negative equity of around £25,000.00. The OR said that I would be allowed to buy back their interest in the property. Any ideas on how long this may take? I presume there will be forms that I have to complete and return?
The only paperwork I have recieved from them is the form regarding my NT code which I have signed and returned.
Can anyone tell me what usually happens in what order? |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 21 September 2010 : 11:46:40
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Hi Carl
normally very slow (varies from region to region)
car you will not receive any further commnication
House purchasing the BI 5 - 9 months
IPA / IPO 6 - 12 months
regards Richard |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 22 September 2010 : 01:07:19
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Carl,
The car - at some point you will receive a letter from the OR confirming that the car is exempt, and reminding you that you are responsible for ensuring that it is fully insured and MOT'd. How long it takes will depend on the office that is dealing, as some are more efficient than others, anything from 3 - 6 weeks.
IPA - you didn't mention what your income and expenditure was, as regards the income payment protection in the event of redundancy, this presumably would be to pay the mortgage or secured loan, therefore it would form part of your reasonable expenses to pay the mortgage, or that would be my interpretation, so even if you became redundant, you should not have any surplus income to form an IPA(an IPO is where the OR obtains a court order to enforce an IPA)
Property - once the OR becomes trustee, you should be sent a letter called an MP1 explaining how the beneficial interest is dealt with in your property, and whether you or a third party are interested in buying out the BI. As it is in negative equity, the BI can be bought for a nominal fee of £1, plus the OR's costs of £211. Once purchased the OR will have no further interest in the property, however if subsequently the property is repossessed producing a shortfall, you would be responsible for it.
Big Al |
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carl
Junior Member
115 Posts |
Posted - 22 September 2010 : 09:45:25
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Richard P and Big Al4787 thank you
BigAl4787 - my expenditure details are as follows:-
£40.00 Car Insurance
£25.00 ELECTRICITY
£42.00 GAS
£15.50 BT landline
£25.00 Car repairs/MOT
£40.00 Clothing
£414.00 Mortgage
£150.00 Housekeeping Food
£77.00 COUNCIL TAX
£10.00 Orange Home Internet
£25.00 Orange mobile Phone
£75.00 Petrol
£244.50 Secured Loan
£49.00 Unemployment cover/Life Cover
£29.54 House Insurance
£180.00 MAINTENANCE
£12.00 T.V licence
£17.36 UNITED UTIL PLC 4017876227 - Water Rates
£1,500.29 Total monthly expenditure
Total monthly Net Income = £1510
Total tax paid each month = £301.00
Total NI paid = £154.99
Details taken of SOA form – The OR has excepted the figures and they are exact figures.
The only expenditure that isn’t here is my Local Government Pension which is deducted at source which is approx £140.00 per month.
The Income protection policy just covers my mortgage, secured loan and maintenance payments for 12 months anf I only took it out when the Government announced there spending review back in June this year.
any ideas?
thank you
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 22 September 2010 : 11:38:56
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Carl,
from your income/expenditure, there doesn't seem to be anything contentious, and you don't have any surplus income that would attract an IPA, and remember once you're discharged from bankruptcy an IPA won't generally be sought. As for the income protection, if that kicked in on redundancy(although any redundancy payments would then come into consideration), it would still be income from another source, and on those figures, there would still be no IPA.
Regarding the form you signed, was it the TNIDIS( tax and national insurance disclosure) form, or was it an NTIPA solely for the tax you would normally pay?
Hope this helps, insolvency examiner up until 23rd July - cost cutting
Big Al |
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carl
Junior Member
115 Posts |
Posted - 22 September 2010 : 12:45:49
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thanks BigAl
The form that I signed was called "NTIPA" and I think this just relates to my tax. Am I right in saying that once the Inland Revenue have given me a NT code that its from this point I will start to pay Moonbeaver?
also regarding redundancy payments - would I be allowed to keep it or part of it to help keep myself going whilst looking for work? what is the normal procedure? I think I would get approx £4000.
Thank again |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 22 September 2010 : 23:58:42
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Carl,
regarding the NTIPA, Moonbeever will arrange the collection of what would have been income tax until the end of the tax year.
As for the redundancy payment, you'll have to disclose it to the OR,however it depends upon the office that's dealing what you can retain. They shouldn't take all of it, as long as you put forward a good case to retain part of it.
Big Al |
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carl
Junior Member
115 Posts |
Posted - 23 September 2010 : 13:02:56
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Thanks again BigAl
The office that is dealing with my case is Blackpool. What are examples of good reasons for keeping some of the redundancy? Obviously from my point of view it will help to keep my household bills paid whilst I'm looking for work.
Again any advice would grately be apprecitaed
Carl |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 24 September 2010 : 00:06:54
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Carl,
what the OR will accept, is any reasonable living expenses, along with the fact that if unemployed, and you don't know for how long,it would represent income for 2 or 3 months to cover those reasonable day to day living expenses, especially rent, and to pay for additional expenses in job searching.
It would be useful to prepare a breakdown of your expenses, to show what they are, being prepared with these is usually useful when dealing with the OR.
Big Al |
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carl
Junior Member
115 Posts |
Posted - 24 September 2010 : 08:56:49
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| thanks for everything Big Al |
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Topic |
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I'm in limbo following OR's telephone interview
