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Paul.ml
Starting Member
3 Posts |
 Posted - 23 March 2012 : 08:37:22
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Hiya
Im asking this question on behalf of a friend who isnt very good with computers. She was declared bankrupt in Nov 2010. The company we work for are moving to new premises and as a result she will be entitled to either a quarterly payment of around 800 pounds or a one off payment of roughly 9000 pounds. She would like to take the lump sum and buy a more economical car but she is worried that once she is paid the money it can taken to pay off creditors. I know facts are a bit thin but those are the basics. Are there any guidelines on this kind of thing ?
Thanks, Paul |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 23 March 2012 : 08:44:31
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Hi Paul,
Do you know whether your friend is paying a monthly income payment agreement?
If she is, then she needs to inform the OR, if she isn't, then she will have been discharged November 2011, so all the money is hers.
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/ |
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Paul.ml
Starting Member
3 Posts |
Posted - 23 March 2012 : 18:31:02
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Thanks for taking the time to reply, Viki
I'll speak to her tonight and confirm the details of her agreement. Im sure she is paying something and she stopped doing overtime for a while, which I think was in relation to the hope of reducing any monthly payments. I'll post any information she tells me
Thanks again, Paul
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Paul.ml
Starting Member
3 Posts |
Posted - 24 March 2012 : 02:04:28
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Hiya
I have just spoken to her. She has a payment agreement but has set her hours to stay within the criteria for paying anything back. The past 3 weeks she has done overtime to cover some bills which she is going to explain to the OR. The crux of the matter is, I think, the money she will recieve is in relation to extra miles she is going to have to travel to our new work site. So although she will get a lump sum or a quarterly payment its technically only to offset the increased mileage she will have to travel. Can this be explained to the OR ? So that the money can be exempt ?
Thank, Paul
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Edited by - Paul.ml on 24 March 2012 02:05:06 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 March 2012 : 08:17:22
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Ok, so she did have an IPA but it's suspended due to drop in income?
Then she will need to fill in a new income and expenditure and put all her new travel costs and new income. If there is still no surplus, then she won't have to restart the IPA until there is, or the 36 months are up.
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/ |
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Would relocation payment be taken to pay creditors ?
